On this episode of LFI Levered Lines, host Steve Miller speaks with Soo Kim, Partner at Anchorage Capital Advisors leading the firm's global performing credit business and CLO platform, about Liability Management Transactions reshaping the leveraged loan market. Soo contrasts traditional payment defaults from prior cycles (2001, 2008-09, COVID-19) with today's "premeditated orchestrated defaults" designed to provide liquidity and deleveraging. She explains how the 2021-2022 era—characterized by low rates, elevated valuations, and frenzied LBO activity—collided with rapid rate increases to create over-levered balance sheets requiring restructuring.