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Sumer Chopra, Director at Alumia, specializes in simplifying the complex world of Collateralized Loan Obligations (CLOs). In this discussion, Sumer unveils how CLOs have transformed from a niche product into a staple for institutional investors. He explores the rising interest among family offices, the outperformance of double-Bs and single-Bs over CLO equity, and the legacy biases still affecting some endowments post-GFC. They also cover the essential elements of an impactful CLO fund manager pitch and the growth of evergreen funds in today’s market.

Denitsa Stoyanova, a senior distressed credit analyst at 9fin, shares insights into Cerba, a French lab company facing severe financial turmoil. Cerba's debt has soared amidst government tariff cuts, with creditors now organizing for potential negotiations. The unexpected resignation of CEO Emmanuel Ligner adds to the drama, while net leverage ratios climb. Denitsa discusses critical cost-saving strategies, the impact of asset sales, and the urgency for Cerba to reduce its staggering debt from $4.8 billion to $2.7 billion for long-term viability.

Elijah Jackson, a private credit data analyst at 9fin and author of the insightful 'Good Deal Hunting' report, dives into the whirlwind of recent market changes. He discusses how private credit firms adjusted to geopolitical tensions and tariff risks while seizing new opportunities. The conversation highlights significant deals like the $4 billion Clarius refinancing, trends in add-on financings, and the evolving competition between traditional bank loans and private credit. Jackson also emphasizes the growing importance of lender relationships in navigating current uncertainties.

In this engaging discussion, James Wallick, Head of Legal at 9fin and credit document expert, delves into how recent tariff announcements are reshaping language in debt agreements. He draws parallels between the current financial landscape and responses to the COVID-19 pandemic. James also explains the implications of force majeure clauses and EBITDA adjustments, highlighting a case study on a Spanish waste management firm. The conversation offers invaluable insights into the evolving needs of companies navigating economic uncertainty.

In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Rachel Murray, a managing director at Moelis, to discuss how today’s restructuring environment compares to the Covid era and how that experience can guide clients. They discuss what makes an LME effective, in addition to current trends and techniques that are shaping the space.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!

Yang Xu, CEO at City Hall Capital and seasoned family office expert, shares insights into the growing interest of family offices in Collateralized Loan Obligations (CLOs). He discusses the appeal of CLO equity and mezzanine structures, noting the shift toward more double-B CLO funds. Yang emphasizes the critical need for education among CLO managers to engage family offices effectively. He also highlights the challenges family offices face in selecting managers and the rise of CLO ETFs for retail investors as a creative entry point.

In the inaugural episode of Syndication Nation, 9fin’s podcast on all things syndicated debt, deputy editor William Hoffman joined US managing editor Bill Weisbrod to talk about his recent coverage of Warner Bros. Discovery and its $37bn of debt to high yield by S&P. They discussed what led to the downgrade, the prospects for the company reaching full-blown fallen angel status, and broader implications for the high yield market if and when that happens.Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

Scott Alintoff, a key player at FIS in the capital markets division, discusses the critical state of global loan data management amid economic volatility. He highlights how outdated practices like faxes hinder efficiency and contrasts them with modern technological advancements. Alintoff emphasizes the importance of strong tech solutions combined with human expertise to enhance client relationships. The podcast also explores the decision-making process regarding outsourcing versus in-house operations, showcasing the growing role of retail investors in the syndicated loan market.

Altice France’s restructuring negotiations has been one of the hottest talks of the distress town since last year. With the company now preparing to enter into accelerated safeguard proceedings, we went through what happened so far in our inaugural episode of Distressed Diaries — a brand new 9fin podcast series focused on distressed debt in Europe.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.

Jonathan Barzideh, co-head of opportunistic credit at Canyon Partners, specializes in distressed debt and structured credit. He discusses how economic uncertainty and U.S. tariff policies shape investment strategies. The conversation highlights innovative solutions in over-leveraged markets and reveals the adaptability of opportunistic credit in various sectors. Barzideh also explores how the structured credit market presents unique opportunities and emphasizes the importance of understanding company fundamentals in credit management.