💥A Prepack & A Crappy Sale Case Walk into a Bar...💥

Audacy Inc. + Humanigen Inc. Kick off '24; Updates on Anagram, Selina Hospitality, $WW & More.

‘24 is already off to a rip-roaring start (🙄). The universe of distressed bonds and loans shrank to its lowest monthly total in nearly a year and a half in December, falling to levels not seen since before the pandemic. Volume finished ‘23 at ~$187b; it was at roughly $215b in Q1’20. In case you were somehow Encino Man’d, that’s AFTER the Fed raised rates at a historical clip. 🤷‍♀️

History tells us that when there’s not a lot distressed paper out there, investors look for other more “creative” ways to generate returns. One super popular way of ‘23 already appears to have carried over into ‘24: good ol’ lender on lender violence (see, e.g., Dish Network). New year, same ol’ sh*t.

In this edition, we look at two cases that have filed so far in ‘24, catch up on some late-’23 activity, and revisit some old faves. Our preface notwithstanding, we’re looking into a bunch of fresh names and will have reports out on them in short order. Thanks for sticking with us into the new year.