Welcome to the Pari Passu Newsletter

This is not your usual newsletter: My content is advanced, dense, and not something to skim. That’s the goal.

My objective is to analyze the must-know situations and transactions shaping the restructuring and credit world. Every edition is focused on a single company, and I dive deep. Together, we will study the company history, the industry it operates in, what caused the distress, how the company tries to avoid trouble, and then, of course, we will examine the restructuring process.

Why should you read Pari Passu?

While our readers include very senior credit investors, everyone should understand the world of restructuring and how these transactions have an impact on the finance ecosystem.

Who is behind Pari Passu?

It’s me, Restructuring, I am a hedge fund analyst and a former restructuring banker.

How did we get here? When I was a restructuring analyst, I was frustrated that there was no advanced resource that I could use to keep learning. I did not want 500 words telling what I already know, I wanted 5,000 words deep dives, really bringing me up to speed on a situation. This is what I am doing with Pari Passu.

If you are interested in the full story of Pari Passu, read our first Year-End Letter.

You can reach me at: [email protected]

If you are enjoying Pari Passu and would like to get access to the archive and exclusive posts, you can upgrade to premium. Considering comps and upside, this is like buying Apple bonds in the 70s.

If you are unsure about ungrading, I get it. In the welcome email you will receive after subscribing, you can activate a free trial and see why our premium content is worth many multiples of what we charge you for.

Premium Newsletter Reimbursement / Approval Email

Given the education and advanced nature of our content, most readers are able to expense their premium subscription through their firms (e.g., expense as continuing education, professional development, enrichment). Please find below a template you can copy and paste to request reimbursement / approval.

[Approver],

I hope you are doing well. 

I am writing to request [reimbursement / approval] for my subscription to Pari Passu. Pari Passu is a newsletter focused on restructuring and other advanced finance topics. The annual subscription costs $199.

A paid subscription will provide me access to the following three resources:

  • Restructuring transaction analysis: Published weekly, the typical Pari Passu writeup exceeds 5,000 words and 30 proprietary sources. Recent editions include Oaktree's Takeover of Inter Milan and Eye Care Leaders' Unconventional Chapter 11 process

  • Premium deep dives: A monthly deep dive is written on a must-know but underreported topic. Recent editions cover the 84-day restructuring of Zips Car Wash and the failed HVAC rollup AirPros 

  • Archive and training library: A subscription also unlocks access to all historical published work and a portfolio of 13 training resources from top financial and law firms, including case studies, primers, and handbooks 

I have diligenced peer publications and believe Pari Passu is distinguished by the following three qualities:

  • First to the frontier topics: Pari Passu is often the first to cover emerging transactions and concepts, leading the conversation instead of following it. For example, their Triple Dip writeup is the first result on Google, and there are no comparable articles nearly one year later

  • Institution-grade depth: Their deep dive on the Saks Global Restructuring leads the market in terms of coverage comprehensivity. While other publications spotlight one facet of the situation (e.g., vendor payments, tariffs, one-off payments), Pari Passu is the only source that has provided end-to-end coverage on the company’s financial trajectory, drivers of distress, and new financing transactions

  • Masterful translation of complexity: Pari Passu bridges technical complexity and real-world relevance. For example, their analysis of the Ardagh-Apollo Deal provides a top-down explanation of hunter-gatherer liability management transactions and anchors this concept with an in-depth case study of its most infamous application in Europe

This subscription will enable me to deliver sharper insights today and a more informed and forward-thinking perspective in the future, directly supporting my professional development and delivering enhanced value to our team. 

I appreciate your consideration of my request and look forward to hearing from you.

Best,

[Your Name & Signature]