The Ledger
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PE Sponsors Strip Distressed Bondholder Collateral via Restricted Payment Baskets
“What, I mean, you can see it in what they did with J.Crew, where they can, and now they're, I think they might be doing it in PetSmart as well, where they're able to have a restricted payment basket, move parts of companies out, and the bond guys get held, sit…”