Cloud 9fin

The collapse of UK mortgage bridge lender Market Financial Solutions has caused chaos across specialist lending. Mortgages are the heart of the securitised products business, and if you can’t trust mortgages, what can you rely on? 9fin broke the news of double pledging and shortfall in collateral found under its warehouse facilities. The fraud allegations are reminiscent of the recent cases of Fir...

Alternative internet providers swarmed the market during Covid-19 when internet usage became paramount to the shift of everyone suddenly having to work from home during lockdowns. In the UK we have over 100 altnet providers serving 16.4 million homes, according to a 2025 report by the Independent Networks Co-operative Association. This is up from 1.2 million homes in 2019. Investors were quick to...

In this episode of Jane’s LME Addiction , our head of LME coverage Jane Komsky brings in Debevoise's newest partners, Rachel Ehrlich Albanese, Sam Newman and Daniel Shamah to discuss the groups enhanced restructuring capabilities. They provide an overview of the LME and in-court landscape, and discuss what the year may bring by way of out-of-court vs in court transactions, sponsor and creditor inc...

Recent headlines suggest the private credit market is beginning to crumble; however, the asset class isn't a monolith. Look further downmarket, and a far more resilient story emerges. In this episode of Cloud 9fin , US private credit deputy editor Shubham Saharan is joined by Natalie Garcia, Deerpath 's head of underwriting, as well as Reed Van Gorden, Deerpath’s head of origination, to discuss ho...

Electronic Arts ’ proposed $55bn leveraged buyout has upended expectations for its 2031 and 2051 bonds. Instead of pricing in a straightforward 101% change-of-control payout, investors are weighing a tender offer and potential defeasance strategy that could strip covenants and lower the takeout cost. With a potential downgrade looming, bondholders must decide whether they can resist the maneuver o...

When traditional cashflow lending tightens, liquidity doesn’t always come from the usual places — sometimes lenders have to break companies into smaller, more financeable pieces. Carving out working capital assets, which involves isolating and valuing receivables and inventory in standalone structures, has emerged as a go-to strategy for borrowers looking to unlock incremental capital without refi...

Anyone who was in the LevFin market in 2022 may remember banks using term loan As to fill the financing gap when rising interest rates disrupted the syndicated loan market. That instrument has made a comeback — except this time, the TLA is no longer a back-up, but a tool to get larger financings done. In this episode, Cloud 9fin deputy LevFin editor Sasha Padbidri sat down with reporter Yiwen Lu a...

The leveraged finance markets saw a handful of leveraged buyouts keep pricing on their financing packages tight in January 2026. This was in spite of multiple geopolitical shocks and a sell-off in software loans as vibe coding comes into vogue. To put it all into perspective in this episode of Syndication Nation on Cloud 9fin , US LevFin reporter Dan Mika caught up with AGL Credit Management ’s Wy...

Ever signed up for a subscription, forgotten about it, and then been charged $100 a year later because it’s auto-renewed? Imagine doing the same, except add a few zeroes. In this episode of Cloud 9fin , David Hahn of Davis Polk talks to reporters Tom Quinn and Yiwen Lu about the emergence of snooze/lose clauses in the US credit market: how they work (and crucially, how they work differently to Eur...

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...