In this week’s episode of Syndication Nation, 9fin’s podcast on all things leveraged finance, LevFin reporter David Westenhaver joins US deputy editor Sasha Padbidri in unpacking HALO for our side of the market — which credits are actually benefitting from the trade, and whether this is truly a safe haven for LevFin investors.

Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

For Max Frumes, 9fin’s global head of distressed debt and LevFin, that situation was Exide Technologies. It was the first full cycle of distress, bankruptcy and emergence that he covered in his storied career.

And George Schultze, founder and CEO of Schultze Asset Management and author of The Art of Vulture Investing, was an investor during that Exide bankruptcy — the second one, anyway — which taught him some valuable lessons about the importance of being nimble. And, of course, that regulatory factors are more likely to upend distressed investing strategies than support them.

In this latest episode of Cloud 9fin, Max and George compare notes, reminisce, and banter about a wide spectrum of distressed companies past and present.

Thanks for listening! Have any feedback for us? Send a note to podcast@9fin.com.

In this inaugural episode, Laurie sits down with Professor Mark Roe and researcher Vasile Rotaru of Harvard Law School to explore their new study which measures how non-pro rata coercive LMEs fare in the long run. They discuss whether LMEs deliver on their promise(s) to sustainably extend a distressed company’s runway.

Their study, entitled Liability Management’s Limited Runway: Corporate Restructuring Today, can be found here.

Have any questions? Send us a note at podcast@9fin.com.

In this episode of Cloud 9fin, private credit reporter Anna Russi sits down with Patrick Warren, head of private credit research at MSCI, to unpack what’s driving the shift. Drawing on new data, they explore where signs of stress are emerging in software lending and venture debt, how valuation marks could be masking underlying pressures, and what this reveals about risk, performance, and portfolio assumptions in today’s market.

Have any feedback for us? Send a note to podcast@9fin.com.

Fresh off the heels of a major refinancing, the company offloaded a handful of parks with the goal of deleveraging and focusing investment on a smaller portfolio. But will that be enough to fix the balance sheet? Or, after a decade of missteps, can the amusement park owner’s new CEO complete the operational turnaround that investors have sought for years?

Follow our reporting on Six Flags at 9fin.com. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

Footnote: The podcast mentions that Knott’s Berry Farm has one of the oldest wooden roller coasters, and that it is 65 years old. The roller coaster referenced was GhostRider, which was built in 1998. The oldest continuously operational wooden roller coaster in the world is Scenic Railway in Luna Park, Melbourne, Australia. The coaster entered operations in 1912.

In this episode of Distressed Diaries, our host senior reporter Bianca Boorer sits down with Kunal Shah, the founder and chief investment officer of London-based hedge fund PVTL point, and his partner and member of the investment team Ryan Flew, to discuss how the latest conflict in the Middle East is impacting the sector.

What is the sector doing to cope with these challenges? Are European governments doing enough to help? Is UK chemicals producer INEOS out of the woods yet? Where do opportunities lie for distressed investors in this uncertain environment?

Tune in to find out!

They discuss how CLO tranches are trading in this macro backdrop, triple-A liquidity, the influence of vintage on CLO trading, relative value between the US and Europe and how this pocket of volatility is different to anything we’ve seen since 2020.

They also delve into the uncertainty surrounding uncovered double-B MVOCs, the year ahead for CLO equity returns and if there are any equity hedges out there.

Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

Are prediction markets a legitimate “truth machine” for LevFin dealmakers? Listen in and draw your own conclusion!

Got a hot take or just need to vent after blowing your bonus on a bad bet? Drop us a note at podcast@9fin.com.

A big change is coming for the Indian banking system. Starting 1 April, India’s central bank will allow domestic banks to fund mergers and acquisitions. It’s a change to long-held rules barring lenders from the Indian M&A market, which has so far been dominated by foreign lenders and private credit funds.

As Indian banks prepare to lend more to domestic corporates, what does this mean for liquidity, access to funding, and for international lenders that have earned 20% yields so far?

9fin's Mumbai-based reporter Rajhkumar Shaaw and Asia editor Richard Macauley answer these questions and walk listeners through the changes in this latest edition of our Cloud 9fin podcast.

In a conversation with 9fin’s Global Head of Distressed & LevFin Max Frumes, Debevoise's co-head of restructuring Sidney Levinson, who represented the majority lenders in that case, discusses the significance of the deal at the time and the evolution of LME technology ever since. They’re joined by Debevoise Partners Scott Selinger and Erica Weisgerber, to of the co-heads of the firm’s expanded Liability Management and Special Situations Group.

Listen as they explore the commonalities and differences between the NYDJ situation and other well-known restructurings including Serta, J.Crew, Envision, Robertshaw, Trimark, Boardriders, Chewy, Petsmart, Caesars and Xerox.

Have any feedback for us? Send a note to podcast@9fin.com. Thanks for watching and listening!

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 First Brands and Tricolor in the US that have shaken the private asset-based lending industry.

Lots of well-known firms have been caught on the wrong side of MFS — the likes of Barclays, Atlas SP and Castlelake — and it was a close shave for other lenders.

In this episode of Distressed Diaries, host and senior reporter Bianca Boorer sits down with 9fin asset-based finance editor Owen Sanderson and Kawai Chung, mortgage market veteran and CEO of UK lender Folk2Folk, to dig into the drama, assess the impact, and consider how the ‘safest’ form of lending might have ended up in double-pledging.

Most importantly, we look at what could be done differently in future — as borrowers scramble to prove their credentials and lenders look over their books, what’s the future of asset-based finance in Europe?

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 support this expansion with cheap funding. Since 2020, the sector has received around £17.4bn of funding, according to advisory firm BDO.

However, the ‘build and they will come’ model proved far too optimistic as subscriber growth failed to keep pace. Rising interest rates and burdening costs of building the infrastructure also weighed on these broadband providers.

We started to see the first signs of distress at the start of the year, with G.Network filing for administration, shortly after its acquisition by distressed debt investor FitzWalter, and creditors moved to take control of Gigaclear.

On this episode we sit down with Ben Davies and Stuart Keeping, senior managing directors from financial advisory firm Teneo to delve into the rise and fall of this overcrowded market and providers’ response to the challenges.

Find all our coverage on co-ops and LMEs at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

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 how the lower middle market is staying steady despite industry headwinds.

Have any feedback for us? Send a note to podcast@9fin.com.

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 or accept a discounted exit.

Tune into our latest episode of Cloud 9fin, where senior legal analysts Chris Osborne and Anthony Park unpack this situation with senior credit analyst Steven Price.

Follow our reporting of the Electronic Arts takeover at 9fin.com.

Have any feedback on this episode? Send us a note at podcast@9fin.com. Thanks for listening!

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 refinancing their entire capital stack.

On this episode of Cloud 9fin, Anna Russi speaks with Mitch Soiefer, partner and head of lender finance at SLR Capital Partners, to unpack how working capital assets are being carved out of traditional credit agreements to keep capital flowing, and why these structures tend to show up late in the credit cycle.

Have any feedback? Send us a note at podcast@9fin.com — thanks for listening!

In this episode, Cloud 9fin deputy LevFin editor Sasha Padbidri sat down with reporter Yiwen Lu and senior reporter Sunny Oh, to discuss the resurgence of the so-called pro-rata market.

We broke down the key features of TLAs, how banks use them to differentiate themselves from direct lenders, and the evolving lender base of TLAs. We also discussed how it played out in recent jumbo buyouts, including Hologic.

Have any questions? Send us a note at podcast@9fin.com. You can also check out our feature on TLA here. Thanks for listening!

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 Wynne Comer for the view from her seat and what last month’s action tells us about the rest of 2026.

Have any feedback? Reach out to us at podcast@9fin.com or to Dan at dan.mika@9fin.com. Thanks for listening!

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 Europe) and their impact on US voting mechanics.

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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 effectively no longer existed. Arini went on to claim that any finding that the bonds still had a non-zero OPB would turn them it into “Schrödinger’s Obligations” — existing in two incompatible states at once.

Tresidor and Laurion (the latter advised by Milbank) then joined the fight by issuing counter challenges defending the inclusion of the notes.

The challenge was eventually rejected by the EMEA Credit Derivatives Determinations Committee in a split vote, with Citi and Pimco dissenting on the decision. That result means SUNs will be included, and so Ardagh’s equity valuation will influence the final payout as part of an alternative asset package delivery mechanism to replace the bonds.

This hotly contested debate followed the DC having failed to achieve a supermajority ruling on the credit event trigger in the first place, which meant it had to call upon an external review panel of the International Swaps and Derivatives Association. The panel of KCs determined the September tigger date, from which CDS contracts must pay out to protection holders, but did not specify how that payout would be handled at auction.

