Debtwired!

In this episode of Debtwired! Jayme Goldstein, co-chair of Paul Hastings financial restructuring group, and Tyler Cowan, global head of restructuring and liability management at Lazard, join Debtwire co-managing editor, Madalina Iacob, to discuss how the restructuring landscape has evolved over the past decade and what’s shaping the next wave of restructurings. Expect more in-court processes in 2026 with lenders willing to “take the keys” as tight documents hinder further LMEs. The podcast explores the rise of cooperation agreements as a critical tool for creditors, and the surprising wave of non-sponsor private company bankruptcies, including First Brands and Pine Gate Renewables.

In this episode, Debtwire's Amelia Weitzman sits down with DLA Piper’s Matt Schwartz to unpack the rapid rise of AI in private credit and what it means for lenders, borrowers, and the future of dealmaking.Private credit is entering a new era as AI tools rapidly change how information is used, risks are assessed, and agreements are negotiated. DLA Piper partner Matt Schwartz breaks down how these shifts are unfolding in real time and what they mean for the industry.

This episode of the Debtwired podcast explores the swift collapse of auto parts company First Brands Group into Chapter 11, the overlooked warning signs on Wall Street, and the high-stakes legal and financial battles now unfolding.Featuring insights from Debtwire’s head of research Tim Hynes, reporter Kunyi Yang, global head of legal analysis, Sara Tapinikes, and court team editor Taylor Harrison, the discussion breaks down what’s at stake for secured lenders, unsecured creditors, and trade claim holders as the case navigates a protracted and fiercely contested restructuring.The episode also delves into the potential for substantive consolidation—a move that could significantly reshape recoveries across creditor classes.

In this episode of the Debtwired podcast, Blackstone’s Rick Campbell joins Melina Chalkia, Debtwire’s primary market reporter for North America, to discuss how the landscape for infrastructure financing is evolving.In this episode, Campbell talks about the shift of infrastructure finance away from traditional banks and toward private credit, alongside a growing demand for power and a global push for digitization. He explains how themes like AI, data centers and renewable energy are converging, with data-center developers starting to build their own generation capacity. Campbell breaks down how these project financing deals are structured and how Blackstone’s “corporate solutions” strategy exemplifies that approach.Campbell is a Senior Managing Director with Blackstone Credit and Insurance (BXCI) based in Houston. He is involved with originating and executing investments in the energy transition, renewable energy and sustainable infrastructure sectors. Before joining Blackstone in 2022, Campbell worked as a Managing Director in the Global Infrastructure Finance Group at Citi for nearly 15 years.

James Pade, a partner and managing director at Clearlake Capital Group, shares insights on credit market dynamics and investment strategies. He discusses Clearlake's consolidation of its credit arms, enhancing their ability to offer cohesive solutions. Pade highlights the challenges for smaller CLO managers and the significance of strong sponsor relationships. He delves into the nuances of liquid versus private credit, exploring opportunities despite rising interest rates and geopolitical shifts in the US and European markets.

Gijs de Reuver, a Managing Director at Houlihan Lokey's restructuring team, delves into the critical issue of diminishing creditor protections in Europe. He reveals the alarming rise of creditor-on-creditor violence and discusses how this poses new challenges in financial distress scenarios. The conversation also highlights recent restructuring court decisions in the UK versus the Netherlands, showcasing significant differences in creditor outcomes. Additionally, Gijs elaborates on the complexities of Credit Default Swaps and their impact on negotiations, stressing the need for transparency.

Ryan Mulcunry, a specialist in lending and asset dispositions at GA Group, shares valuable insights into the retail finance scene. He discusses GA Group's transformational journey to improve financial decision-making for retailers through innovative transition loans. The conversation also dives into evolving asset disposition strategies, focusing on the shift from equity-based to fee-based models. With the retail landscape changing due to economic pressures, Mulcunry highlights the significance of transition capital and the potential for mergers in the market.

Pavlin Kumchev, Managing Director at Brigade Capital and author of "Solving Life," brings investment wisdom to personal decision-making. He discusses how strategies like the 'cheap option strategy' can minimize risks in life. Kumchev also delves into behavioral biases that affect choices, promoting mindfulness to enhance intentional living. He emphasizes creating a strong decision-making framework and treating life aspirations as investment opportunities, encouraging a structured approach to navigating life's unpredictability.

Holly Etlin, a retail turnaround management specialist at AlixPartners, dives into the critical issues facing modern retail companies. She discusses the differences between in-court and out-of-court restructurings and the necessity for legislative changes. Amidst the backdrop of shifting sourcing strategies post-COVID, Etlin highlights retailers' struggles with tariffs and changing consumer demand. With the future looking grim, she warns of the challenges in securing capital and the potential for many companies to close shop instead of reviving their operations.

Fabian Chrobog, founder and CIO of NorthWall Capital, discusses opportunities in the European credit markets, why new money is the new distressed investing, and his views on how best to protect against downside risk on the latest edition of the Debtwired! Podcast. Fabian also talks about some recent landmark transaction the fund has been involved with in the NPL securitisation and legal assets space.