Afleveringen
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We are back to France — the current epicentre of European credit stress — for our second episode of Distressed Diaries.
Over the last few months, French lab company Cerba’s debt has taken a beating as fears mount over its unsustainable €3.8bn capital. Most recently, 9fin reported that creditors have started to organise and appointed legal advisors in the lead up to possible debt negotiations.
There’s no lack of drama in this episode. First, the company’s liquidity has been hit by the French government’s decision to cut tariffs on lab tests in September last year. Then CEO Emmanuel Ligner unexpectedly stepped down in March with his replacement Julien Samson only joining in early June.The weak performance has meant climbing net leverage (to 9.3x in Q1 25 from 8.4x in FY 24), followed by recent S&P’s downgrade to CCC+ and listing of its debt from CLOs.
In this episode, our host, senior distressed reporter Bianca Boorer, sits down with 9fin’s senior distressed credit analyst Denitsa Stoyanova and senior legal consultant Rebecca Davies to talk about Cerba’s financial situation, creditors’ reactions, how the company plans to address this, what is possible under the debt docs, and more.
9fin’s analysis of Cerba’s capital structure is here and a deep dive over LME and liquidity options is here. -
President Donald Trump’s much anticipated ‘Liberation Day’ sent global markets into a tizzy in April, but how did private credit firms react?
During what we have termed the ‘Deliberation Days’ of Q1, private credit investors were scrambling to mitigate potential tariff risks as best they could but they were also on the offensive.
Elijah Jackson’s latest quarterly report on the state of the market, ‘Good Deal Hunting’, is aptly titled as direct lenders did not shy away from stealing BSL marketshare during the period. And PC firms were also able to pick up an extra 25bps of spread on average — how d’ya like them apples?
David Brooke, 9fin’s private credit editor, sat down with Elijah on this week’s episode of Cloud 9fin to unpack some of the wicked smart moves that lenders made.
Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening!
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Zijn er afleveringen die ontbreken?
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In this week’s episode of Syndication Nation, a podcast dedicated to all things leveraged finance-related, 9fin deputy editor Sasha Padbidri and head of legal James Wallick have put together a terrible headline and a great conversation on the emergence of President Donald Trump’s tariff language in new issue debt documents.
For more details (and terrible headlines), check out our reporting on Spanish waste management company Urbaser, which is among the first leveraged credits to include tariff language in its new issue bond OM.
Have any feedback about this episode? Send us a note at [email protected]. Thanks for listening!
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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 [email protected] — thanks for listening!
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In this episode of Cloud 9fin, Tanvi Gupta, global head of CLOs at 9fin, talks with Yang Xu, CEO at City Hall Capital, to discuss the growth of family offices allocating to CLOs.
They talk about how CLO equity and mezz ticks all the boxes for family offices, the need for more double-B CLO funds, captive equity vs third party equity funds, and how CLO managers need to do more to educate family offices, which other asset classes do better. -
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 [email protected] — thanks for listening!
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In today’s market, speed of information and up-to-the-minute accuracy are essential in portfolio management. With that in mind, Chase Collum, head of podcasts at 9fin, sat down with Scott Alintoff at FIS to discuss how lenders can ensure they’re staying ahead in these turbulent times.
In this third of a series of discussions, Scott shares a high level view of the state of the market, current challenges, and how technology is helping people in the middle office manage the mountains of data that underly the broadly syndicated and private debt markets.
Have any feedback for us? Send us a note at [email protected]. -
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 [email protected].
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US tariff policy has unleashed economic uncertainty both domestically and elsewhere. Even after a de-escalation of the worst trade tensions with China, things are still unclear.
In this episode of Cloud 9fin, distressed debt reporter Max Reyes sits down with Canyon Partners opportunistic credit co-heads Chaney Sheffield and Jonathan Barzideh to better understand what unique investments can be made in the current economy and how they’re making sense of the chaos.
Have any feedback for us? Send us a note at [email protected].
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Here at 9fin, we pride ourselves on being private credit enthusiasts. And that means covering all parts of the market, big or small. This includes all the nascent and niche areas like venture debt and tech lending.
In this episode of Cloud 9fin, senior private credit reporter Peter Benson sits down with Ron Daniel, co-founder and CEO of Liquidity Group, a direct lender focused on tech lending. The conversation ranges from the concepts of venture debt and tech lending and how they are structured, to how the current macro environment is affecting the niche are and what the future looks like.
Have any feedback for us? Send us an email at [email protected]. -
Generally speaking, lenders don’t lend money to companies with the intention of ending up as equity owners. But things don’t always go to plan. And anyone who’s been there can tell you that the hard truth for certain companies is that no plan could have ever saved it — or as Jon Weber would say: “If the baby’s ugly, the baby’s ugly.”
In this week’s episode of Cloud 9fin, senior private credit reporter Shubham Saharan sits down with Jon Weber and Gisele Everett of restructuring advisory Jon F Weber & Co, to talk about some of the hard truths they confront in their work. Among them, is how to avoid “tissue rejection,” to borrow a term from the medical field, which can occur when integrating new owners into an existing company.
They also discuss a recent article that Jon and Gisele co-authored in the Journal of Corporate Renewal.
Have any feedback for us? Send us a note at [email protected].