In this episode of Distressed Diaries, our host, senior distressed reporter Bianca Boorer, sits down with 9fin editor and our resident CDS expert Dan Alderson to go through the ins and outs of this rejected challenge and what it means for the CDS market as a whole.

Find all our coverage on Venezuela at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com and latam@9fin.com — thanks for listening!

Find all our coverage on co-ops and LMEs at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

For more details, check out the full story here.

Have any feedback for us? Send a note to podcast@9fin.com, or reach out to rich.macauley@9fin.com to learn more about our APAC offering!

In this episode, 9fin senior levfin reporter Dan Mika sits down with Mitch Garfin, co-head of leveraged finance at BlackRock, to discuss the dynamic landscape of high-yield bonds and leveraged loans as we approach the new year.

They explore the trends in bond issuance, the shift towards leveraged loans, and the impact of monetary policy on the market. Mitch shares insights on the evolving credit landscape, the role of private credit, and the anticipated challenges and opportunities in the coming year. Tune in for a deep dive into the world of liquid credit and what lies ahead for investors and issuers alike.

Have any questions? Send us a note at podcast@9fin.com. Thanks for listening!

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 haunted us during the year, including Ardagh, Kloeckner Pentaplast, and Petrofac. We delve into the domino effect another successful appeal of the UK Restructuring Plan had in the courts, how aggressive LMEs have made it trickier to predict recoveries and the evolution of the co-op.

Finally, we lay out our expectations for the new year ahead.

And if you prefer a long read, we have also explored these themes in our traditional year-end report: European Distressed Year in Review 2025 — Don't look back in anger.

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 between Japanese banks, US banks and ETFs.

They also delve into CLO equity performance, opportunities for CLO managers in portfolio trading and how CLO managers should differentiate themselves when they’re all chasing the same conservative assets.

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 highlighting the explosive growth in GP-led secondaries. This has been driven by a pressing need for liquidity amidst subdued M&A and IPO activity. The conversation explores how investors can strategically position themselves to capitalize on this market, emphasizing the importance of understanding the nuances of both LP-led and GP-led transactions.

Have any feedback for us? Send us a note at podcast@9fin.com.

The episode also discusses a recent paper authored by Professor Buccola, along with Adi Marcovich Gross and Matthew McBrady, that analyzes the returns to equity rights offering backstop commitments.

Find all our coverage on issues relating to backstop fees at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

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 Supreme Court hearing on Waldorf’s case in February hopefully should provide more clarity.

Issuers have been starting to shy away from using the UK Restructuring Plan to avoid the risk of their plan being reversed by the Court of Appeal. Instead they are increasingly turning to looking into ways to implement out of court through liability management exercises in other European jurisdictions.

We saw this in Selecta which implemented its restructuring through a distressed disposal in the Netherlands.

Private credit is also in the lime light this year as the market has been growing its presence in distress both as providers of fresh capital and as private credit lenders end up taking the keys.

In this episode we delve into all these emerging themes with Daniel Bayfield, Barrister at South Square and Lois Deasey and Matt Benson, restructuring partners from Weil. All three provide insights on their involvement in all of the above mentioned cases.

Weil and 9fin initially sat down to discuss these topics at the Weil & 9fin Private Credit & Restructuring Autumn Forum on 8 October (find here some of the highlights of that day). This podcast is for the benefit of those who could not attend!

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 into 2026.

Have any feedback for us? Send a note to podcast@9fin.com.

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 natural disaster risks, access to unlimited free solar power and elimination of complex cooling requirements.

Global head of Distressed & LevFin Max Frumes sat down with LevFin deputy editor Sasha Padbidri to unpack what this means for existing data center infrastructure and the billions of dollars of debt financing already raised by giants like Meta, CoreWeave and Amazon to fund those buildouts.

Have any feedback about this episode? Send us a note at podcast@9fin.com. You can also check out our feature on space data centers here.

We asked Jamie about his views on a number of 9fin’s favorite themes, including how AI is disrupting the market, the rise of ABS deals from stressed issuers, tussles between sponsors and creditors, the impact of tariffs, and his takeaways from the rapid downfall of First Brands.

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 group of borrowers and asked what the future holds for them in a world where school districts have had to tighten belts and cut spending.

Most notably, we talked about how the expiration of the Elementary and Secondary School Emergency Relief Program (ESSER) has hurt education borrowers who have struggled to fill in the hole left by the $190bn policy. Meanwhile, falling school enrollment and the global trade war has compounded issues in the sector.

Find all our coverage on concentration caps, voting caps, and DQ lists at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

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 Alessia Argentieri and private credit reporter Gregory Rosenvinge to talk about risks lurking in private credit.

We address some defaults, recent takeovers by private credit funds and lessons learned from the First Brands case.

We also touch on some new tools the private credit market is employing to increase its liquidity further.

In this episode of Cloud 9fin, senior private credit reporter Peter Benson sits down with Ryan Schwartz, managing director in Brookfield Asset Management’s credit group to discuss the burgeoning asset class. They discuss what IG private credit is, how deals can be structured, and why IG private credit makes sense for investors.

Have any feedback for us on the podcast? Send a note to podcast@9fin.com. Thanks for listening!

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. They also delve into the unintended consequences of putting out a clarification in the middle of summer and the art of staying zen.

Have any feedback for us on the podcast? Send a note to podcast@9fin.com. Thanks for listening!

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 standardization of docs and, most importantly, the (unlikely) outcome of the UEFA Champions League.

Have any feedback for us on the podcast? Send a note to podcast@9fin.com. Thanks for listening!

Find all of our coverage on LME litigation on 9fin.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

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 behind-the-scenes view into how the sponsor front-loaded a negotiated credit agreement with Twin Brook before entering exclusivity with the seller.

It’s another example of an emerging strategy to win deals on speed and certainty in a tight lower middle market. They discuss what the bold move signals for lenders, lawyers, and future auctions.

Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

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 supply.

Have any feedback for us? Send a note to podcast@9fin.com.

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 episode of Syndication Nation, a podcast dedicated to all things leveraged finance-related, Peter Hammon, online gaming and sports betting lawyer and senior of counsel at Vela Wood, joins 9fin leveraged finance reporter Zoe Han to talk about the fast moving scene around sports contract betting, including the implications of the recently announced partnership between gaming company FanDuel and CME, one of the world’s biggest derivatives marketplaces.

They discuss how contract betting could supercharge the next phase of growth for gaming credits — or leave them mired in regulatory red tape. Place your bets!

Have any feedback about this episode? Send us a note at podcast@9fin.com. Thanks for listening!

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 transaction with UK carpet maker Victoria PLC’s notes, which primed minority holders.

More recently, in August a minority creditor in Swiss vending machine provider Selecta filed an appeal against its restructuring in a Dutch court.

In this episode of Distressed Diaries, 9fin’s senior distressed reporter Bianca Boorer sat down with Duane Loft, partner at Pallas Partners, who is representing the primed holders in Hunkemoller, and 9fin senior distressed credit analyst Denitsa Stoyanova CFA.

We discuss the Hunkemoller case, provide updates on the litigation process, and examine potential outcomes if Victoria's transaction faces legal challenges.

We also delve into what creditors should consider when deciding whether to litigate, how litigation can help with negotiations, and compare litigation practices in the US versus Europe. And for more background see here our three-part series on the Americanisation of European LMEs.

Find all of our coverage on LME litigation on 9fin.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

Distressed reporter Samantha Kroontje went to a new “healthcare desert” in Delaware County, Pennsylvania, to speak to some of the people impacted by the closure of its main health system, which came after years of debt-funded growth and dividends led by former private equity owner Leonard Green.

In this week’s episode of Cloud 9fin, deputy distressed editor Rachel Butt spoke with Kroontje about the reporting process for a recent feature story on the fallout of Prospect Medical’s bankruptcy. It delves into the financial maneuvers of Prospect’s previous private equity owner that led to the company’s unravelling, the healthcare workers who were impacted, and the local vendors likely to get pennies on the dollar.

Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

In this week’s episode of Cloud 9fin, we depart from our usual programming to share an interview produced by one of 9fin’s investors, redalpine. Co-founder Steven Hunter shares how he turned years of complaining about broken fintech into 9fin — a 357-person company that's disrupting global debt markets.

Discover how he and his university roommate went from sketching company values on their kitchen table to growing rapidly in the US and UK, and why they chose to be "tech-first." Plus: his father's brutal advice about winning that drives everything 9fin does.

For more info about 9fin, visit our Insights page. To get in touch about this episode or any other, reach out at podcast@9fin.com.

Within 2025, the Court of Appeal handed down two key decisions on distressed utility company Thames Water and upstream energy engineering firm Petrofac’s restructuring plans.

Those decisions, combined with another Court of Appeal decision handed down last year on German real estate group Adler’s restructuring plan, have reconfigured the approach to assessing whether a restructuring is fair.

