“The goal is to set the company up for longer-term success,” explained Rachel Murray, managing director at Moelis & Co. “If we’re solving quarter-to-quarter, you’re probably not investing in the business as you should; there’s distractions for management, it’s putting more pressure on the business, and frankly, probably their peers and competitors are going after their customers and creating noise.” In her conversation (7:40) with Bloomberg Intelligence’s Negisa Balluku and Phil Brendel at the 22nd annual Wharton Restructuring & Distressed Investing Conference, Murray explored how private credit’s growth and heavy dependence on relationships alter the restructuring dynamic, relative to traditional large cap leveraged finance workouts. This episode of the State of Distressed Debt podcast concludes (31:40) with BI’s Noel Hebert joining Negisa and Phil to discuss the latest developments in First Brands, Saks, Multi-Color Corp., Ardagh Group and Serta.