Bruce Richards

Bruce Richards · 2025-08-12T11:39:02.813Z

Risky Business Chapter 11 allows a company to reorganize under the protection of bankruptcy court in order to reduce its debt while also address certain aspects of its operating business, but too often BK fails to solve uncompetitive cost structures, declining market demand, or operational inefficiencies. Creditors who become the new shareholders often lack the expertise to drive operational improvements, leading to continued underperformance. Extending debt maturities provides relief, but if cash flows don’t improve, the companies may emerge from bankruptcy with an unsustainable debt structure or ongoing difficult operating conditions. The management team and their restructuring advisors may overestimate customer retention, market share, revenue growth, cost-cutting potential, or shifting market dynamics. Chapter 22 is when the company files for BK a second time and is often significantly more difficult, potentially leading to liquidation (e.g., Rite-Aid and Jo-Ann Stores earlier this year). During the first bankruptcy the company often depletes resources, including cash reserves, customer goodwill, and supplier relationships. This makes the second filing more precarious, as there’s less room to maneuver with fewer assets to leverage. For instance, a retailer who owns their stores may sell its real estate in a sale-lease back transaction, so by the second BK, there is less asset value left, perhaps just inventory. Creditors usually face lower recovery rates in Chapter 22 due to diminished asset values, while the equity is typically a wipeout. Companies try to avoid bankruptcy due to high legal/administrative costs, and reputational risk, loss of stakeholder confidence, operational disruption, and erosion of enterprise value. Below is a list of recent Chapter 22s, which shows that most retailers that filed BK have been liquidated in past 2 years. As a general rule, Marathon avoids Chapter 22 filings, however there is one such Chapter 22 company listed below that Marathon Opportunistic Team took a sizable position in which has paid off handsomely. Can you guess which one (hint: not a retailer)?

CEO & Chairman at Marathon Asset Management

New York, New York, United States
38K followers 500+ connections

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Marathon Asset Management

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About

CEO, Chairman, and Co-Founder of Marathon Asset Management, a leading global investment manager specializing in the Public and Private Credit markets.

Daily Insights on X - https://twitter.com/Bruce_Markets

Activity

Banking Without Walls JP Morgan’s balance sheet has grown 2x since the GFC (2009), expanding assets to $4 trillion from ~$2 trillion. Despite bank…

Banking Without Walls JP Morgan’s balance sheet has grown 2x since the GFC (2009), expanding assets to $4 trillion from ~$2 trillion. Despite bank…

Posted by Bruce Richards
Marathon Asset Management is pleased to announce $1.2 Billion in CLO capital market activity across one new issue Bryant Park CLO, one reset and one…

Marathon Asset Management is pleased to announce $1.2 Billion in CLO capital market activity across one new issue Bryant Park CLO, one reset and one…

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Rosé in Provence or Pizza in Brooklyn? Despite a weaker dollar, Americans travelling to Europe is booming with 8.1 million Americans flying abroad in…

Rosé in Provence or Pizza in Brooklyn? Despite a weaker dollar, Americans travelling to Europe is booming with 8.1 million Americans flying abroad in…

Shared by Bruce Richards

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Experience

CEO, Chairman & Co-Founder

Marathon Asset Management

Jan 1998 - Present 27 years 8 months

New York, United States

Marathon Asset Management is a leading global asset manager specializing in the Public and Private Credit markets with an unwavering focus on exceptional performance, partnership and integrity. Marathon's integrated global credit platform is driven by our specialized, highly experienced and disciplined teams across Private Credit (Direct Lending, Opportunistic Lending, and Asset-Based Lending) and Public Credit (High Yield, Leveraged Loans & CLOs, Emerging Markets, and Structured Credit). The…

