Bankruptcy

Moody’s: Leveraged loan defaults rise to 7.6%, highest since 2020

In Q4, leveraged loans to sponsored companies accounted for $24bn, or two-thirds of the total.

The bankruptcy experiment that failed

Unless explicit language of an underlying credit agreement allows non-pro-rata treatment, the uptier becomes ‘just a question of damages’.

S&P: Defaults of sponsor-backed companies grew in 2024

Sponsor-backed companies’ share of overall defaults surged to the highest ever, while Fitch found LMEs and distress depressed recovery numbers.

Fifth Circuit upends Serta uptier transaction

The decision increases uncertainties for creditors and distressed debtors contemplating liability management deals.

CLO issuance hits the heights

New records are being set in the CLO market on both sides of the Atlantic, despite a subdued M&A market.

Are we nearing a credit cycle downturn?

A plethora of pressures point to challenging times for some parts of the private debt market.

Bankruptcy court: Yellow on hook for pension contributions

Judge’s ruling does not give a number to pension liability but suggests that it will far exceed the debtors’ assets.

Barclays: Creditor-on-creditor violence to continue

Barclays’ liability management exercise report depicts a normalisation of the practice, and a scramble for creditors to protect themselves.

Delaware bankruptcy court ruling favours distressed debt investors

The latest twist in trucking company Yellow’s litigation may bring some relief to funds holding debt of firms engaged in pension controversies.