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Credit investors have a love-hate relationship with Platinum Equity, and the stories of Yak Access and Incora showcase both sides of the spectrum.

Some lenders are pleased with Platinum’s sale of Yak to United Rentals a few weeks ago, which marked a surprising turnaround for the company after a bruising reorganization last year. Over in bankruptcy court, however, the sponsor is fighting with creditors over its handling of Incora.

For many observers, these situations demonstrate the two extremes of Platinum operations-focused approach. This strategy, which the firm calls M&A&O, focuses taking niche or troubled companies that other sponsors might avoid and streamlining them to run as efficiently as possible.

As Platinum puts it, the firm’s operational specialists “effect change from the ground up, with hands-on expertise across a broad range of functional areas.”