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Leverage and Lenders of Last Resort

By John J. Rapisardi and Peter M. Friedman

Historically, lenders have considered debtor-in-possession (DIP) financing an attractive and typically lucrative investment because DIP lenders generally are first in line for repayment when the company emerges from bankruptcy or liquidates. Prior to the current global recession, companies filing for Chapter 11 bankruptcy protection were able to secure financing with relative ease. In recent years, a competitive market for DIP lending had developed among investment banks, private equity firms, hedge funds and traditional lenders such as GE Capital.

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