Marathon Asset Management is a leading global asset manager specializing in the Public and Private Credit markets with an unwavering focus on exceptional performance, partnership and integrity. Marathon's integrated global credit platform is driven by our specialized, highly experienced and disciplined teams across Private Credit (Direct Lending, Opportunistic Lending, and Asset-Based Lending) and Public Credit (High Yield, Leveraged Loans & CLOs, Emerging Markets, and Structured Credit). The cornerstone of our investment program is built on unique deal sourcing, rigorous fundamental research, robust risk management, and an integrated platform to provide flexible capital to support businesses in an effort to create attractive returns for our clients. Founded in 1998, Marathon manages approximately $22 billion on behalf of institutional investors, including leading public and corporate pension plans, sovereign wealth funds, endowments, foundations, insurance companies, and family offices. Marathon’s 190 employees work from our offices in New York, London, Luxembourg, Miami and Los Angeles.

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Success in Asset-Based Lending is Hard Marathon Asset Management’s ABL business is focused on lending and leasing mission-critical hard assets with…

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I'm thrilled to join AAAIM to discuss one of my favorite topics with this wonderful group! It's a fantastic opportunity to connect and engage with a…

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Favorable Market Tailwinds Q2 earnings season has nearly wrapped up; year-over-year earnings growth for S&P500 marked its 3rd consecutive quarter…

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800-Pound Gorilla Liability Management Exercises (LMEs) are classified by credit rating agencies as Selective Defaults, which are out-of-court…

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Risky Business Chapter 11 allows a company to reorganize under the protection of bankruptcy court in order to reduce its debt while also address…

Risky Business Chapter 11 allows a company to reorganize under the protection of bankruptcy court in order to reduce its debt while also address…

Shared by Bruce Richards

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Bruce Richards

CEO & Chairman at Marathon Asset Management

New York, New York, United States 38K followers 500+ connections

About

Activity

Banking Without Walls JP Morgan’s balance sheet has grown 2x since the GFC (2009), expanding assets to $4 trillion from ~$2 trillion. Despite bank…

Posted by Bruce Richards

Marathon Asset Management is pleased to announce $1.2 Billion in CLO capital market activity across one new issue Bryant Park CLO, one reset and one…

Liked by Bruce Richards

Rosé in Provence or Pizza in Brooklyn? Despite a weaker dollar, Americans travelling to Europe is booming with 8.1 million Americans flying abroad in…

Shared by Bruce Richards

Experience

CEO, Chairman & Co-Founder

Marathon Asset Management

Skills

More activity by Bruce

Market Outlook for Credit: Macro & Fed Policy: - Markets await Powell’s Jackson Hole speech today, a lot of Fed speak that will disappoint markets…

Posted by Bruce Richards

https://lnkd.in/eucr65xz

Shared by Bruce Richards

The Money Movers I’m joining CNBC’s Money Movers live today at 11:30am ET with Sara Eisen and Carl Quintanilla. I look forward to sharing…

Posted by Bruce Richards

Tight as a Drum (+76 bps) Investment Grade Corporate Credit Spreads trade at the 0 percentile, a spread of +76 bps vs. UST, the tightest spread…

Shared by Bruce Richards

Institutional Investor is thrilled to share that Andrew Palmer, Chief Investment Officer at the Maryland State Retirement and Pension System, has…

Liked by Bruce Richards

Success in Asset-Based Lending is Hard Marathon Asset Management’s ABL business is focused on lending and leasing mission-critical hard assets with…

Posted by Bruce Richards

I'm thrilled to join AAAIM to discuss one of my favorite topics with this wonderful group! It's a fantastic opportunity to connect and engage with a…

Liked by Bruce Richards

Favorable Market Tailwinds Q2 earnings season has nearly wrapped up; year-over-year earnings growth for S&P500 marked its 3rd consecutive quarter…

Shared by Bruce Richards

800-Pound Gorilla Liability Management Exercises (LMEs) are classified by credit rating agencies as Selective Defaults, which are out-of-court…

Shared by Bruce Richards

Risky Business Chapter 11 allows a company to reorganize under the protection of bankruptcy court in order to reduce its debt while also address…

Shared by Bruce Richards

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Bruce Richards

Bruce Richards

Bruce Richards

Bruce Richards

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