"If you're a CLO manager and you've got a handful of defaults across your couple hundred positions, you should sell the defaults... I think we're happy to be liquidity providers to that market." Andrew Axelrod, Founder & CEO of Axar Capital, believes the company's strategy and capabilities fill voids that CLOs both need and leave. On the latest episode of Bloomberg Intelligence's State of Distressed podcast, Axelrod shares how focused distressed debt buyers such as Axar Capital often offer a strong bid for middle-market troubled loans as they stand ready to commit capital and sweat equity to the turnaround. In his conversation with BI's Noel Hebert and Phil Brendel (5:55), Axelrod touches on Axar's "loan-to-own" strategy, what he looks for in management teams, and the importance of "sticking to the process." The podcast concludes with Negisa Balluku joining Noel and Phil for a roundtable discussion on At Home, Claire's, CommScope, LifeScan, the SCOTUS pitch in Serta, and Ardagh Group (1:04:33).