AMERICAS DISTRESS DAILY: Bankrupt Car Wash Shows Market’s Flaws

Zips Car Wash has become the most recent example of the lag that exists between the disclosures that private credit funds make to their investors and the performance of the underlying loans, which critics say can create a false perception of safety in the $1.6 trillion market.

Valuations at the end of September implied a strong chance the debt would be repaid in full. As it turns out, the auto wash operator was in deep trouble.

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