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Restructuring, credit, and distressed debt insights from a hedge fund analyst and former restructuring banker

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Top Editions

Deep Dives

+2

Sep 26, 2025

•

31 min read

Better Health: Liability Management’s Post-Serta Prototype

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

Tech, Media & Telecom

+3

Aug 15, 2025

•

2 min read

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

Industrials

+4

Jun 10, 2025

•

4 min read

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

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

MOST SHARED

What is Synthetic PIK?

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

Beyond the Balance Sheet: Factoring Facility Primer + First Brands Case Study

Thames Water Part 3, The Last Drops?

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

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Recent Editions

Deep Dives

+2

Nov 28, 2025

•

39 min read

Intrum, a Transatlantic Turnaround

How a European Debt Collector Executed a Texas Prepack

Consumer & Retail

+2

Nov 21, 2025

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32 min read

Washington Prime Group: From Tenant Churn to Balance-Sheet Failure

How a combination of secular headwinds and COVID-induced macroeconomic shock drove one of the largest U.S. operators of shopping malls into Chapter 11

Tech, Media & Telecom

+2

Nov 14, 2025

•

29 min read

Audacy Deep Dive, From Radio Pioneer to an Impaired DIP

A breakdown of the mechanics that turned a short-term DIP into a high-upside equity play

Industrials

+3

Nov 7, 2025

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28 min read

A Sharp Turn: Oregon Tool’s Post-Serta LME

How Platinum Equity’s Oregon Tool took the new “extend-and-exchange” one step further

Tech, Media & Telecom

+3

Oct 31, 2025

•

48 min read

Silicon Carbide’s Champion Stumbles: Wolfspeed’s Path to Bankruptcy

How an expected beneficiary of the semiconductor boom collapsed from its largest bet on silicon carbide

Industrials

+1

Oct 24, 2025

•

41 min read

Beyond the Balance Sheet: Factoring Facility Primer + First Brands Case Study

Inside the growing use of receivables factoring, and how First Brands’ collapse is testing it

KKR

+5

Oct 17, 2025

•

43 min read

Thames Water Part 3, The Last Drops?

A debt-ridden utility caught up between hedge funds fighting for scraps, all while the public watches on

Deep Dives

+4

Oct 14, 2025

•

31 min read

Thames Water Part 2, Sink or Swim?

The years that pushed Britain’s biggest utility to an all out national crisis