Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, we're joined by Stacey Rosenberg, partner in the Finance & Bankruptcy Group in Sheppard Mullin's Los Angeles office. We discuss the rise of direct lending and private finance, current trends in middle-market loans, predictions for whether the overall volume will drive restructuring activity in the near future and the role of private debt financing in the motion picture and entertainment industry.

Stacey joined Sheppard Mullin a little over a year ago, and has been representing lenders, borrowers and equity sponsors in a variety of debt finance transactions for more than 25 years. While her practice in recent years has primarily focused on private lending, Stacey's expertise and experience includes senior secured credit facilities, leveraged buyouts, workouts and out-of-court restructurings, exit financings and secured bond transactions.

Her in-depth experience and transactional knowledge, combined with a unique focus in the entertainment industry, allows Stacey to provide clients with highly specialized advice in connection with credit facilities, film securitizations, motion picture co-production and distribution arrangements and sale transactions.

What We Discussed in This Episode:

• What are some of the most interesting trends we are seeing in middle-market and direct lending?
• What are the advantages and disadvantages of covenant-lite loans from both the lender and borrower perspectives?
• Has intense competition among private lenders created a "race to the bottom" as they include fewer and fewer restrictions in loan agreements?
• Considering the huge growth in leveraged lending recently, what has been the impact on default rates?
• How will the shift away from LIBOR impact leveraged lending and restructuring?
• Why has there been such a significant increase in private credit transactions?
• How will rising interest rates impact middle-market companies' access to loans?
• Will the significant M&A activity in the middle market space over the last 18 months result in restructuring activity?
• How do private financing deals work in the motion picture and entertainment industry?
• How has the transition to streaming platforms altered the financing picture in the film industry?

Contact Information:

Stacey Rosenberg

This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs