Tropicana Debt Deal Casts Light on Rampant Creditor Warfare

Welcome to Going Private, Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we parse Carlyle CEO Harvey Schwartz’s comments on his firm’s M&A strategy and scrutinize the efforts of a KKR star to expand his firm’s real estate unit. But first, we look at new reports of fierce competition between creditors. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net — Dawn Lim, Allison McNeely and Erin Fuchs

There’s a civil war festering in private credit.