Cloud 9fin

All eyes were on Ardagh ’s CDS after Arini challenged its senior unsecured notes being included in the final list of deliverable obligations to settle contracts. The fund manger argued that, because the bonds had already been marked to be equitised as of the CDS trigger date (when the restructuring was both effective and binding) then their outstanding principal balance should be zero — since they...

In this episode of Cloud 9fin , our global head of Distressed and Levfin, Max Frumes, talks with Latin America editor Xóchitl Herrer about a potential workout of Venezuela's sovereign and sub-sovereign debt, following the US-led extraction of president Nicolás Maduro. They provide an overview of the claims against the South American country, the barriers to a quick restructuring deal, and whether...

In this episode of Jane’s LME Addiction , our head of LME coverage Jane Komsky brings in Josh Brody and Kenneth Reinker from Cleary Gottlieb to discuss the Optimum Communications fka Altice USA antitrust litigation related to cooperation agreements. They provide an overview of the litigation and discuss the likelihood of success, the pitfalls of certain arguments, and whether this litigation is li...

Welcome back, Cloud 9fin listeners! To bring in the new year, 9fin ’s Asia editor Richard Macauley and US deputy editor Sasha Padbidri kick off our first-ever Asia podcast by unpacking the first successful use of the cross-class cramdown provision in GP APAC ’s restructuring — a move that established a legal milestone for Singapore’s restructuring and insolvency framework. For more details, check...

Happy Holidays, Cloud 9fin listeners! We hope you’re enjoying some much-needed down time as we prepare for what is to come in 2026. But for those who have a few more odds and ends to tend to, here’s one last episode of Syndication Nation , our leveraged finance-focused podcast series to keep us company. In this episode, 9fin senior levfin reporter Dan Mika sits down with Mitch Garfin, co-head of l...

Now that 2025 is coming to an end, Distressed Diaries is taking a look back at the highs and lows of the year. Our host, senior distressed reporter Bianca Boorer, sits down with 9fin’s managing distressed credit analyst Emmet Mc Nally and senior legal consultant Luke Viner on Dec 3 to talk about the stories that stood out during this pivotal year. We revisited a few ghosts of restructurings that h...

In this episode of Tranche Talk, we welcome back Bank of America ’s Pratik Gupta who talks with 9fin ’s Tanvi Gupta on the defining moments of 2025 and what the new year will bring for CLOs. They discuss CLO being the best asset class to sell in a rate cutting cycle and the opportunities to rotate into RMBS AAAs, separating facts from fiction for private credit CLO fears and the demand landscape b...

In the constantly shifting landscape of private credit secondaries, diversification and strategic alignment play crucial roles as navigational aides. In this episode of Cloud 9fin , Josie Shillito, head of private credit at 9fin , delves into the burgeoning market of private credit secondaries with experts Daniel Roddick and Francois Bouillon from Ely Place Partners . They set the scene by highlig...

In the inaugural episode of The In-Court Report with Cat Corey , distressed legal analyst Cat Corey brings in Vince Buccola, professor of law at the University of Chicago Law School and Lara Sheikh, bankruptcy legal analyst at 9fin , to discuss the latest trends relating to backstop fees in rights offerings and DIP financings, along with the impact of the recent ConvergeOne decision . The episode...

A lot has changed in European restructuring this year. Two more appeals in the UK courts — Thames Water and Petrofac — led to **Waldorf ** failing at the first hurdle as judges increasingly focus on being fairer to creditors who are considered out of the money. The appeals have created a lot of uncertainty as restructuring practitioners are trying to work out what exactly is considered fair? The S...

It seems like everyone has a different definition of middle market direct lending and what challenges so-called ‘middle market’ borrowers and lenders are facing. Join PGIM’s head of middle market direct lending, Matt Harvey, and 9fin senior private credit reporter Shubham Saharan as they explore trends in the middle market and what direct lenders and LPs should be on the lookout for as they head i...

It’s not every day that we get to talk about something that’s quite literally out of this world. We’re referring to space-based data centers, which billionaire tech titans and startups alike are racing to build out as AI fever grips Wall Street and Silicon Valley. Proponents argue that space data centers offer substantial benefits versus their terrestrial counterparts, including freedom from natur...

In this episode of Cloud 9fin, distressed debt reporter Ayden Crosby and editor Rachel Butt sit down with Jamie Sprayregen, vice chairman of global strategy and growth at Hilco Global, for a grand tour through 2025’s hottest topics in distressed credit and the restructuring world. We asked Jamie about his views on a number of 9fin’s favorite themes, including how AI is disrupting the market, the r...

