Covenants: The Fiction and Challenges of EBITDA Add-Backs (May 26, 2020)

In this episode, hosts Shweta Rao and Peter Washkowitz speak to JO Hambro Capital Management’s Head of Credit Lale Topcuoglu about the consequences of EBITDA add-backs in a declining credit market, challenges faced by investors working with “fictional” numbers, Covid-19-related EBITDA adjustments and the information asymmetries in the market creating “haves” and “have-nots”. If you are not a Reorg subscriber, please request access here: go.reorg-research.com/Podcast-Trial.