There are now new tests for evaluating whether a restructuring plan is fair, and a focus on fair allocation and what contributions stakeholders are making to the restructuring, as well as what they get out.

To unpack recent trends in Part 26A restructuring plans and what the recent Court of Appeal decisions mean for the future of UK restructuring plans, 9fin’s Will Macadam sat down Kirkland & Ellis partners Kate Stephenson and Kon Asimacopoulos, and David Allison KC of South Square.

Find all of our coverage on LME litigation on 9fin.

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What does the recent miss and revision in the US jobs report mean for lenders? What does it mean when credit spreads are getting tighter despite the lack of new debt issuance? And why did Dan reference a TikTok meme from 2023 to frame these questions?

Have any feedback about this episode? Send us a note at podcast@9fin.com. Thanks for listening!

Senior distressed reporter Bianca Boorer, host of this series, travelled to Munich to find out just how big the dent on the auto sector will be.

She sits down with Hendrik Hauke restructuring partner at Willkie, who has acted as legal advisor to auto suppliers Huf Group and IFA Group, Felix Kuhnert, head of automotive in Germany at PwC, and Florian Bruder, restructuring partner at DLA Piper.

In the podcast we take a look to the challenges the car industry was already facing with its mandated transition to electric vehicles by 2035 and whether auto makers can switch to producing equipment for the defense industry.

On the finance side, banks have been tightening their belts on their exposure to the sector, which may open up private credit as a new option. Restructurings have also been on the rise as a result of the volatility but not at the speed at which one would expect. At 9fin we have been covering the restructurings of auto suppliers Huf Group, Webasto, IFA Group and Standard Profil.

What will put the brakes on this downturn? Tune in to find out.

Have any feedback for us? Send us a note at podcast@9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

Find all of our coverage on LME litigation on 9fin.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

The last 12 months have been a busy time for the private credit giant, as they also completed a €30bn fundraise in Europe and opened a new office in Milan.

In this episode of Cloud 9fin, senior private credit reporter Synne Johnsson chats with Andrea Fernandez, partner in Ares’s investor relations and product management team for European direct lending, and Mike Dennis, Ares’s co-head of European credit. They discuss the firm’s newest CLO, how to deploy €30bn in a dried up LBO market and what opportunities Italy has to offer.

Have any feedback for us? Send a note to podcast@9fin.com.

Find all our coverage on LME litigation at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

In this episode of Cloud 9fin, US distressed debt reporter Ayden Crosby is joined by David Lucking, a partner in Linklaters' US structured finance practice, to discuss the state of SRT and unpack some of the differences and emerging trends in US versus European markets.

Have any feedback for us? Send a note to podcast@9fin.com.

They discuss what’s led to the boom of family offices allocating to CLOs, double-Bs and single-Bs outperforming CLO equity, and how some endowments still struggle with the legacy bias from the GFC. They go on to unpack what the ideal pitchbook from a CLO fund manager looks like and the growth of evergreen funds, among other things.

Have any feedback for us? Send a note to podcast@9fin.com.

Over the last few months, French lab company Cerba’s debt has taken a beating as fears mount over its unsustainable €3.8bn capital. Most recently, 9fin reported that creditors have started to organise and appointed legal advisors in the lead up to possible debt negotiations.

There’s no lack of drama in this episode. First, the company’s liquidity has been hit by the French government’s decision to cut tariffs on lab tests in September last year. Then CEO Emmanuel Ligner unexpectedly stepped down in March with his replacement Julien Samson only joining in early June.

The weak performance has meant climbing net leverage (to 9.3x in Q1 25 from 8.4x in FY 24), followed by recent S&P’s downgrade to CCC+ and listing of its debt from CLOs.

In this episode, our host, senior distressed reporter Bianca Boorer, sits down with 9fin’s senior distressed credit analyst Denitsa Stoyanova and senior legal consultant Rebecca Davies to talk about Cerba’s financial situation, creditors’ reactions, how the company plans to address this, what is possible under the debt docs, and more.

9fin’s analysis of Cerba’s capital structure is here and a deep dive over LME and liquidity options is here.

During what we have termed the ‘Deliberation Days’ of Q1, private credit investors were scrambling to mitigate potential tariff risks as best they could but they were also on the offensive.

Elijah Jackson’s latest quarterly report on the state of the market, ‘Good Deal Hunting’, is aptly titled as direct lenders did not shy away from stealing BSL marketshare during the period. And PC firms were also able to pick up an extra 25bps of spread on average — how d’ya like them apples?

David Brooke, 9fin’s private credit editor, sat down with Elijah on this week’s episode of Cloud 9fin to unpack some of the wicked smart moves that lenders made.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

For more details (and terrible headlines), check out our reporting on Spanish waste management company Urbaser, which is among the first leveraged credits to include tariff language in its new issue bond OM.

Have any feedback about this episode? Send us a note at podcast@9fin.com. Thanks for listening!

Check out all of our LME coverage at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

They talk about how CLO equity and mezz ticks all the boxes for family offices, the need for more double-B CLO funds, captive equity vs third party equity funds, and how CLO managers need to do more to educate family offices, which other asset classes do better.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

In this third of a series of discussions, Scott shares a high level view of the state of the market, current challenges, and how technology is helping people in the middle office manage the mountains of data that underly the broadly syndicated and private debt markets.

Have any feedback for us? Send us a note at podcast@9fin.com.

Senior distressed reporter Bianca Boorer, host of the series, travelled to Paris to meet with key advisors involved in the negotiations. She sits down with Saam Golshani, partner at White & Case who acted for Altice France and its shareholders, Jean-Pierre Farges, restructuring partner and head of Gibson Dunn’s restructuring practice in Europe who represented the ad hoc group of secured creditors, and restructuring partners Lionel Spizzichino and Batiste Saint-Guily from Wilkie who represented a group of predominantly unsecured creditors.

In the podcast, we take a look at Altice France’s journey from March 2024 with the earnings call in March 2024 where management caused panic in the market announcing its intention to do discounted transactions to bring leverage down, to creditors forming the first co-op of this size in Europe and finally coming to an agreement in February this year.

We also discuss what the deal means for the restructuring market — will LMEs continue to crop up in Europe or will directors duties put people off risking putting the company at risk? Tune in to find out.

Have any feedback for us? Send us a note at podcast@9fin.com.

In this episode of Cloud 9fin, distressed debt reporter Max Reyes sits down with Canyon Partners opportunistic credit co-heads Chaney Sheffield and Jonathan Barzideh to better understand what unique investments can be made in the current economy and how they’re making sense of the chaos.

Have any feedback for us? Send us a note at podcast@9fin.com.

In this episode of Cloud 9fin, senior private credit reporter Peter Benson sits down with Ron Daniel, co-founder and CEO of Liquidity Group, a direct lender focused on tech lending. The conversation ranges from the concepts of venture debt and tech lending and how they are structured, to how the current macro environment is affecting the niche are and what the future looks like.

Have any feedback for us? Send us an email at podcast@9fin.com.

In this week’s episode of Cloud 9fin, senior private credit reporter Shubham Saharan sits down with Jon Weber and Gisele Everett of restructuring advisory Jon F Weber & Co, to talk about some of the hard truths they confront in their work. Among them, is how to avoid “tissue rejection,” to borrow a term from the medical field, which can occur when integrating new owners into an existing company.

They also discuss a recent article that Jon and Gisele co-authored in the Journal of Corporate Renewal.

Have any feedback for us? Send us a note at podcast@9fin.com.

But what does ever-changing US tariff policy and associated market volatility mean for private credit firms? How do direct lenders keep protect themselves from the fallout and what are the key points in credit agreements these days? Join 9fin’s senior private credit reporter, Shubham Saharan, and Mayer Brown’s head of NY private credit, Sheel Patel, in exploring those themes.

Have any feedback for us? Send us a note at podcast@9fin.com.

They talk about taking advantage of the dislocation in the market, sector specific tariff risk, opportunities for a pull to par trade, how to pick the right assets with the current backdrop of LME risk and how these pockets of volatility could be another positive data point for CLOs.

Find all our coverage on creditor organization at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

With some larger private credit managers jostling for deals at the upper end of the middle market, a larger number are sticking to their knitting in focusing on financing those smaller companies. It’s private credit’s historical sweet spot and is a space immune to some of the more borrower-friendly trends seen in competitive situations with the syndicated market.

In this episode, a senior reporter in 9fin’s US private credit team, Peter Benson, sat down with Bill Sacher, partner and head of private credit at Adams Street, to discuss what is happening in the core middle market. Is deal flow will be coming back? Will ETFs will take hold?

Want to share feedback on this episode? Send us a note at podcast@9fin.com.

