What podcasts say about H.T. Flanagan
Every statement, with the speaker, the exact quote and the moment it was said.
What H.T. Flanagan has said on podcasts
32 statements · 18 positive · 9 negative · 5 neutral
Private-credit stress is gradually increasing beneath the surface.
“the stress is building slowly a little bit underneath the surface”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 2:27
Many underperforming private-credit borrowers have unsustainable capital structures.
“A lot of them just have unsustainable capital structures.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 3:00
Private-credit funds are becoming more diversified.
“a lot more of them are increasingly diversified”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 3:38
Some private-credit funds are increasingly willing to own and restructure troubled companies.
“if I have to own it, I'll own it and I'll turn it around myself”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 4:13
Greater lender ownership capability will influence distressed-credit outcomes over coming years.
“that's something that you're going to see is really influencing kind of where these credits go over the next year, two years, three years”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 4:55
Some small private-equity firms lack capital to improve troubled portfolio companies.
“I certainly see some small private equity firms that, you know, just don't have the capital to really necessarily improve certain of their credits.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 5:45
- on Private-credit defaults and restructuringsNegativeOct 1, 2026· The Credit Edge by Bloomberg Intelligence
Public BDC metrics understate a quieter wave of defaults and restructurings.
“I think you're correct.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 7:51
Some payment-in-kind structures reflect companies unable to pay interest.
“there's bad PIC, where it's... Company can't pay our interest”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 8:57
BDC investments remain fundamentally credit instruments.
“these are still fundamentally credit instruments”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 10:08
Private credit is an important component of diversified portfolios.
“private credit as an asset class is a key part of any diversified portfolio”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 10:30
Liability-management exercises remain active and viable.
“I don't think LME is dead. I think it's very alive and well.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 13:37
- on Private-credit liability management exercisesPositiveOct 1, 2026· The Credit Edge by Bloomberg Intelligence
Liability-management exercises are not a major risk in private credit.
“I still do not think that LME is a real risk”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 13:57
Amend-and-extend transactions with incentives and penalties are currently prevalent in BSL markets.
“amend and extends with, you know, carrots and sticks, sticks especially, are kind of the flavor of the month”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 14:54
Fiduciaries may rationally pursue LMEs despite uncertain success rates.
“there's plenty of situations where folks go, it still is worth it to try”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 16:12
- on Middle-market private-credit LME risksPositiveOct 1, 2026· The Credit Edge by Bloomberg Intelligence
LME risks are rarely exercised in true middle-market private credit.
“I don't see it in practice. At least I don't see it exercised very often in practice.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 16:40
Companies and lenders should involve lawyers early and begin preparation.
“Talking to lawyers earlier rather than better and starting to do prep work, I think is always worth the time.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 18:58
Existing loan pricing and yields often no longer reflect current risk.
“The pricing does not make sense. The yield does not make sense.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 21:23
Distressed situations increasingly contain an unfavorable risk imbalance between equity and debt.
“there's now an imbalance in terms of risk between the equity and the debt”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 21:39
Hybrid instruments can improve lender upside while preserving debt downside protection.
“can we create a kind of hybrid capital instrument that gives you better sharing with the equity upside but preserves your debt downside”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 22:02
Credit documentation is tightening around traditional LME techniques.
“docs are getting a little tighter”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 26:53
Credit documents are tighter on LME provisions than during the prior M&A boom.
“I do think that that means that docks are getting tighter on these points than they were during the M&A boom a few years ago.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 27:33
Middle-market lenders can provide stabilizing institutional capital and resources.
“there's real opportunity to be. the adult in the room that is a capital provider for this business”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 29:57
Market disruptions have greater impact on lower-middle-market companies because of scale.
“in the lower middle market a hiccup a mark if there is a market hiccup it can have a greater kind of impact on that company”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 31:33
AI will require substantial capital investment going forward.
“it's here and it's going to take a lot of capital going forward”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 33:27
Board flipping is a core remedy for lenders in large private-credit transactions resembling BSL loans.
“that is often, especially in kind of the removing the mega unit tranche where it's kind of private credit loan, but it looks more like a BSL. That's your core remedy.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 34:17
Board-flipping provisions are powerful and important lender remedies.
“it is a very powerful remedy. It's a very important remedy.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 35:54
Courts have upheld properly executed board-control appointments.
“the courts have upheld that”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 40:08
Lenders are exploring and executing board flips more frequently.
“I have seen folks explore this with greater frequency and execute it with greater frequency.”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 40:30
Board flips require a clear operational plan and rationale.
“you have to go in with kind of a, why did we do this? And what is our plan going forward?”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 41:30
Capital-solutions financing will continue to grow.
“the continued rise of capital solutions”
Open the episode · Kirkland & Ellis Sees More Distressed Lenders Flipping Company BoardsListen at 42:01
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.