Quote of the Day

I’m at the DBR Restructuring and Turnaround Summit in New York. When a question arose as to the sustainability of private equity’s “amend and extend” strategy (a technique used in the last year to avoid loan maturities on highly levered companies) arose, Michael E. Tennenbaum of distressed debt investment firm Tennenbaum Capital Partners had this to say:

“The longer you kick the can down the road, the dirtier it gets.”