Tumultuous waves have long beset Thames Water, but last week a massive one hit the imperiled UK utility company head on as Moody's cut its opco debt to junk.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.

For the vendors and firms owed money by a bankrupt company, the primary motivation to join an Unsecured Creditors’ Committee is often simple: maximize economic recoveries. But Doctor Dennis Deruelle had other priorities.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.

In the realm of private credit, thinking local is a must. Which means knowing your place can determine whether an investment will succeed or generate losses.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.

Shout if you’ve heard this one before: a CPA and an MD walk into a bar. The MD says, “Plz Fix,” and the CPA says, “sure, but I’ll need three forms of ID and an engagement letter first.” In response to which the MD, of course, literally explodes.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.

Overheard in the Southern District of Texas: Don’t be a meanie! Ok, we may be paraphrasing here a bit, but taking the decision in Robertshaw and the anticipated Incora decision together, the court may be signaling that lenders need to stop being so Incora-gible and tone down the violence.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.

Global head of distressed and restructuring Max Frumes, distressed credit analyst Larry Feldman, and senior reporter Sasha Padbidri discuss Hertz's return to financial trouble due to EV investments and new debt. They explore the challenges faced by Hertz, including their transition to EVs, disputes over warrant issuance, and the uncertainties surrounding the company's turnaround plan.

Editor Dan Alderson and distressed debt reporter Will Macadam discuss the consequences of higher-for-longer, rate cuts by the Open Markets Committee, and rate trends in Europe and the UK. They explore the nervousness around rising costs, effects on market borrowers, company strategies like aggressive liability management, and the impact of fluctuating interest rates on defaults, negotiations, and borrower psychology. They also touch on power dynamics in borrowing markets, potential rate cuts, and economic speculations amidst distressed land and political changes.

Lawyers might finally be done filing large, complex Chapter 11s in the Eastern District of Virginia.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.

The podcast delves into 'lender-on-lender violence' in private credit, discussing how companies, sponsors, and lenders navigate liability management. Legal experts explore the evolving market dynamics, the impact of debt restructurings, and the importance of aligning incentives in private credit transactions. The episode highlights the complexity of the private credit market, including the influence of opportunistic funds, evolving lender protections, and the emergence of bespoke solutions tailored to companies' unique challenges.

At what point does a trend become a megatrend? 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.