Don’t expect “gentlemanly” behavior from corporate boards under financial stress, says Hilco Global’s Vice Chairman James H. M. Sprayregen, as they should consider exercising all the rights available to them under credit agreements to maximize enterprise value. Bloomberg Intelligence’s Phil Brendel and Negisa Balluku speak with Sprayregen, who founded Kirkland & Ellis’s restructuring practice more than three decades ago, in this episode of BI’s State of Distressed Debt podcast. They talk about those early days at K&E, his new role at Hilco Global, the jousting among lenders and debtors, the Supreme Court’s Purdue decision and his restructuring outlook (5:38). Prior to that, BI’s Noel Hebert and Phil discuss July’s sharply-tighter credit markets and what to make of early August’s wild swings as we head into credit’s toughest months. The podcast concludes with all three examining the latest developments in bankruptcy courts and distressed situations, including SVB Financial, J&J, Ardagh, Incora, Diamond Sports, Yellow Corp. and Spirit Airlines (1:05:15).