Illiquidity Traps Lurking In The Leveraged Loan Market: The Sudden Cliff Dive Of Clover Technologies

Until July 9. Clover disclosed that day it had lost two key customers and hired advisers to study its options. The price of its loan quickly plummeted from 97 cents to around 65 cents, which put it in the distressed category.

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Clover term loan dives to distressed levels