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Bloomberg

Canyon’s Friedman Sees Distressed Funds Feasting on SPAC Remains

(Bloomberg) — After 31 years as a credit investor, Josh Friedman is certain of one thing: Every boom ends in a bust. And there’s a grand finale in the making with the flood of use-it-or-lose it money into SPACs.“Distress will come back,” Friedman, who oversees $27 billion as co-chief executive officer of Canyon Capital, said in a Bloomberg “Front Row” interview. “It always does, because this type of environment is exactly what creates mistakes.”To Friedman, nothing epitomizes the breakdown in m

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