In this episode, 9fin's global head of restructuring, Max Frumes, sat down with European senior distressed credit analyst Emmet McNally to discuss some of the events that led us here. Events so far have culminated in the company cleansing creditors party to restructuring negotiations that failed to reach common ground.

Unsecured creditors Arini and Canyon have sued the company for alleged value extraction and fraudulent conveyance dating back to the metal carve-out. Emmet and Max talk us through the headline terms of the proposals put forward by the company and the unsecured bondholder group, and discuss how bid-ask spreads between the two proposals could be narrowed to reach a mutually agreeable deal.

Want to share feedback on this episode? Send us a note at podcast@9fin.com.

The middle office may not always be in the spotlight, but when loan data goes awry it’s the team that keeps the gears turning and numbers in check. In this episode, head of podcasts Chase Collum chats with Jared Vest, global co-head of middle office solutions at FIS, to break down the middle office's essential roles, risks, and evolving responsibilities. They explore how accurate data and strong operational support are critical to navigate today’s fast-paced loan market.

This episode was produced in partnership with FIS as part of a three-part series diving into the challenges facing middle office practitioners and users of global loan data sets.

Have any feedback for us? Send us a note at podcast@9fin.com.

Sujeet Indap, Wall Street editor at the Financial Times, sat down with Steven Hunter, CEO and co-founder of 9fin, to cut through the hype and dissect the real impact of AI on debt markets. This episode was produced from a recent 9fin webinar. If you’d like to learn more about how 9fin's AI-powered platform can give you a competitive edge in debt markets, we’d love to chat.

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In our latest Cloud 9fin episode, Chase Collum, head of podcasts, and private credit analyst Devin McGinley, sit down with John Smullen, product manager at FIS. They chat about how global data trends are shaping strategies in the leveraged finance world as private credit CLOs and direct lending gain ground.

This episode is part of a three-part series we’ll publish in partnership with FIS on Cloud 9fin, so look out for our next episode, coming next Thursday! Have any feedback for us? Send us a note at podcast@9fin.com.

Find all our coverage on co-ops at 9fin.com.

Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

Valentine’s Day has been and gone, so why on earth are we besmirching Romeo and Juliet with terrible puns? You should listen to the episode for the full picture, but basically we’re discussing three recent debt transactions from X/Twitter, Snap, and Getty Images.

These deals might not seem immediately connected, but there’s a thread running through all three. In an age of political upheaval and rapid technological advancement, what do they tell us about the future of media? William Hoffman, David Bell and Will Caiger-Smith are here to discuss, and to crowdsource ideas for sponsored 9fin Snapchat filters.

Want to share feedback on this episode? Send us a note at podcast@9fin.com.

We have already seen BlackRock's $1.3bn continuation vehicle last year, and some market participants are expecting to see even more in 2025. On the other side however, this might not be as straight forward as in the PE world, and there is a growing pool of skeptics.

In this episode of Cloud 9fin, senior private credit reporter Synne Johnsson sits down with private credit reporter Jemima Denham, to discuss all things private credit continuation vehicles -- Why are they the current talk of the town? What are the challenges? And will they eventually take off?

Have a listen to hear this discussion on continuation vehicles in the private credit market. If you have any feedback for us, send us a note at podcast@9fin.com. Thanks for listening.

You may have caught the story that Celeste Tamers, part of our growing asset-based finance team, broke last week about Deutsche Bank pulling back from offering repo financing on SRT trades.

In this episode of Cloud 9fin, Celeste and our asset-based finance editor Owen Sanderson pick that story apart and use it to explore the history of SRT, to help listeners understand why regulators are raising their eyebrows at the recent growth of this important market.

Any feedback on this episode? Email us at podcast@9fin.com.

In this episode of our new show Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Latham & Watkins partner George Klidonas and C Street founder and CEO Jon Henes, to discuss the Better Health transaction and its implications for future LMEs.

Also under discussion: how liability management has taken off as an industry, how law firms and advisors are adapting to this boom in business, and the creative moves market participants are making to ensure the LME space lives a lengthy and healthy life.

Listeners might notice a bit of background noise because this episode is also recorded in video format! Find it on YouTube here! Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

In this episode of Cloud 9fin, US managing editor Bill Weisbrod sits down with credit analyst Ben Dickerman and leveraged finance reporter Dan Mika about their recent piece looking at how the 2026-27 maturity wall in the US is shaping up.

Among the highlights: how issuers are hanging on to cheap debt costs, how a leveraged finance market starved for new-money deals is giving BB-rated companies plenty of time to refinance, the uncertainties surrounding Trump administration’s economic policies, and how this story was powered by Dan’s love of drum and bass music.

As always, if you have any feedback for us, send us a note at podcast@9fin.com

Private credit has been circling sports for some time as an investment opportunity. Many regulatory changes in the past year and an increasing number of emerging sports leagues have brought it back into view to begin this year.

In this episode of Cloud 9fin, senior reporter Peter Benson sits down with Aaron Kless, managing partner and CIO at Andalusian Credit Partners, to discuss all things private credit and sports.

The discussion topics include the institutionalization of the sports market, how credit works with sports franchises and other areas of the sporting world that are ripe for credit investment.

As always, if you have any feedback for us, send us a note at podcast@9fin.com

In this episode of Cloud 9fin, Synne Johnsson sits down with Soren Christensen, partner and head of capital markets at Cinven, and Amit Bahri, co-head of European direct lending at Goldman Sachs, to break down how private credit’s role has evolved over the years.

Among the highlights: how sponsors have adapted to embrace private credit, what the return of the BSL market means for direct lender strategies, the attraction of junior PIKs, and predictions for 2025.

As always, if you have any feedback for us, send us a note at podcast@9fin.com.

In this week’s episode of Cloud 9fin, US managing editor Bill Weisbrod and deputy leveraged finance editor Sasha Padbidri survey the extent of the damage and discuss which industries are among the most impacted.

Find Sasha’s latest report about the wildfires’ impact on leveraged credits here. If you have any feedback or want to get in touch, send us a note at podcast@9fin.com. Thanks for listening!

In this week’s episode of Cloud 9fin, US private credit editor David Brooke and reporter Anna Russi discuss the latest results in private credit fundraising and how LPs are consolidating around their favorite firms. The conversation walks through how investors are feeling about the asset class and whether the incoming Trump administration can help or hinder funds on the road next year. Read Anna and David's article diving into these trends here.

Have any questions or feedback for us? Want to join us on the podcast? Send a note to podcast@9fin.com to get in touch. Thanks for listening!

Find all our coverage on Serta at 9fin.com, including our latest stories on the contours of potential uptiering transactions in 2025 and the evolution from Serta blockers to “Fifth Circuit blockers.”

If you have any feedback for us, send us a note at podcast@9fin.com. Thanks for listening.

In this week's episode of Cloud 9fin, Tanvi Gupta, global head of CLOs at 9fin, talks with Pratik Gupta, head of CLO and RMBS research at Bank of America, to discuss the outlook for 2025. They talk about ETFs, performance across the CLO capital structure, LMEs, co-op agreements, HY bond buckets and why 2025 might match the record breaking levels of issuance we've seen in 2024.

Have any feedback on the episode? Send us a note at podcast@9fin.com. Thanks for listening.

Find out in this week’s episode of Cloud 9fin as global head of distressed debt and restructuring Max Frumes talks with Mike Harmon about his forthcoming book The Financial Restructuring Tool Set: How to Fix Your Broken Balance Sheet. They talk about the various ways that a company can restructure in and out of court, the evolution of the distressed debt playbook, and what restructuring has in common with Lewis Carroll’s Alice in Wonderland.

Mike Harmon is a lecturer in management at the Stanford Graduate School of Business, managing partner of Gaviota Advisors, LLC who spent 21 years in the special situations and global principal groups at Oaktree Capital Management.

Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening.

In this episode of Cloud 9fin, ESG analyst Jennifer Munnings sits down with Sabrina to explore how ELFA has shaped buyside engagement and elevated standards in credit markets. From the rise of J.Crew blockers and their impact on covenant protections to ELFA’s efforts to foster transparency and innovation in ESG practices, Sabrina offers a front-row perspective on the evolving landscape of leveraged finance. They also discuss the challenges of balancing incumbent flexibility with investor safeguards and what lies ahead for the industry as Sabrina embarks on her next chapter.

Have any feedback on this episode? Send us a note at podcast@9fin.com. Thanks for listening.

But lower middle market lending is, of course, not without its challenges. Intensifying competition from firms honing in on the space and a complicated macroeconomic picture have pushed pricing down to levels last seen in the giddy days of 2021.

In the latest episode of Cloud 9fin Michelle Handy, chief investment officer of First Eagle Alternative Credit’s Direct Lending business, joins 9fin senior reporter Shubham Saharan to talk about that corner of the private credit world.

