Pari Passu

Trinseo, a Double Dip "Pari-Plus" Case Study

Today, we are going to look at another variation of the double-dip: the pari-plus transaction by analyzing the fascinating restructuring of Trinseo.

Pluralsight, the Restructuring Deal of 2024 (Special 100th Edition)

A cocktail of restructuring, private equity, and private credit. Let's enjoy the 100th Pari Passu Edition

Triple Dip Primer and Spirit Analysis

In this paper, we will first understand how triple-dips could be created. Then, we will analyze the real world case of Spirit Airlines and see the potential of the triple-dip as a revolutionary liability management maneuver.

What is the Hunter-gatherer LMT and analysis of the Ardagh-Apollo deal

Primer, Simplified Example, Case Study Deep Dive, Uptier Comparison

One Identity, Five Tranches: The Quest Software LME

How cooperation agreements, extensive pre-process, and voluntary subordination are shaping the next phase of sponsor-backed LMEs

Saks Global Restructuring, A Thrilling 2025 Saga

An analysis of Saks Global’s vendor payment delays, loose bond indentures, and coercive uptier exchange transaction

Archive

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Deep DivesDeep Dives

+2+2

Better Health: Liability Management’s Post-Serta Prototype

How a physician rollup became the first test of the “Extend-and-Exchange” LME

Deep DivesDeep Dives

+2+2

Bausch Health: A Restructuring Story Still Unfolding

How the Pharmaceutical Enron restructuring solved the near-term debt wall, but the endgame is still uncertain

Tech, Media & TelecomTech, Media & Telecom

+3+3

Core Scientific: The $9 Billion AI Comeback Story

How one of America’s largest bitcoin miners reinvented itself through Chapter 11

Technical LessonTechnical Lesson

Cross-Class Cram-Down, a US and UK Primer

The world’s two principal Cross-Class Cram-Down restructuring tools, broken down and simplified

Consumer & RetailConsumer & Retail

+3+3

Bed Bath & Bankrupt

How a failed private-label strategy, aggressive financial engineering, and eroded stakeholder confidence led to Bed Bath & Beyond Inc.’s liquidation

Technical LessonTechnical Lesson

ABL-Induced Distress: When Minor Headwinds Turn Into Serious Issues

From retailers to manufacturers, ABL can unlock capital, or trigger a downward spiral

Tech, Media & TelecomTech, Media & Telecom

+3+3

One Identity, Five Tranches: The Quest Software LME

How cooperation agreements, extensive pre-process, and voluntary subordination are shaping the next phase of sponsor-backed LMEs

Consumer & RetailConsumer & Retail

+3+3

Bird Global: From VC Unicorn to Chapter 11

What began as the fastest unicorn in VC history ended with a bankruptcy filing, a 97% shareholder wipeout, and Apollo walking away with the keys

IndustrialsIndustrials

+2+2

(G)rounded, (O)verleveraged, and (L)anding in Chapter 11: GOL Restructuring Deep Dive

Low-cost carrier business models, the Boeing 737 MAX crisis, and a fascinating case of FX volatility-related airline bankruptcy

IndustrialsIndustrials

+3+3

American Tire Distributors, In-Court LME

How ATD’s bankruptcy reshaped DIP financing and signaled a shift toward intra-class conflict in Chapter 11

Technical LessonTechnical Lesson

+3+3

A ‘New Look’ at fairness: Company Voluntary Arrangement Primer

An overview of an English restructuring tool and a comparative discussion on fairness in restructuring

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