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The proposal comes after months of negotiations between the company and its creditors that kicked off after the company was forced to scuttle plans to refinance the debt in the credit markets.
Private credit grew into a $1.5 trillion behemoth over the past decade in a great environment for riskier borrowers to sell debt at historically low rates.
August 10, 2023
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A managing director at Advent, Serta’s owner, said that Apollo should have never been allowed to own Serta debt and that at least one executive at the investment giant was aware of that.