They unpack the opportunities and obstacles in lower middle market lending, the benefits of having a large existing portfolio, while also touching on the growing asset-based lending market (not to be confused with asset-backed lending!).

For feedback on the podcast, or to learn how to get involved, send a note to podcast@9fin.com. Thanks for listening!

In this episode of Cloud 9fin, private credit editor David Brooke mines the reportage of Bianca Boorer, senior distressed debt reporter, and Shubham Saharan, senior private credit reporter.

They talk about the challenge Lycra’s stakeholders face in navigating the company’s balance sheet, and why the company is considering a private credit option, even if it wouldn’t provide it with all the liquidity — or should we say elasticity — it needs to tackle its entire capital stack. 

Do listen in to find out why private credit has the leg(ging) up on the competition!

Follow all of 9fin’s coverage of the Lycra situation here. If you have any feedback for us, send us a note at podcast@9fin.com. Thanks for listening.

In this week’s episode of Cloud 9fin, produced in partnership with Arena Investors, senior private credit reporter Peter Benson sits down with Arena co-founding CEO and CIO Dan Zwirn to talk through his latest white paper. He takes a contrarian look at the direct lending space, and considers whether this high-rate environment will turn out to be as fruitful for late adopters as the hype would lead one to believe.

Have any feedback for us? Please send us a note at podcast@9fin.com. Thanks for listening!

In this week’s episode of Cloud 9fin, private credit editor David Brooke digs into the data with analysts Devin McGinley and Elijah Jackson. They chat through the trends, diving into their respective Q3 2024 private credit reports. You can read both reports here and here.

To learn more about 9fin’s private credit reports, send a note to the team at private-credit@9fin.com. For feedback on the podcast, or to learn how to get involved, send a note to podcast@9fin.com.

Thanks for listening!

It’s a little early to give a comprehensive answer, but in this special edition of Cloud 9fin we’ve done our best to touch on some of the big issues. Tune in to hear Will Caiger-Smith and Sasha Padbidri break down the implications in a short but sweet 10 minutes.

In this week’s episode of Cloud 9fin, private credit editor David Brooke sits down with private credit reporter Peter Benson for a whistle stop tour through NAV — or Net Asset Value — loan structures. Check out Peter’s recent article on NAV structures here, and find all of the latest private credit coverage on 9fin.com.

Have any feedback for us? Send us a note at podcast@9fin.com.

Hurricanes and natural disasters pose a threat to leveraged credits. This year’s Atlantic hurricane season, which runs from June to November, has caused significant physical and financial damage to borrowers and civilians located mainly in the southeastern part of the US. Damages from hurricanes Helene and Milton, specifically, are estimated by published reports to be around $50bn each, ranking them among the costliest disasters in recent history.

In this week’s episode of Cloud 9fin hosted by leveraged finance editor David Bell, senior reporter Sasha Padbidri talks to Karen Clark, a Nobel Prize-winning pioneer in the catastrophe modeling space. Clark was also the subject of Michael Lewis’ 2007 article In Nature’s Casino for The New York Times Magazine, which examines the topic of catastrophe modeling in great detail.

Together, they discuss how the technology of catastrophe modeling has advanced since the 1980s and why understanding these risks are critical for company executives and insurers as natural disasters continue to reshape the financial landscape.

In this week’s episode of Cloud 9fin, Fin Strathern interviews Bill Ammons, founding partner and portfolio manager at AlbaCore Capital.

They discuss the evolution of leveraged finance as direct lending develops, and the importance of providing flexibility and optionality. Bill shares insights from his extensive career, emphasizing the importance of credit selection and AlbaCore’s mission to adapt to market demands.

Have any feedback for us? Send us an email at podcast@9fin.com. Thanks for listening!

In this week’s episode of Cloud 9fin, distressed legal analyst Jane Komsky and distressed credit analyst Swapnil Sawant reveal the playbook of SPAC-era darling System1’s unique take on a liability management exercise that highlights a novel approach asset stripping. 

Read more about the mechanics of this deal in Swapnil’s analysis on 9fin.com. To get involved in the podcast, drop us a line at podcast@9fin.com.

They discuss new frontiers opening up in the Middle East and South America amid increasing appetite for CLOs and how this poses its own challenges, as well as how to compete with private credit fundraising. This is a conversation you won’t want to miss.

If you have any feedback or would like to get involved in the CLO series on Cloud 9fin, reach out to us at podcast@9fin.com. Thanks for listening.

In this week’s episode of Cloud 9fin, listen in as senior reporter William Hoffman sits down with 9fin credit analysts Kartik Dar and Daniel Stone to untangle the DISH and DIRECTV transactions and debt exchanges and speculate on the merger's antitrust prospects.

Find Dan’s latest piece on the path to regulatory approval for the DISH-DIRECTV merger here, and find Kartik’s latest analysis on the deal here. Another worthy read is this piece by our distressed team, co-authored by William, Kartik and our deputy distressed editor Rachel Butt.

If you have any feedback for the team or would like to learn more about how to get involved, send a note to podcast@9fin.com. Thanks for listening.

In this bonus episode of Cloud 9fin, private credit editor David Brooke invites private credit analyst Elijah Jackson to share his experience in building the inaugural 9fin private credit report.

To learn more about our private credit data platform and how to access Elijah’s report, email elijah@9fin.com. And as always, if you have any feedback on this episode or any other, send us a note at podcast@9fin.com. Thanks for listening.

In this week's episode of Cloud 9fin, our global head of distressed and restructuring Max Frumes delves into this quandary with distressed legal analyst Jane Komsky. They compare the use of co-op agreements to a US Supreme Court case that pitted an apparel supplier against the NFL, and look into whether co-op agreements could be considered a Sherman Act violation.

For more detail on this topic, read Jane's analysis and our follow-up Default Notice newsletter on 9fin.com. If you have any feedback for us about this episode, or requests to get involved in the podcast, email us at podcast@9fin.com. Thanks for listening.

In this week’s episode of Cloud 9fin, US private credit editor David Brooke asks senior reporter Shubham Saharan to add another contribution to the ever-evolving private credit glossary as they dive into the definition of synthetic PIKs. Listen in to learn about what these instruments are, how they’re being used by the industry, and whether they’re likely to become a passing trend or an emerging staple.

If you have any feedback for us, send us a note at podcast@9fin.com.

The growing number of zombie companies contributes to the misallocation of resources, disinflation, and reduced productivity. Although zombie companies are inefficient, they continue operating for years due to financial and structural support.

In this episode of Cloud 9fin, distressed debt reporter Max Reyes sits down with Dr. Edward Altman, professor emeritus at the NYU Stern School of Business and famous for developing the Altman Z-Score, to talk about what defines zombie companies, their prevalence and the negative effects they have on the economy.

Despite its challenges, Paramount holds a strong liquidity position with $2.3 billion in cash and $3.5 billion in undrawn revolver capacity. However, with debt maturing soon and uncertainty surrounding the Skydance acquisition, the stakes are high as Paramount works to balance leverage and boost cash flow amid a shifting media landscape.

For this week's episode of Cloud 9fin, senior reporter William Hoffman and credit analyst Dan Stone explore the drama unfolding at Paramount, the implications of its potential downgrade, and whether other media giants like Warner Bros. Discovery could be next in line.

But is this a nostalgic trip down memory lane, or a calculated move with long-term implications?

In this episode of Cloud 9fin, leveraged finance reporter Ryan Daniel and senior private credit reporter Synne Johnsson discuss this trend, the driving forces behind this shift and ponder the future of private credit in this evolving market.

In this episode of Cloud 9fin private credit reporter Peter Benson and senior private credit reporter Shubham Saharan discuss the complexities of this market shift and the different strategies hedge funds are using to gain a foothold in private credit.

Despite these challenges, investors are finding new opportunities as they adapt to the changing landscape.

For this week's episode of Cloud 9fin, private credit reporters Peter Benson and Fin Strathern discuss the evolving world of private credit fundraising, the rise of more niche strategies, and the use of perpetual capital vehicles.

The decision coincided with the timely publication of Unjust Debts by UNC law professor Melissa Jacoby, which provides a critical history of how the use of Chapter 11 has expanded far beyond the initial scope laid out in the Bankruptcy Code enacted in 1978.

For this week's episode of Cloud 9fin, global head of distressed and restructuring Max Frumes discusses this refreshing and crucial snapshot of bankruptcy law that is both technical and accessible with Professor Jacoby, and how current events might further shape the bankruptcy courts around the country.

For this week's episode of Cloud 9fin, global head of distressed and restructuring Max Frumes, distressed legal analyst Jane Komsky, and private credit reporter Sami Vukelj walk through the world of liability management.

The discussion covers the benefits and limitations of this kinder, gentler LME trend, with a focus on the Pluralsight and AMC Entertainment transactions.

