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Breaking the Pro-Rata Paradigm in Europe: Deconstructing Selecta’s Creditor-Led Restructuring

Jan 23, 2026

•

42 min read

Breaking the Pro-Rata Paradigm in Europe: Deconstructing Selecta’s Creditor-Led Restructuring

Inside the “Distressed Disposal” Trap: How the AHG Weaponized European Documentation Holes to Engineer a Coercive Squeeze

Deep Dives

McDermott, A Cross-Border Double Restructuring

Jan 16, 2026

•

39 min read

McDermott, A Cross-Border Double Restructuring

A classic case of leverage outpacing growth

Tech, Media & Telecom

Mitel Networks Deep Dive and Uptier Analysis

Jan 9, 2026

•

39 min read

Mitel Networks Deep Dive and Uptier Analysis

A delayed pivot to the cloud and descent from a legally robust uptier into Chapter 11

Other

The 2025 Distressed Investing Conference

Jan 2, 2026

•

63 min read

The 2025 Distressed Investing Conference

LPs increasingly see out-of-court transactions as fiduciary responses rather than evasive maneuvers

Personal

Dec 26, 2025

•

19 min read

2025 Pari Passu Year-End Letter #3

Behind the Scenes of your Favorite Newsletter, Key Stats, Best Posts of 2025, and Fun Facts

Consumer & Retail

City Brewing: A Hard Seltzer LME Hangover

Dec 19, 2025

•

32 min read

City Brewing: A Hard Seltzer LME Hangover

How White Claw’s co-manufacturer was forced into back-to-back LMEs

Deep Dives

YesCare (Corizon Health): Texas Two-Step Case Study

Dec 12, 2025

•

24 min read

YesCare (Corizon Health): Texas Two-Step Case Study

Substandard medical care, mass tort claims, and a Texas Two-Step case study.

Consumer & Retail

Rough Justice Resolution: Weight Watchers Prepackaged Chapter 11

Dec 5, 2025

•

38 min read

Rough Justice Resolution: Weight Watchers Prepackaged Chapter 11

How impaired creditors may have marked a pragmatic alternative in bankruptcy

Deep Dives

Nov 28, 2025

•

39 min read

Intrum, a Transatlantic Turnaround

How a European Debt Collector Executed a Texas Prepack

Consumer & Retail

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

Nov 21, 2025

•

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

Audacy Deep Dive, From Radio Pioneer to an Impaired DIP

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

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

Nov 7, 2025

•

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

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

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

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

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

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

Learn More

Archive

ARTICLE

Deep Dives

Technical Lesson

Other

Personal

RESTRUCTURING

In-Court

Out-of-court

Liquidation

INDUSTRY

Tech, Media & Telecom

Healthcare

Financials

Industrials

Consumer & Retail

Energy / Power

SPONSOR

Angelo Gordon

Apollo

Ardian

Ares

Clearlake

Golden Gate

HPS

KKR

Macquarie

Oaktree

Platinum Equity

Searchlight

Vista

Breaking the Pro-Rata Paradigm in Europe: Deconstructing Selecta’s Creditor-Led Restructuring

McDermott, A Cross-Border Double Restructuring

Mitel Networks Deep Dive and Uptier Analysis

The 2025 Distressed Investing Conference

2025 Pari Passu Year-End Letter #3

City Brewing: A Hard Seltzer LME Hangover

YesCare (Corizon Health): Texas Two-Step Case Study

Rough Justice Resolution: Weight Watchers Prepackaged Chapter 11

Intrum, a Transatlantic Turnaround

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

Audacy Deep Dive, From Radio Pioneer to an Impaired DIP

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

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

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

Thames Water Part 3, The Last Drops?

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