‘Pray and Delay’ is Back as Debt Costs Soar
Howard Morris spoke with Semafor about the growing trend of debt payments being pushed by a few years while giving lenders extra fees for their flexibility, known as “amend and extend” or “pray and delay.”
“Sometimes it’s a sensible calculation that it’s going to take longer to realize value, and sometimes it’s just buying time,” Howard said. “We’re tipping toward the latter.”
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