In this week’s episode of Cloud 9fin — recorded before the recent spike in market volatility — US LevFin editor David Bell sits down with senior reporter Sasha Padbidri and credit analyst Alec Keblish to unpack the hottest themes of recent LBO activity.

In this week’s episode of Cloud 9fin, Serhan joins our own global head of CLOs, Tanvi Gupta, in the inaugural episode of Tranche Talk for a granular look at mezzanine and equity tranches, how to evaluate CLO positions and how shopping for CLOs can be a lot like buying a new car.

Follow all of Tanvi’s coverage of the CLO market here on the 9fin dashboard.

Have any feedback for us? Send us a note at podcast@9fin.com.

With too much debt, poor quality assets from decades of under investment, and a plan the water regulator rejected, Thames's opco downgrade was widely expected across the market. But what happens next?

To answer that question, 9fin editor Dan Alderson, senior distressed reporter Will Macadam and ABS editor Owen Sanderson hit the studio just after the downgrade was announced. The resulting bonus episode of Cloud 9fin is packed with insights and constructive speculation about what Thames's fallen angel status, license challenges and a new UK government entail for the uncharted waters ahead.

Find all of our coverage of Thames Water here on the 9fin dashboard. Have any feedback for us? Send us a note at podcast@9fin.com.

Listen as Dennis recounts the struggles faced by hospital staff and patients from his viewpoint as the Executive Medical Director for Hospital Medicine and Critical Care during the rapid shuttering of American Physician Partners.

In this interview with 9fin deputy distressed debt editor Rachel Butt, Dennis lays out the concerns he had during the process and why he joined the UCC as part of the company's bankruptcy proceedings. He shares what his experience was like as the only true clinician on the committee, and what he thinks healthcare vendors and the credit industry can learn from the APP process.

For this week's episode of Cloud 9fin, senior reporter Bianca Boorer sits down with Hayfin's Carlos Pla. They talk about the nuance of private credit special situations in Europe, how it differs from the US market and what it takes to succeed in the various European jurisdictions.

Carlos is a portfolio manager for Hayfin's special opportunities strategy and chairman of the investment committee for the special opportunities, tactical credit, healthcare and private equity solutions strategies.

Find all of our coverage of Hayfin's latest market moves here on the 9fin dashboard.

Got any feedback for us? Send us an email at podcast@9fin.com.

Not heard it? Well you may soon, because private equity ownership of auditing firms is causing concern in the wake of deals like the New Mountain Capital acquisition of Grant Thornton earlier this year.

In this week’s episode of Cloud 9fin, our LevFin editor David Bell and senior reporter Sasha Padbidri look into this rising trend and how it’s being received by the debt market.

Then, Sasha speaks to Dr Steven Mintz, a professor of accounting at California Polytechnic State University, author of two books and a popular blog Ethics Sage. They talk about how the entrance of PE into the audit business is sparking concerns both new and familiar.

In this week’s episode of Cloud 9fin, reporter Max Reyes digs into these decisions with legal analysts Jane Komsky and Cat Corey, looking at how they contrast with one another and prior case law in the district.

Find our reporting on the Robertshaw decision here and follow this thread to stay up to date on the latest with Incora here at 9fin.com.

In this week’s episode of Cloud 9fin, global head of distressed and restructuring Max Frumes breaks it all down with distressed credit analyst Larry Feldman and senior reporter Sasha Padbidri. How did Hertz get back into trouble? How grim is the path ahead? How will the situation play out as the 2026 maturity wall draws near?

Follow all the latest up-to-the-minute Hertz coverage here at 9fin.com.

In this week’s episode of Cloud 9fin, editor Dan Alderson and distressed debt reporter Will Macadam delve into all of this and more. For more content on monetary policy and its effects on the credit markets, read a piece that Will co-authored here.

In this week’s episode of Cloud 9fin, our very own global head of distressed and restructuring Max Frumes digs into the shocking denial of Vinson & Elkins’ retention application in the Enviva proceedings with distressed legal analyst Jane Komsky.

Read Jane’s full write-up for more on why she thinks the decision sets a bad precedent here. And watch 9fin.com this Friday, June 14, for full coverage of Vinson & Elkins’ motion to reconsider its retention as debtors’ counsel in the Enviva bankruptcy.

Both terms are euphemistic — so what are we actually talking about here? And what happens when these often quite bruising battles between companies, their sponsors and their lenders, take place in the (supposedly) quieter and more genteel world of private credit?

For this week’s episode of Cloud 9fin, our host Will Caiger-Smith hits up Damian Ridealgh and H.T. Flanagan of Freshfields to figure out how liability management became all the rage, and how lenders are trying to protect themselves against it.

In this week’s episode of Cloud 9fin, our very own ABS editor Owen Sanderson is joined by Matthew Moniot, co-head of credit risk sharing at Man Group, in a conversation about Significant Risk Transfers (SRTs) and their potential to reshape the US credit markets. 

Have any questions or feedback for us? We’d love to hear from you at podcast@9fin.com. 

So it’s kind of a big deal — and while the odds of a Tory defeat are so strong that some of the impact is already priced in, there are still some important implications for the credit markets.

For this week’s episode of the podcast, our host Will Caiger-Smith sits down with 9fin leveraged finance reporter Ryan Daniel to discuss the implications of the election for the markets we cover.

But how will AI impact software companies? And what is the growth outlook in the sector, which has had a tough time over recent years?

In this week’s episode of Cloud 9fin, private credit reporter Peter Benson and Oliver Thym, a partner on Thoma Bravo’s private credit platform, drill down into the value proposition of enterprise software and explain why private credit still can’t seem to get enough of SaaS.

In this week’s episode of Cloud 9fin, global head of distressed debt reporting Max Frumes and deputy distressed editor Rachel Butt walk through the lead-up to Steward’s bankruptcy filing and the many challenges that the company, its management and its landlord — and lender — Medical Properties Trust will have to navigate as the situation plays out.

In this week’s episode of Cloud 9fin, senior reporter Bianca Boorer sits down with Rob Fawn, a portfolio manager in the European leveraged finance team at PGIM Fixed Income, to talk about how this new era is creating new challenges and new opportunities for leveraged finance teams.

In an age where news travels faster — and through more channels — than ever before, how do companies and investors manage their messaging?

For this week’s episode of Cloud 9fin, our global head of distressed debt and restructuring, Max Frumes, sat down with Jude Gorman, the co-founder of communications firm Collected Strategies, to find out.

In this episode, our hosts Sammy Cole and Oliver Wise, unpack the latest events and talk to Nawar Alsaadi, the CEO and founder of Kanata Advisors, a sustainable fintech advisory firm based in Toronto, to get his take on the decision.

We’ll take a closer look at the uproar that followed the SBTi’s flip of the script and shine a light on the governance concerns raised by SBTi insiders. We’ll also cover the issues that have plagued carbon markets in recent years and underline why it’s crucial to establish robust and verifiable offset standards.

Following our deep dive into Altice last week, 9fin analyst Jennifer Munnings, distressed debt reporter Will Macadam and senior legal consultant Freddie Doust decipher the writing on the wall as Intrum mulls its restructuring options.

Their discussion covers the potential for the company to follow Altice’s lead on drop-downs, and the various ramifications if a restructuring happens in the Swedish, English or US courts.

In this week’s episode of Cloud 9fin, editor Dan Alderson, senior legal consultants Chris Osbourne and Freddie Doust, and distressed credit analyst Nathan Mitchell walk through the knowns and unknowns of Altice.

The discussion covers some of the ways the Altice situation is both familiar and novel, nuances of the French jurisdiction, and the many potential pitfalls that management and investors could face along the path to deleveraging the Altice capital structure.

In this week’s Cloud 9fin episode, 9fin senior reporter Bianca Boorer sits down with David Leland, partner and head of capital markets at BC Partners, to discuss the recent refinancing wave, managing portfolio companies through crises, and how to determine the right blend of private credit and leveraged loans for a portfolio company.

Last week, 9fin reported that a group of lenders to Weight Watchers parent WW International organized with law firm Gibson Dunn as the company loses subscribers to weight loss drugs. 

On a somewhat related note, 9fin also reported that Herbalife is facing challenges of its own after a bad set of earnings. What use are health shakes when you can take a pill to slim down? 

Listen as our US deputy distressed editor Rachel Butt and senior reporter William Hoffman talk about these stories, and how Oprah Winfrey is at the center of it all. 

Those are just two insights from 9fin’s European High Yield Bonds Covenants Report, which provides a deep dive on the state of high yield bond covenants, based on documentation from last year.

In this week’s episode of Cloud 9fin, our host Jennifer Munnings digs into the report’s findings with our senior legal consultant Chris Osborne, who co-authored the report with Alice Holian.

They also discuss our recent piece about EG Group’s recent dividend blockers, which you can read here.

