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About Us

Pari Passu started as an in-depth newsletter on restructuring, credit, and distressed debt. Each edition breaks down one real company and its restructuring story in detail.

This course builds on that work. We turned those cases into a clear, structured program so you can learn how real deals are done and think like a restructuring and credit professional.

Established

2023

Posts

100+

Readers

24.000+

Sponsor

Three tracks inside the Masterclass

Platinum Equity

+4

LifeScan: Too Hard to Turn Around
LockSimple

May 8, 2026

•

24 min read

LifeScan: Too Hard to Turn Around

How Platinum Equity's turnaround plan for a legacy medical device company ended up as a debt-to-equity swap

Industrials

+4

United Site Services: A Royal Equity Flush
LockSimple

May 1, 2026

•

25 min read

United Site Services: A Royal Equity Flush

How a $4bn portable bathroom continuation vehicle didn’t go as planned

Deep Dives

+3

Sunnova: Too Close to the Sun
LockSimple

Apr 24, 2026

•

28 min read

Sunnova: Too Close to the Sun

The collapse of America's second-largest residential solar provider in one of 2025's largest Chapter 11 restructurings

Industrials

+3

FXI Holdings: A Not-so-Soft Landing

Apr 17, 2026

•

23 min read

FXI Holdings: A Not-so-Soft Landing

How a twice-restructured foam manufacturer became the testing ground for a novel post-LME provision

Industrials

+3

Rinchem: The Chemistry of Control
LockSimple

Apr 10, 2026

•

29 min read

Rinchem: The Chemistry of Control

How customer concentration, contractual commitments, and a sponsor portfolio merger shaped a novel LME

Tech, Media & Telecom

+3

RSA Security: Identity Crisis
LockSimple

Apr 3, 2026

•

30 min read

RSA Security: Identity Crisis

How the Clearlake-backed cybersecurity pioneer unraveled into one of the most deeply distressed LMEs in recent memory.

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Our Goal

At Pari Passu, our goal is to make complex restructuring and distressed credit easier to understand. We know what it feels like to see important deals happening, but not have clear guidance. Our aim is to help anyone learn this world — as long as they’re willing to put in the work.

Stay Updated with the Newsletter

We publish deep-dive breakdowns of real restructurings and distressed deals, so you can clearly follow the key moves, structures, and documents that matter.

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Why Trust us &
Stay connected

We’ve been sharing analysis and commentary for years. Each year, we publish a detailed annual letter reflecting on the restructuring landscape:

For a more personal take on our journey and perspective, here’s another “About Me” note.

Our core content will always live here, but if you’d like to see how conversations evolve across platforms, you can also connect with us:

Pari Passu Newsletter

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@Restructuring__

Pari Passu

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

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