It has been, many in the market claim, a collegial crisis. One where, in the face of tremendous pressures, sponsors and lenders have come together to amicably agree the best way forward for portfolio companies. Not in all cases, mind you, but at least in most.
There’s no getting away from it: when deals are done, and lawyers very much involved, there will always be tension as sponsors and lenders fight their respective corners on terms and conditions.