For this week’s episode of Cloud 9fin, we’re celebrating International Women’s Day by examining how far the industry has come in terms of gender balance — and how far it still has to go.

Join our co-hosts Shubham Saharan and Sasha Padbidri as they speak with Erika Morris, head of US CLOs at Tikehau Capital, and Nadja Marcoz, a partner at Napier Park who heads up the firm’s institutional relationships.

And if you want to read more personal stories about women in credit, and some information on how various firms are trying to advance gender equality, check out the deep dive article on this issue that we published last year.

We take a look back at restructurings he’s been involved in including Ideal Standard and lessons he’s learned from these cases. 

Schubert also goes into challenges posed by whitelists and the nuances of the German distressed market.

Does distress at retailers like Express, Jo-Ann’s and The Children’s Place mean the US consumer is in trouble?

Is ‘liability management’ a better term than ‘credit-on-creditor violence’? And why is communications firm C Street starting a new group dedicated to it?

We answer all these questions and many more in the latest episode of our Cloud 9fin podcast. Come for the silly headline, stay to meet the leaders of our new US distressed team: Max Frumes and Rachel Butt.

In this Cloud 9fin episode, host Jennifer Munnings sat down with Kristina Wyatt, former senior counsel for climate and ESG at the SEC, to take a deep dive into what the Californian regulations and the proposed SEC rules indicate for ESG in the US.

We talk about everything from the ability for US companies to remain competitive in markets that are ever more focused on sustainability, to the potential impact of the upcoming elections on ESG in the US.

For this week’s podcast, Alessandro Albano, financial journalist at 9fin, sat down with host Sammy Cole to talk about the repricing wave. We discussed examples of companies that have repriced deals recently, lender responses, and delve into Alessandro’s predictions for the year ahead.

Click here to find out more about our US CLO Database

Himani Trivedi, head of structured credit at Nuveen Asset Management, has seen a lot of history in the CLO market, so she’s perfectly placed to put this intense period of repricing in historical context.

How are managers coping, and what does this trend mean for syndicated loan issuance this year?

For this week’s podcast, she sat down with our US managing editor Will Caiger-Smith to talk about the repricing wave, as well as delving into captive equity funds, CLOs versus private equity and private credit, and the promise of ETF structures.

In this week’s podcast, Cloud 9fin sits down with 9fin senior legal consultant (and restructuring lawyer) Freddie Doust and the eminently qualified South Square barrister Riz Mokal for an (admittedly meaty) discussion on the ideas critical to the outbound recognition of English restructuring processes, and inbound recognition of US and European processes in the UK.

Strap yourself in, it's a thrilling ride!

Companies such as Hilton and Chobani highlighted the compelling value on offer in the high yield bond market, which could help define the shape of some hefty debt syndications that are waiting in the wings.

In this week’s episode of the podcast, our US managing editor Will Caiger-Smith and deputy editor David Bell peek under the hood of the primary markets.

For our first podcast of 2024, Cloud9fin sits down with 9fin Levfin reporter Ryan Daniel and credit analyst Ameeq Singh to talk through Synlab’s rise in importance during Covid-19, it’s long lasting relationship with Cinven and their LBO debt syndication journey. The late-in-the year deal launch begs the question will there be more LBO activity to come in 2024?

Founded just a few short years ago to great fanfare, Jeff Ubben’s much-vaunted ESG activism fund closed its doors around the same time that Enviva’s capital structure fell apart. What can the implosion of these two entities tell us about the state of ESG in America?

For this week’s episode of Cloud 9fin, our US managing editor Will Caiger-Smith quizzes senior reporter Sasha Padbidri on these interlinked stories. Listen now to end the year on a cheery note.

Also tune in to find out how Steven unwinds in his spare time and what he thinks about pints in New York!

9fin has been leveraging AI since the company was founded back in 2016, but we’ve recently stepped-up our game.

‘9fin AI’ allows subscribers to ask questions about companies within debt capital markets and receive high quality answers in real time.

For this episode of the podcast, we sat down with 9fin’s Sean Löfgren and Hannes Kindbom to talk us through the exciting new project, their thoughts on future opportunities and their stance on potential risks linked to generative AI.

The pandemic unleashed an unpredictable torrent of changes in how people work and live, and the dramatic rise in interest rates over recent months has broken funding models for many property owners.

That’s extremely bad news for a lot of investors in the real estate market, but it also creates opportunities for savvy lenders. On this week’s podcast, Will Caiger-Smith asks Rich Byrne, president of Benefit Street Partners, what we can learn from the distress in CRE.

The deal was implemented consensually with a large majority of its bondholders and shareholders agreeing to the deal, which involved a 78% haircut in exchange for the noteholders taking over 80% of the company. The reinstated debt was extended to mature in 2026.

However, it was not entirely straightforward. After a deal was agreed at the end of last year, the company struggled to find an auditor. It also needed to raise more bridge financing to keep afloat as the restructuring completion took longer than expected.

Corestate’s legal advisors Sven Pruefer and Hauke Sattler from Allen & Overy talk us through what landed the company in this mess, the proposals exchanged and what caused the delay in closing the deal.

But one group of creditors was pretty peeved by the plan (understatement of the century).

In this week's episode of our Cloud 9fin podcast, 9fin editor Chris Haffenden and restructuring lawyer Freddie Doust do their best to explain some of the key themes from the Adler hearing in the Court of Appeal last week and what it might mean for UK Restructuring Plans in the future.

This week, 9fin’s Head of ESG, Jack David talks with prominent sustainability-focused lawyers Sukhvir Basran from Cadwalader and Alex Smith from Eversheds about the evolving world of ESG and sustainability from a legal perspective.

We cover the US backlash, the ins and outs of sustainability-linked deals and what the future holds for the ESG within levfin and private credit.

On this week’s episode, Will Caiger-Smith quizzes Sami Vukelj — who explains how and why private credit firms are buying life insurance portfolios, and tackles some of the awkwardness involved in this morbid segment of specialty finance.

While the trade, which revolves around the ‘death benefit’ payout, leaves a bad taste in some people’s mouths. On the flip side, why shouldn’t you be entitled to the cash value of your literal life while you can still spend it?

Tune in to learn everything you need to know about the death capital markets.

For this week’s episode of Cloud 9fin Bianca Boorer sits down with Mike Scott, Head of Global High Yield & Credit Opportunities at Man GLG. Scott discusses how Man GLG is navigating this new normal. Scott also goes into his team’s approach when it comes to more stressed or distressed situations.

For this week’s episode of our podcast, host Sammy Cole sits down with 9fin’s Nathan Mitchell and Matthew Hughes to talk through debt purchaser predicaments, their options and predictions for the years ahead.

“Our attention has been on three key players – Intrum, Lowell, and AFE. They all face similar challenges so it will be fascinating to see who emerges as the winner(s)”

The denominator effect is easing, and LPs are once again finding room for private credit. The asset class gives investors an attractive way to benefit from higher interest rates, but its popularity is also to do with the underperformance of private equity and a proliferation of new strategies.

For this episode of the podcast, we invited Jess to the studio to talk about a rollercoaster year for private credit — and to celebrate the official launch of 9fin's new Private Credit product!

He’s talked publicly about the covert techniques he and his colleagues use to uncover fraud, and about the impacts of short selling on his health. Amongst his successes have been some setbacks, like when Chinook was acquired by Novartis just after Muddy Waters doubled down on its short position.

But shorting credit is a different ball game, and one that doesn’t get as much visibility as public stocks.

Muddy Waters has experience in that arena too, with short bets on names like Casino and Vivion, so we wanted to know what advice Block had for debt investors trying to spot which names to stay away from. Welcome to the short seller’s guide to credit!

For this week’s episode of our podcast, Josie Shillito quizzes Christine Ferris, head of JP Morgan's global CLO primary business on this opportunity.

Is Europe ready? And what would it do to the private credit market as we see it now?

This is just one of the topics we discussed in our podcast with Eric Muller of Oak Hill Advisors, a seasoned veteran not just of the direct lending market but also of the banking industry.

Along the way, we quizzed him about increased regulatory scrutiny of private credit firms, the clampdown on tax-minimizing ‘season and sell’ structures, the quest for the $10bn unitranche, and the growing trend of private lenders taking the keys to struggling companies.

For this week’s episode of our podcast, Alice Holian and Olivia Mantock cover the ins and outs of J Crew blockers and run through some novel formulations they’ve seen in 2023.

Is the ‘Dechra standard’ going to take off? Or will blockers become increasingly limited in scope?

For this week’s episode of the podcast, Will Caiger-Smith and William Hoffman take a tour through the primary calendar and evaluate each deal’s chances for a smooth syndication.

Featuring: Worldpay, Vistra, Syneos Health, Simon & Schuster…and many more. Check out our piece from earlier this week for the full slate.

