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DISTRESSED DAILY: Lenders Stuck in Triage Mode, Adviser Says

April 28, 2020, 12:00 PM

Commercial lenders are playing nice with troubled, middle-market borrowers, in part because they are stuck triaging other clients who are in even worse shape.

  • Companies that were doing well before the pandemic aren’t being punished for “covenant defaults that would trigger aggressive responses in normal times,” according to Duff & Phelps Securities LLC adviser Geoffrey Frankel.
    • “Lenders have to pick their spots,” said Frankel, who is managing director for restructuring and special situations specializing in middle market companies, or those with about $100 million to $600 million of annual revenue.
  • “What I’m seeing now is that sources of capital, whether...





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