“In the past, I think a lot of times [sponsors] just handed the keys over if they were hopelessly insolvent,” industry veteran David Trucano says. “Now [the market has] basically written, through credit agreements, a call to the equity such that they can extract additional value through the capital structure and preserve value for themselves. And as a fiduciary, they’re required to do it.” Bloomberg Intelligence’s Phil Brendel and Noel Hebert sit down with Trucano (formerly of BlackRock, Centerbridge, Goldman Sachs SSG and Houlihan Lokey) to trace the trajectory of the distressed debt and restructuring markets over the last 25 years (7:40). From the dot-com bust and the WorldCom fraud to the rise of private credit and modern “creditor-on-creditor violence,” the conversation explores how liability management exercises have evolved and where the next distress cycle is brewing. The podcast concludes (1:19:05) with BI’s Negisa Balluku joining Noel and Phil to discuss the latest developments in Spirit Airlines, Telesat, Multi-Color Corp. Ardagh Group, and QVC Group.