Archive

Consumer & Retail

Mar 3, 2026

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32 min read

Big Lots: Discounted Into Bankruptcy

Post-COVID retail market shift, capital allocation missteps, and a Chapter 11 that did not go as planned.

Consumer & Retail

Feb 27, 2026

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19 min read

Empire Today: Floored by the Market

How the shop-at-home giant’s 2021 LBO led to back-to-back restructurings

KKR

Del Monte Foods: From LME to Section 363

Feb 20, 2026

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29 min read

Del Monte Foods: From LME to Section 363

The Amazing Story of Del Monte’s Failed LME and Chapter 11

Tech, Media & Telecom

Magenta Buyer: The Blocking Position Playbook

Feb 13, 2026

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25 min read

Magenta Buyer: The Blocking Position Playbook

How Elliott Management converted documentary control into coercive economics in a high-participation LME

Consumer & Retail

Franchise Group: The Roll-Up That Collapsed in Bankruptcy and Reemerged as Fusion

Feb 10, 2026

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27 min read

Franchise Group: The Roll-Up That Collapsed in Bankruptcy and Reemerged as Fusion

How an aggressive group of structurally subordinated lenders turned a simple Chapter 11 into one of the messiest and most litigious bankruptcies of 2025

Technical Lesson

From Shield to Sword: How Cooperation Agreements Became the Weapon They Were Designed to Prevent

Feb 6, 2026

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26 min read

From Shield to Sword: How Cooperation Agreements Became the Weapon They Were Designed to Prevent

What began as a defensive hedge against creditor-on-creditor violence has ignited a legal war that could fundamentally redefine how creditors coordinate

Ardian

Feb 2, 2026

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16 min read

Florida Food Products: The Modern LME

How FFP’s LME underscores the rise of cooperation over coercion

Consumer & Retail

Jan 30, 2026

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16 min read

MRP Solutions: Molded by Distress

How the Clearlake-Backed Plastic Closures Manufacturer Became a Template for LME 3.0

Deep Dives

Jan 27, 2026

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22 min read

Wellpath’s Chapter 11 Deep Dive

How inadequate care services and mass tort claims drove Wellpath to restructure under a Prepack Chapter 11 and Section 363 asset sale

KKR

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

Jan 23, 2026

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26 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

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26 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

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24 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

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40 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

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13 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

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19 min read

City Brewing: A Hard Seltzer LME Hangover

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

Learn More

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Big Lots: Discounted Into Bankruptcy

Empire Today: Floored by the Market

Del Monte Foods: From LME to Section 363

Magenta Buyer: The Blocking Position Playbook

Franchise Group: The Roll-Up That Collapsed in Bankruptcy and Reemerged as Fusion

From Shield to Sword: How Cooperation Agreements Became the Weapon They Were Designed to Prevent

Florida Food Products: The Modern LME

MRP Solutions: Molded by Distress

Wellpath’s Chapter 11 Deep Dive

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

Pari Passu

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