Private equity-owned education companies like Houghton Mifflin and Lakeshore Learning are learning a hard lesson in the US leveraged finance market this year as their loans and bonds have tumbled to trade at discounts. In this episode of Cloud 9fin , senior reporter Sunny Oh sat down with US managing editor Bill Weisbrod and discussed his story about how investors have taken a close look at this g...

In this episode of Jane’s LME Addiction , our head of LME coverage Jane Komsky brings in Davis Polk partners Brian Resnick and Hilary Dengel to discuss voting cap and lender concentration cap language in credit agreements and how they may affect creditor organization and liability management exercises. They discuss the goals of these provisions, whether these provisions are “anti-co-op”, and wheth...

High-profile US bankruptcies, First Brands and Tricolor have sent warning signals to regulators about the dangers of opaque financings, shining a light on private credit. Are these cases one offs, given allegations of fraud, or will there be more cockroaches to follow? In this episode of Distressed Diaries , 9fin ’s senior distressed reporter Bianca Boorer sat down with senior distressed reporter...

As private credit continues to grow, it is constantly looking for new ways to deploy the mountain of capital it has raised. Now that the market is of scale, it has begun to look at investment grade credit as another avenue on which to make deals. In this episode of Cloud 9fin, senior private credit reporter Peter Benson sits down with Ryan Schwartz, managing director in Brookfield Asset Management...

In this episode of Tranche Talk, Cloud 9fin’s CLO series, our global head of CLOs Tanvi Gupta, talks with Edwin Wilches , Co-head of Securitized Products at PGIM . They talk about how securitization is the key component in Europe’s growth agenda, how more work needs to be done for Solvency II, the evolution of insurance demand, relative value and the impact on liquidity from recent regulations. Th...

In this episode of Tranche Talk, Cloud 9fin ’s CLO series, our global head of CLOs, Tanvi Gupta, talks with Saffet Ozbalci, global head of structured credit at BlackRock . They talk about the nuances of investing in CLOs with a backdrop of dramatic bankruptcies, relative value in CLO tranches in a new rate regime, what’s next in structural innovation in the capital stack, the need for standardizat...

In this episode of Jane’s LME Addiction , 9fin’s head of LME coverage Jane Komsky sits down with 9fin private credit reporters Shubham Saharan and Tom Quinn, to discuss how sponsors are adding the ability to veto their portfolio companies’ creditors’ choice of law firm. They discuss the how these provisions came about, what iterations have passed into the market, and whether these provisions are e...

An old adage is proving true in the private credit markets: it takes money to make money. Or maybe more accurately in this case, it takes billable hours to make money. In this episode of Cloud 9fin , head of private credit Josie Shillito digs into Dominus Capital ’s buyout of Creative Outdoor Advertising with reporters Tom Quinn and Anna Russi. They unpack their recent article , which gives a behi...

In this episode of Cloud 9fin, our global head of CLOs, Tanvi Gupta, returns for her ongoing series, Tranche Talk . This time, she’s joined by Oak Hill Advisors ’ portfolio manager Tommy Wong. They dive into the forces shaping today’s CLO market — including macroeconomic drivers, asset allocation strategies, credit selection in a low-arb environment, as well as the effects of M&A on loan suppl...

Betting on sports has been a huge engine of growth for LevFin gaming companies. But is sports contract betting a boom or bust moment for the industry? As apps like Robinhood and Kalshi make it possible to buy or sell contracts based on all kinds of binary events, some gaming companies are eyeing the potential windfall from bringing the same kind of contract trading to sports events. In this week’s...

Litigation against aggressive liability management exercises in Europe is on the rise as creditors fight back against sponsor’s tactics to prime minority creditors. Back in November a group of primed creditors in Dutch lingerie maker Hunkemoller filed a lawsuit in New York against US hedge fund Redwood after it uptiered its portion of the debt. Redwood implemented the same tactic in another uptier...

In this episode of Jane’s LME Addiction , 9fin’ s head of LME coverage Jane Komsky brings in Shai Schmidt, a partner from Glenn Agre, to discuss how minority holders are thinking about LMEs. They discuss the best time to organize, when to negotiate and when to litigate, and tools and trends for minority holders to consider. Find all of our coverage on LME litigation on 9fin . Have any feedback on...