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A seemingly endless cycle of tariff pronouncements and delays has been sending stocks and liquid debt markets on a roller coaster ride in recent weeks.
But what does ever-changing US tariff policy and associated market volatility mean for private credit firms? How do direct lenders keep protect themselves from the fallout and what are the key points in credit agreements these days? Join 9fin’s senior private credit reporter, Shubham Saharan, and Mayer Brown’s head of NY private credit, Sheel Patel, in exploring those themes.
Have any feedback for us? Send us a note at [email protected]. -
In this episode of Cloud 9fin, Tanvi Gupta, global head of CLOs at 9fin, talks with Carlyle’s Lauren Basmadjian, global head of liquid credit, and Matt Maxwell, head of US loans, to discuss how CLO managers are positioning themselves in the current tariff induced volatility.
They talk about taking advantage of the dislocation in the market, sector specific tariff risk, opportunities for a pull to par trade, how to pick the right assets with the current backdrop of LME risk and how these pockets of volatility could be another positive data point for CLOs. -
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in founder and board member of Creditor Rights Coalition, Dan Kamensky, to discuss treatment for similarly situated creditors within liability management exercises. They discuss when disparity in treatment becomes an issue, lender tools to fight back, and where advocacy is most needed.
Find all our coverage on creditor organization at 9fin.com.
Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening! -
On why some lower middle market lending specialists like to stay investing in companies with a sub-$50m EBITDA, they like to joke that it is because they like covenants.
With some larger private credit managers jostling for deals at the upper end of the middle market, a larger number are sticking to their knitting in focusing on financing those smaller companies. It’s private credit’s historical sweet spot and is a space immune to some of the more borrower-friendly trends seen in competitive situations with the syndicated market.
In this episode, a senior reporter in 9fin’s US private credit team, Peter Benson, sat down with Bill Sacher, partner and head of private credit at Adams Street, to discuss what is happening in the core middle market. Is deal flow will be coming back? Will ETFs will take hold?
Want to share feedback on this episode? Send us a note at [email protected]. -
Was Ardagh's carve-out of its metal packaging business in 2021 an early example of a European LME before LMEs went global? Call it what you will, the troubled packaging conglomerate is getting a taste of both the potential upside and the backlash caused by these controversial financial maneuvers.
In this episode, 9fin's global head of restructuring, Max Frumes, sat down with European senior distressed credit analyst Emmet McNally to discuss some of the events that led us here. Events so far have culminated in the company cleansing creditors party to restructuring negotiations that failed to reach common ground.
Unsecured creditors Arini and Canyon have sued the company for alleged value extraction and fraudulent conveyance dating back to the metal carve-out. Emmet and Max talk us through the headline terms of the proposals put forward by the company and the unsecured bondholder group, and discuss how bid-ask spreads between the two proposals could be narrowed to reach a mutually agreeable deal.
Want to share feedback on this episode? Send us a note at [email protected]. -
No one likes that feeling of being a little too thick in the middle. But finding the right balance of strength and cushion is no easy task. We’re talking about the middle office here, of course.
The middle office may not always be in the spotlight, but when loan data goes awry it’s the team that keeps the gears turning and numbers in check. In this episode, head of podcasts Chase Collum chats with Jared Vest, global co-head of middle office solutions at FIS, to break down the middle office's essential roles, risks, and evolving responsibilities. They explore how accurate data and strong operational support are critical to navigate today’s fast-paced loan market.
This episode was produced in partnership with FIS as part of a three-part series diving into the challenges facing middle office practitioners and users of global loan data sets.
Have any feedback for us? Send us a note at [email protected].
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AI is eating the world, or so the headlines say. But what does this really mean for debt markets? Where does AI truly excel, and what limitations persist? What implications does this technological shift hold for analysts' jobs? And how is 9fin deploying AI to address specific challenges confronting debt market professionals?
Sujeet Indap, Wall Street editor at the Financial Times, sat down with Steven Hunter, CEO and co-founder of 9fin, to cut through the hype and dissect the real impact of AI on debt markets. This episode was produced from a recent 9fin webinar. If you’d like to learn more about how 9fin's AI-powered platform can give you a competitive edge in debt markets, we’d love to chat.
Schedule a personalised demo→ https://9fin.com/sign-up?utm_source=hubspot&utm_medium=email&utm_campaign=ai_debtmarkets_webinar
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In the credit markets, it’s important practitioners get their fax straight. No, you didn’t read that wrong — even in 2025, people still use fax machines to transmit some loans data.
In our latest Cloud 9fin episode, Chase Collum, head of podcasts, and private credit analyst Devin McGinley, sit down with John Smullen, product manager at FIS. They chat about how global data trends are shaping strategies in the leveraged finance world as private credit CLOs and direct lending gain ground.
This episode is part of a three-part series we’ll publish in partnership with FIS on Cloud 9fin, so look out for our next episode, coming next Thursday! Have any feedback for us? Send us a note at [email protected].
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In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in global chair of Gibson Dunn’s restructuring group, Scott Greenberg, to discuss the evolution of cooperation agreements within liability management exercises. They discuss the different types of co-ops, why co-ops have become expected in US deals, their spread to the EU, and the validity of antitrust arguments.
Find all our coverage on co-ops at 9fin.com.
Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening! - Laat meer zien
