Cloud 9fin

The UK telecoms sector is currently facing significant financial and debt pressure, hitting major operators and altnets alike. Most recently, BT agreed to buy TalkTalk ’s consumer and wholesale businesses out of administration for around £400m, a deal that has drawn sharp criticism from Virgin Media , which called it a ”stitch-up masked as a rescue”. Meanwhile, CityFibre is back to negotiating wit...

**Anthropic has kicked off the road to one of the biggest IPOs of all time, and its 300 page S-1 filing has given the credit market plenty to chew on. In this episode of Cloud 9fin , interim distressed debt editor Sasha Padbidri cuts through the noise with senior reporters Maria Heeter and Dan Geiger to unpack the biggest takeaways from the filing. Tune in as they break down the scale of Anthropic...

JP Morgan ’s investment banking unit is so massive it has become almost synonymous with record-breaking financings. But a new initiative is expanding the bank’s coverage to include a segment of the market often overlooked by the largest institutions on the street: small-cap deals. This past July — just months after the firm’s bankers led the financing for Electronic Arts , the largest buyout in hi...

Puerto Rico may have filed to formally restructure back in 2017, but the lessons that can be learned still apply today. Former oversight board member David Skeel joins Jane Komsky to discuss his new book Promise Land which delves into the creditor battles, political compromises and lessons behind and beyond his experience navigating the restructuring. Skeel maps the competing claims of roughly $18...

New Fortress Energy , Fossil Group and Argo Blockchain are putting English restructuring plans on the map for US-listed borrowers. What draws them across the Atlantic, and what does that choice mean for creditors? Will Macadam joins Linklaters restructuring partners Michael Torkin and James Warboys to break down how the US’s more comprehensive Chapter 11 bankruptcy process compares to the England’...

On the pilot episode of Subprime Time — a podcast dedicated to unpacking all things asset-backed finance (ABF) — deputy editor Sasha Padbidri and ABF reporter Harrison Connery dive into the revival of music royalty asset-backed securities. They trace the market’s evolution from “ Bowie bonds ” to the current impact of generative AI on the asset class. Case in point: if a heartbroken teen can promp...

While many European direct lenders are struggling to hit their fundraising targets, Hayfin has just pulled in more than €15bn. On Cloud 9fin , Synne Johnsson speaks with Hayfin’s head of direct lending Mark Bickerstaffe about fundraising, deployment and the changing balance of power in European private credit. He explains how investor diversification away from the US has helped Hayfin attract capi...

Over the last decade, household name and beloved yogurt brand Chobani has evolved from a capacity-constrained yogurt producer into a credit market darling. But tighter debt pricing is now prompting some of its longtime lenders to walk way even as they praise the business for its success. In this episode of Cloud 9fin’s Syndication Nation , US LevFin reporter David Westenhaver unpacks the interesti...

Javier Milei’s privatization push is reopening Argentina’s infrastructure to private capital. But turning investor interest into long-term financing hinges on credible contracts, predictable tariffs and stable foreign-exchange rules. In this first episode of a two-part series, 9fin senior credit analyst Marina Varady joins Jimena Vega Olmos, a partner at Beccar Varela , Gonzalo Santamaría, a partn...

Listen in on a riveting conversation with veteran financial journalist and bestselling author William D. Cohan to discuss his new book, Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street . 9fin ’s Max Frumes tries to understand just how Cohan gets some of the most influential figures in the history of finance and business to open up to him across his e...

In this episode of LME Doomscrolling , 9fin ’s senior LME lawyer Laurie Tomassian welcomes Bill Derrough, Managing Director and Chairman of the Capital Structure Solutions group at Jefferies. Bill has over three decades of restructuring experience, with a roster of over 600 restructurings completed. What sets his deals apart is a track record of high creditor participation. Over his career, his de...

Hemp, hemp, hooray! The cannabis industry rejoiced earlier this year when the Department of Justice officially reclassified state-licensed medical marijuana from Schedule I to Schedule III — placing it in the same category as testosterone, rather than heroin. But the real game-changer for the industry would be expanding Schedule III status to adult-use recreational cannabis, which the DOJ reviewed...

The World Cup summer is now a fading memory, but with the Premier League back, Cloud 9fin ’s Distressed Diaries keeps football in focus while shining a light on the sector’s financial difficulties. Football clubs were traditionally bankrolled by wealthy men. Successful businessmen channelled their buccaneering instincts into their favourite sport, splurging wealth they made elsewhere. The latest i...

