The Bankruptcy Lawyers Are Smiling
By Robin Blumenthal – Private Debt Investor
PennantPark Founder and Managing Partner Art Penn spoke with Private Debt Investor’s Robin Blumenthal about the impact of the coronavirus on private lending, specifically in the distressed debt market. Art highlighted that PennantPark is working off the assumption that the majority of new deals are being postponed, as companies aren’t committing capital in the current environment – adding that the firm has long thought the market was in the later stages of the cycle, and that it has positioned itself to be much more defensive. “We think we are as well-positioned as we could possibly be, although none of us has ever seen a health scare like this,” Penn said.