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Upcoming Debt Maturities May Threaten Private Equity Returns | Gordian Perspectives for November 2023

November 7, 2023

The US corporate sector in general, and Private Equity portfolio companies in particular, face significant upcoming financial challenges due to a wall of impending debt maturities totaling $700 billion through 2026 and nearly $2 trillion through 2028. These payments will have to be addressed, and concerns about an impending recession or runaway inflation compound the problem.

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Cost of Capital. The Past, Present and Future? | Part 9

August 30, 2022

In Part 9 of our Cost of Capital series on inflation, we discuss how administration policy failures drove the US into this inflationary environment. We then posit whether the Fed has the willingness to aggressively fight inflation in the face of a potential economic slowdown.

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Cost of Capital. The Past, Present and Future? | Part 8

July 12, 2022

In parts 1-7 of our Cost of Capital series, we discussed our views on inflation and how it would lead to higher interest rates and associated declines in asset prices. Now that this prediction has become reality, we move our discussion to charting a path forward. In Part 8, we highlight the risks and potential outcomes of a Fed tightening cycle pushing the economy into a recession or stagflation period.

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Cost of Capital. The Past, Present and Future? | Part 7

January 26, 2022

In part 7 of our series on the Cost of Capital, we discuss the inflation-related data points market participants need to follow as the US economy enters what is uncharted territory for all but the most seasoned investors. We also highlight certain geopolitical events that could have an impact on inflation and interest rates domestically.

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Investment Bankers & Distress: Protection and Optionality | Reed Smith Distressed Situations Podcast

November 19, 2021

Gordian Group President and Head of Restructuring and Distressed M&A, Peter S. Kaufman, is a guest on Reed Smith’s Point By Point Podcast, discussing the value of investment banking services to distressed companies with Reed Smith partner Keith Aurzada.

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Cost of Capital. The Past, Present and Future? | Part 6

November 5, 2021

In Part 6 of the Cost of Capital series, we discuss one of the main drivers behind current (and likely future) elevated inflation levels: the cost of labor.

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Cost of Capital. The Past, Present and Future? | Part 5

October 20, 2021

In Part 5 of the Cost of Capital series, we posit that the days of Quantitative Easing and easy money are coming to an end and that the US has reached a turning point on inflation and interest rates. We believe this development will pressure equity valuations and drive widening credit spreads.

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Senior Living Facilities Outlook | Waller Law Point by Point Podcast

September 23, 2021

Waller Law partners Tyler Layne and Jesse Neil discuss the senior living facilities outlook in the wake of COVID-19 with Gordian Group President and head of restructuring and distressed M&A, Peter Kaufman and CEO Henry Owsley on Waller Law’s Point By Point Podcast.

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Senior Living – A Tale of Two Outcomes? | Gordian Perspectives for July 2021

August 2, 2021

The senior living sector is experiencing stress on various fronts, as we set forth in our June 29th post. Occupancy contraction, increasing costs and high leverage have converged to create crises for a huge percentage of industry participants

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Nursing Home Bankruptcies | Gordian Perspectives for June 2021

June 29, 2021

Many economic models are changing, and we want to call your attention to the adult care industry – nursing homes, rehab centers, retirement communities.  Nursing home bankruptcies will present numerous risks and opportunities for investors in the coming cycle. 

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Cost of Capital. The Past, Present and Future? | Part 4

June 28, 2021

In Part 4 of our Cost of Capital series, we take a closer look at the dichotomy between inflation and interest rates. We discuss how easy monetary policy and a “cash is trash” mindset have resulted in a decade of declining credit and equity risk premia. A return to reality in the relationship between inflation and interest rates could have a negative effect on asset valuations.

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Cost of Capital. The Past, Present and Future? | Part 3

May 30, 2021

Part 3 in our Cost of Capital series considers potential monetary and fiscal policies to combat rising inflation and the inequality created by a decade of quantitative easing. The effect on the cost of capital of these policies and the implications for asset prices (both equity and fixed income) will likely be painful for investors.

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