September 16, 2013 – Quote of the Day

There are many companies in the US that are running out of time because of leverage. There is still $1 trillion in distressed or defaulted debt. Any company that could refinance has already done so. For all those companies that couldn’t refinance, they’re going to be hitting a wall this year or next year,” said Marc Lasry, chairman of Avenue Capital Management, a top performing fixed income hedge fund.