King Street raising money for slow-pace credit crash

“This market is a slow-motion car crash,” Higgins said. “There are opportunities in terms of new lending, a bit of a walk-don’t-run.” — Bloomberg

NEW YORK: Brian Higgins has helped guide King Street Capital Management to pounce on some of the most high-profile distressed debt events of the past two decades, from Lehman Brothers Holdings to Revlon Inc to WeWork Inc.

Now the US$23bil (RM107.2bil) hedge fund’s co-founder is gearing up with his colleagues to seize on opportunities as rising interest rates and a weakening economy pinch companies laden with debt taken on when borrowing costs were much lower.