# Pari Passu

> Restructuring, Public and Private Investing, and Niche Finance Topics Note from Private Equity Investor at Mega-Fund

This file provides information about Pari Passu to help large language models understand and reference this publication's content.

## Posts
- [Optiv: Pre-Wiring the Downside](https://restructuringnewsletter.com/p/optiv-pre-wiring-the-downside): How KKR’s $1.9bn investment ended in a novel creditor-controlled workout
- [Fossil Group and the new ‘Stapled-Exchange’ LME ](https://restructuringnewsletter.com/p/fossil-group-and-the-new-stapled-exchange-lme): Fossil’s showing us the moves with its ‘international two-step’ to the UK and back, creating a new type of LME in the process
- [Ingenovis Health: Still Nursing Losses](https://restructuringnewsletter.com/p/ingenovis-health-still-nursing-losses): How Cornell Capital’s pandemic staffing bet unraveled into a pro-rata LME 
- [Urban One: Buying Back the Dial](https://restructuringnewsletter.com/p/urban-one-buying-back-the-dial): How the largest Black-owned broadcaster spent a year and a half retiring its debt at half price, then turned open-market buybacks into a unique LME
- [Pretium Packaging: Bottling Up the Problem](https://restructuringnewsletter.com/p/pretium-packaging-bottling-up-the-problem): How Clearlake’s rigid packaging platform went from a pro-rata uptier to a prepackaged Chapter 11 in 27 months 
- [Anastasia Beverly Hills: An Eyebrow-Raising Story](https://restructuringnewsletter.com/p/anastasia-beverly-hills-an-eyebrow-raising-story): How TPG’s $3bn beauty bet unraveled into default and a founder-funded LME 
- [Multi-Color: A Sticky Situation (Special 200th Edition)](https://restructuringnewsletter.com/p/multi-color-a-sticky-situation-special-200th-edition): How CD&R wiped out nearly $4bn of debt and retained control of the world’s largest prime label manufacturer
- [Non-Pro-Rata Rewards In-Court: An Attempt to Loot Bankruptcy ](https://restructuringnewsletter.com/p/non-pro-rata-rewards-in-court-an-attempt-to-loot-bankruptcy): A legal analysis of three key creditor attempts in 2025 to extract non-pro-rata rewards in Chapter 11
- [Anthology: $1.6bn EdTech Roll-Up in Restructuring](https://restructuringnewsletter.com/p/anthology-1-6bn-edtech-roll-up-in-restructuring): From Veritas’ EdTech consolidation strategy to a $1.6bn capital structure unwind, Anthology’s distressed situation culminated in a costly lender-led takeover with a non-pro-rata Chapter 11 situation
- [ConvergeOne (C1): When Majority Control Meets Judicial Constraint](https://restructuringnewsletter.com/p/convergeone-c1-when-majority-control-meets-judicial-constraint): How growing judicial scrutiny in-court prevents mmay ajority creditors from leveraging their voting power to capture outsized economics at the expense of similarly situated lenders
- [RealTruck: From Roll-Up to Roll-Over](https://restructuringnewsletter.com/p/realtruck-from-roll-up-to-roll-over): How debt-fueled acquisitions, rising rates, and a weak consumer pushed RealTruck into a $3bn restructuring
- [Florida Food Products: The Modern LME](https://restructuringnewsletter.com/p/florida-food-products-the-modern-lme): How FFP’s LME underscores the rise of cooperation over coercion
- [Loparex: Peeling Under Pressure](https://restructuringnewsletter.com/p/loparex-peeling-under-pressure): How legacy credit docs and a cross-border capital structure resulted in one of 2024’s most coercive LMEs
- [Carestream: A Negative Film](https://restructuringnewsletter.com/p/carestream-a-negative-film): How a turnaround buyout of an X-ray company turned into a two-decade battle against technological obsolescence
- [Cyxtera Technologies: A Data Center Business Built on the Wrong Real Estate](https://restructuringnewsletter.com/p/cyxtera-technologies-a-data-center-business-built-on-the-wrong-real-estate): How the company’s leasing model pushed it into bankruptcy, then became one of the cleanest post-reorg turnarounds in years
- [FinThrive: Collection Issues](https://restructuringnewsletter.com/p/finthrive-collection-issues): How Clearlake’s RCM rollup turned into a potential double LME
- [Hostess Brands: The Pension Liability That Ate Twinkies](https://restructuringnewsletter.com/p/hostess-brands-the-pension-liability-that-ate-twinkies): Understanding the Role of Multi-Employer Pensions in Hostess’s 2012 Chapter 22
- [Ivanti Software: A Compromised Platform](https://restructuringnewsletter.com/p/ivanti-software-a-compromised-platform): How a catastrophic cyber attack led to a $3bn software LME
- [Newfold Digital: Domain Expired](https://restructuringnewsletter.com/p/newfold-digital-domain-expired): How $570mm in sponsor dividends and competitive disruption led to a $3.5bn LME
- [LifeScan: Too Hard to Turn Around](https://restructuringnewsletter.com/p/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
- [United Site Services: A Royal Equity Flush](https://restructuringnewsletter.com/p/united-site-services-a-royal-equity-flush): How a $4bn portable bathroom continuation vehicle didn’t go as planned
- [Sunnova: Too Close to the Sun](https://restructuringnewsletter.com/p/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
- [FXI Holdings: A Not-so-Soft Landing ](https://restructuringnewsletter.com/p/fxi-holdings-a-not-so-soft-landing): How a twice-restructured foam manufacturer became the testing ground for a novel post-LME provision
- [Rinchem: The Chemistry of Control](https://restructuringnewsletter.com/p/rinchem-the-chemistry-of-control): How customer concentration, contractual commitments, and a sponsor portfolio merger shaped a novel LME
- [RSA Security: Identity Crisis](https://restructuringnewsletter.com/p/rsa-security-identity-crisis): How the Clearlake-backed cybersecurity pioneer unraveled into one of the most deeply distressed LMEs in recent memory.