For this week’s episode of the podcast, our host Jennifer Munnings sat down with Rupert Davies, a sustainable finance specialist with over eight years of experience, to have a frank discussion about the state of ESG.

Is ESG just a box-ticking exercise for asset managers, or can it have a real world impact? Will the US ever align with Europe, when it comes to the depth and breadth of reporting that is needed to inform investors?

It could be an expensive gamble: online sportsbooks have been a hotspot of growth in the US gambling industry, but competitors such as DraftKings and FanDuel are already starting to pivot to profitability from a “growth by any means” mentality after spending big to take market share.

Will Penn’s investors have the patience for another growth story? And how could a regulatory backlash against online gambling impact the industry?

On this week’s US edition of Cloud 9fin, US deputy editor David Bell quizzes senior reporter William Hoffman on Penn’s new tie-up with ESPN and what it means for leveraged credits in the sector.

9fin sat down with Marlene Ruf, restructuring partner from Kirkland & Ellis, who represented a group of creditors holding its €750m revolving credit facility (RCF I) which was due to mature two months ago. Marlene takes us through what a StaRUG process entails, how it helped with Leoni’s restructuring plan as well as the precedent this case sets for future restructurings under the regime.

Chris Wright runs the private markets group at Crescent Capital, and has plenty of experience as a junior capital provider to stressed credits. As we reported this week, tapping third parties for instruments such as preferred equity and holdco PIK debt has become an increasingly popular strategy for borrowers facing tricky maturities.

In this week’s episode of the podcast, Will Caiger-Smith quizzes Chris on what these types of situations can teach us about distress, and how the markets deal with it in 2023.

However, are these factors solely responsible for their bonds trading at distressed levels and the equity at a considerable discount to book value?

For this week’s podcast, Chris Haffenden, Editor at 9fin, sits down with Senior Distressed Analyst Emmet Mc Nally and Credit Analyst Hazik Siddiqui to talk about our recent special report on German Real Estate.   

The podcast, much like the report, covers everything from the key terminology and inputs determining credit ratios and KPIs, to what potential triggers lie ahead for companies with near-term maturity walls and where our analysts see best value in the market.

Want to get your hands on a copy of the full special report? 👉 Join the waiting list to get your copy next Wednesday — https://lnkd.in/e6UxnsRt

Several months ago, the regulatory association announced plans to adjust the capital charges for insurance companies investing in CLO debt and equity, by developing an in-house rating methodology instead of relying on the big three agencies.

The plans were already controversial within the CLO industry. But in a recent update, the NAIC has expanded the scope of these new rules, sparking broader outrage from industry observers as well as several Republicans on the House Financial Services committee.

The NAIC says it’s looking to prevent “regulatory arbitrage”, but critics see the rules as a “land grab” for rating fees. For this week’s podcast, Will Caiger-Smith sits down with US deputy editor David Bell to unpack the controversy.

Bianca Boorer sits down with Owen Sanderson to discuss the media storm around Thames Water over the last two weeks, dispelling misguided views on its liquidity while going through potential obstacles down the stream.

As we wrote earlier this week, securitization baskets in some credit agreements could be loose enough to allow borrowers to securitize assets like intellectual property.

How realistic is this idea, and what can people do about it? Will Caiger-Smith quizzes covenant expert James Wallick to get the answers. 

Private funds are using a variety of methods to integrate ESG considerations into their decision-making: for this week’s episode, our host Sammy Cole sat down with Cassandra Fahy, a managing director at Pemberton Asset Management, to discuss some of them.

How has the approach to ESG evolved over time? What challenges come up when collecting data from borrowers? And what does the future holds for ESG in private credit?

The loan market’s transition away from the old reference rate has been slow, but increasingly contentious in recent months. Borrowers, lenders and financial sponsors have tussled over the compensation offered to loan investors to swap into the lower-yielding SOFR benchmark.

In this week’s edition of Cloud 9fin, US deputy editor David Bell sat down with Dan Ko, a senior principal and portfolio manager at Eagle Point Credit Management to talk about how CLO equity investors rallied loan buyers to resist off-market SOFR amendments — as well as the challenges and opportunities in CLO equity as more deals exit their reinvestment periods.

For this week’s episode of Cloud9fin, Bianca Boorer sits down with Hazik Siddiqui and David Orbay-Graves to look into the Swedish real estate firm’s recent accounting revisions, ways it can address its bloated capital structure and thoughts on recoveries.

Craig Packer is one of those names. Owl Rock, the direct lending firm he co-founded back in 2016, was already a power player in direct lending before it merged with Dyal Capital in 2021 to create Blue Owl; he’s now at the helm of one of private credit’s biggest brands, as investor interest in the sector is going mainstream.

For this week’s episode of the podcast, our private credit editor David Brooke sat down with Craig to talk about deals, documentation, retail investors and the threat of a recession — and Blue Owl’s efforts to dictate terms and keep lending standards tight.

That doesn’t mean this venture is without risk — especially as the company’s margins are deteriorating, and it’s had some troublesome relations with hourly workers over the past few months.

So how does PX Records, the group’s new jazz-focused music imprint, fit into the broader business plan? For this week’s episode of the podcast, host Sammy Cole sits down with US managing editor Will Caiger-Smith to get the download.

Cova takes us through his illustrious career so far, from working for the Italian government, on Parmalat, Europe’s largest fraud case, to moving into private practice and working on big restructuring cases such Moby and Maccaferri.

He gives his insights into the benefits and drawbacks of the recent reform in the Italian bankruptcy law as well as what to look out for in distress going forward.

But also, what valuable, formative experiences might you miss out on if you could outsource rote tasks to technology? And how might that change the culture of your institution?

Everyone’s talking about AI, and how it could revolutionize basically everything. We wanted to figure out what it might mean — both good and bad — for the debt markets, so 9fin reporters William Hoffman and Shubham Saharan hit the phones for some philosophical conversations.

In this week’s episode of the podcast, we’re asking: is AI coming for your finance job?

For this week’s episode of Cloud 9fin, Bianca Boorer sat down with Brian Dearing to discuss Lycra’s last minute refi of its 2023 notes. The company’s innovative variation on the infamous drop-down mechanism provides food for thought on flexible liability management techniques.

It all hinges on the wording of the credit agreement — so for this week’s episode of Cloud 9fin, Will Caiger-Smith sat down with 9fin’s debt covenant expert James Wallick to talk about this strange situation and its possible implications.

But some people were doing private credit before it was cool. Tim Lyne is one of those people — when he and a group of colleagues founded Antares Capital back in the nineties, the idea of a jumbo unitranche must have seemed like a pipe dream.

For this week’s episode of the Cloud 9fin podcast, our private credit editor David Brooke sat down with Tim to discuss the growth of the market, how managers are preparing for the credit cycle to turn, and where the biggest risks are right now.

What is it? It’s convertible debt.

Convertible bonds are a clubby and often overlooked corner of the corporate finance world. Last year, plunging equity valuations made for some notable horror stories — like Peloton, Ocado and Affirm — but in recent months the market has become popular once again.

For this week’s episode of Cloud 9fin, our US managing editor Will Caiger-Smith sat down with David Hulme of Advent Capital Management (whose president, Tracy Maitland, wrote a book on converts) to get the lowdown on the asset class’s resurgence.

In this week’s episode of the Cloud 9fin podcast, Brian Dearing chats to Andy Hagan, Tom Richards and Gilles Teerlinck of Weil, Gotshal & Manges to get the lowdown on how companies are dealing with a challenging market backdrop.

They discuss confronting volatility, the ins and outs of equity injections, and the difficulty of executing amend-and-extends when CLOs are out of reinvestment.

But the funds that hold those private loans still have to find a way to value their books. How do they make their marks?

In this episode of our Cloud 9fin podcast, deputy editor Bill Weisbrod sits down with Brian Garfield, a managing director in Lincoln International’s valuations and opinions practice, who helps private credit funds value their holdings in illiquid debt instruments.

What’s the process for valuing an illiquid private loan? How are rising rates impacting private credit borrowers? And what does the rest of the year hold for asset performance?

Some of us at 9fin are old enough to remember the alphabet soup of rules and specially designed capital instruments that was cooked up in the wake of the GFC, to ensure that banks could melt down in an orderly fashion and without regulatory intervention. So: what on earth happened to the plan?!

In this week's episode of our Cloud 9fin podcast, editors Will Caiger-Smith and Owen Sanderson do their best to explain the fallout from the recent drama at Silicon Valley Bank and Credit Suisse, and what it might mean for credit markets going forward.

Given those expectations, it’s no surprise that some brokerage companies are using rate-related adjustments to boost their EBITDA. But is there a way these adjustments could go awry?

This week, Will Caiger-Smith and Emily Fasold dig into Cetera Financial’s latest loan deal, and the add-backs the company is using to flatter its credit profile.