Skip to main content
Michael Chaisanguanthum

Michael Chaisanguanthum

Managing Director at UBS Asset Management, Head of Restructuring for the Credit Investments Group, specializing in distressed credit and restructurings.

Jul 14, 2026

17:47
So I'm curious what's driving that, that change.
17:49
I'm absolutely seeing the trend of more pro rata co-ops.
17:53
I think anecdotally, we have five situations, we call them maturity conversations, that are on deck for us that four are co-oped and one, the last one, is in process of being co-opted.
18:03
From what I see, the tipping point or the turning point was multicolor, that situation, which we're not in.
18:08
But it basically- From afar, it looks like a situation where the company went to the lenders and said, "If you don't do this, we'll do the deal away." So it was the classic pitting two sets of lenders against each other to get people to agree to an extension.
18:23
And I think the trend towards more just pro rata co-ops is to address, to try to get the company to address the capital structure better, try to get this company to, the sponsors to actually support the company and not just leverage their document flexibility or pit lenders against each other.
18:40
So we are signing a lot of pro rata co-ops.
23:40
It was more about backstop fees or-

We value your privacy

We use cookies to understand how you use our platform and to improve your experience. Click “Accept All” to consent, or “Decline non-essential” to opt out of non-essential cookies. Read our Privacy Policy.