Cloud 9fin

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.

Matthew Moniot, co-head of credit risk sharing at Man Group, brings extensive expertise in significant risk transfer markets. He delves into the mechanics of SRTs and how they're reshaping U.S. credit markets. Moniot contrasts European and U.S. financial regulations, highlighting unique challenges and opportunities. He also discusses the evolution of banking post-crisis, emphasizing the balance between risk and regulatory measures. New investors learn the importance of documentation and data reliability in navigating the SRT landscape.

It’s happening! Voters in the UK will head to the polls in just over a month, and most polls forecast a resounding victory for Keir Starmer and the Labour Party. Notwithstanding multiple reshuffles under the Conservatives over recent years, this would be the first proper regime change in the UK since 2010.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.

Oliver Thym, Partner on Thoma Bravo's private credit platform, discusses the impact of AI on software companies, the growth outlook in the enterprise software sector, and why private credit investors are drawn to SaaS. Topics include evaluating software as a credit investment, the stability of investing in software companies, current trends in the software industry, and the resilience of software companies amidst economic uncertainty.

Rachel Butt, Deputy distressed editor at 9fin, uncovers the chaotic saga of Steward Health's bankruptcy. From bizarre bat infestations in Florida hospitals to allegations of money laundering in Malta, the narrative unfolds dramatically. The discussion dives into the complexities of Steward’s unique financial structure, its tangled relationships with creditors, and the political controversies surrounding its management. Listen as Rachel sheds light on the regulatory challenges and the fight to protect jobs and patient care amid financial turmoil.

Rob Fawn from PGIM Fixed Income discusses navigating the new paradigm in leveraged finance. Topics include default rate predictions, special situation strategies, aggressive liability management in Europe, cooperation agreements, French restructuring processes, challenges in levered real estate, and successful deal sourcing in distressed markets.

Finance is about money, obviously, but it’s also about narratives. That’s especially true in the world of activist investing and proxy battles, and in the high-stakes arena of distressed debt.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.