A New York state judge is preparing to hear a trial between Black Diamond Capital Management and Bank of America , the result of which could provide a better understanding of how lender DQ lists are enforced. In this episode of Cloud 9fin , Jane Komsky unpacks the case and the potential impacts on the broader market with Polsinelli restructuring chair David Karp and 9fin reporter Tom Quinn. The di...

Judge Lopez’s Serta ruling lands after Del Monte and American Tire , putting pro rata sharing, sacred rights and LME damages back in the spotlight. Ropes & Gray ’s Rachel Strickland and Eliza Hollander join 9fin Head of LMEs Jane Komsky to parse what these three cases mean for the future of in-court and out-of-court restructurings. The trio compares Judge Lopez, Judge Kaplan and Judge Goldblat...

Daniel Rudnicki Schlumberger, a 30-year JP Morgan veteran, sits down with senior leveraged finance reporter Nicolle Liu to unpack how the bank is exporting its Security and Resiliency Initiative (SRI) from the US to EMEA — mobilizing private capital for the sectors governments now treat as strategic. Schlumberger also discusses: The $1.5trn, 10-year target and the full capital stack behind it: bal...

India’s private credit market is moving from IBC-era rescue finance to a broader asset class. Performing credit is hot, but complexity-driven capital remains scarce and potentially higher alpha. InCred Alternatives’ Ankur Jain, who is a managing director for private credit strategies, tells 9fin APAC reporter Rajhkumar Shaaw about a market that is still only about $25bn-$30bn in AUM, or 0.6% of GD...

A major theme of the first half of 2026 was Anthropic ’s Claude Code triggering a software sell-off that is still reshaping private credit, BSL and distressed debt. In the latest episode of Cloud 9fin Dan Mika, Anna Russi and Samantha Stokes unpack the first half of the year and what shocks await in the second half. The team reviews a volatile first half that began with optimism around M&A, Ho...

El Niño is back, and *Cloud 9fin’*s LatAm and CEEMEA editors see credit risks spreading across energy, agriculture and sovereign balance sheets. Deputy LevFin Editor Sasha Padbidri speaks with LatAm Editor Xochitl Herrera and CEEMEA Editor Dan Alderson on how worsening weather shocks are feeding into leveraged credit and emerging market risk. In Colombia, drought could cut hydropower output just a...

When an announcement was made last year that Universal Studios was making a movie about Archie Andrews produced by Hollywood heavyweights, it should have been a victory for one of comics’ most enduring franchises. Instead, it triggered a legal war which ties up a Beverly Hills mansion, accusations of threats fit for an “organized crime figure” and a much-awaited movie on the line. With a UCC forec...

Bitcoin Depot went from a $600m, publicly-traded business to bankrupt in a matter of months, but the story around the company and other crypto ATM providers has been brewing for years. We happen to have just the guy on staff to break it all down. In this episode of Cloud 9fin , head of bankruptcy Cat Corey talks with senior LevFin reporter Dan Mika about his previous reporting on the crypto ATM in...

In our latest episode of Syndication Nation , leveraged finance reporter Sunny Oh sits down with Mark Melchiorre, chief investment officer of Forza Investment Group , to discuss how insurance-focused asset managers are helping to finance America’s new “Manhattan Project” — the rapid buildout of tech and AI-driven digital infrastructure. Melchiorre discusses his journey through credit markets and t...

It seems that over the past few months, you could sum up the troubles facing private credit with one word : ‘illiquidity.’ This is a key tenet of the asset class, and it is often cited among the reasons for private credit’s premium. But it also can pose challenges , as seen through record redemption requests from non-traded BDCs and the dilemma of managing the tail end of a fund’s life. Two paths...

Sponsors Bain and Cinven are confident creditors will approve the A&E deal for Arxada , despite opposition from its senior unsecured bondholders. But is that confidence based on sunny optimism? 9fin sources say negotiations are ongoing with the SUNs in the background as the deadline to sign up for the deal is today (28 May). The company may look to extend by a day, Cinven partner Christopher A...

In our latest episode of Syndication Nation , US investment grade editor William Hoffman and senior leveraged finance reporter Sunny Oh discuss one of the hottest topics in corporate credit — data center bonds. With billions of dollars of fresh debt hitting both high-grade and high-yield markets to finance the AI infrastructure buildout, investors are being asked to underwrite these project financ...