Michael Gatto (Silver Point Capital) on what decides a lender's recovery: the credit agreement, not the default.

A lender can be right about the business and still lose money. Josef Pschorn speaks with Michael Gatto about the second question a credit committee tends to skip. Not whether a borrower defaults, but what value and control leave the structure when a structure cracks.

Shownotes and analysis: https://www.fixedandfloating.com/

Michael Gatto: Partner and Head of Private Side Businesses, Silver Point Capital.

LinkedIn: https://www.linkedin.com/in/michael-gatto-8a322b66/

Silver Point Capital: https://www.silverpointfinance.com

The Credit Investor's Handbook: https://www.amazon.com/Credit-Investors-Handbook-Leveraged-Distressed-ebook/dp/B0CR4MMD29?ref_=ast_author_mpbMichael's latest articles: https://www.silverpointcapital.com/uploads/2026/05/47c34854a238cfef86eb78e3800da100/what-questions-should-allocators-ask-when-evaluating-direct-lending-managers.pdfhttps://www.silverpointfinance.com/images/news/pdf/What%20Can%20We%20Learn%20From%20First%20Brands%20-%20SPC%20Credit%20Lessons.pdf
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Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

Recorded: 10.09.2026

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