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Industrials

United Site Services: A Royal Equity Flush

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

Industrials

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

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

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.

Industrials

Mar 13, 2026

•

41 min read

Xerox: Exploiting the Fine Print

How Xerox’s February LME utilized a novel loophole to restructure its declining empire

Consumer & Retail

Feb 27, 2026

•

29 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

•

45 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

•

38 min read

Magenta Buyer: The Blocking Position Playbook

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

Technical Lesson

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

Feb 6, 2026

•

41 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

Consumer & Retail

Jan 30, 2026

•

26 min read

MRP Solutions: Molded by Distress

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

KKR

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

Consumer & Retail

City Brewing: A Hard Seltzer LME Hangover

Dec 19, 2025

•

31 min read

City Brewing: A Hard Seltzer LME Hangover

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

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

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

Deep Dives

Oct 14, 2025

•

31 min read

Thames Water Part 2, Sink or Swim?

The years that pushed Britain’s biggest utility to an all out national crisis

Deep Dives

Thames Water Part 1, How the Tap Ran Dry

Oct 10, 2025

•

46 min read

Thames Water Part 1, How the Tap Ran Dry

From a privatization dream to a public liability nightmare, an in-depth analysis of the utility giant’s unravelling

Deep Dives

Better Health: Liability Management’s Post-Serta Prototype

Sep 26, 2025

•

29 min read

Better Health: Liability Management’s Post-Serta Prototype

How a physician rollup became the first test of the “Extend-and-Exchange” LME

Deep Dives

Bausch Health: A Restructuring Story Still Unfolding

Sep 19, 2025

•

3 min read

Bausch Health: A Restructuring Story Still Unfolding

How the Pharmaceutical Enron restructuring solved the near-term debt wall, but the endgame is still uncertain

Tech, Media & Telecom

One Identity, Five Tranches: The Quest Software LME

Aug 15, 2025

•

34 min read

One Identity, Five Tranches: The Quest Software LME

How cooperation agreements, extensive pre-process, and voluntary subordination are shaping the next phase of sponsor-backed LMEs

Industrials

American Tire Distributors, In-Court LME

Jul 25, 2025

•

10 min read

American Tire Distributors, In-Court LME

How ATD’s bankruptcy reshaped DIP financing and signaled a shift toward intra-class conflict in Chapter 11

Consumer & Retail

Saks Global Restructuring, A Thrilling 2025 Saga

Jul 8, 2025

•

2 min read

Saks Global Restructuring, A Thrilling 2025 Saga

An analysis of Saks Global’s vendor payment delays, loose bond indentures, and coercive uptier exchange transaction

Tech, Media & Telecom

Caught Offside, an Inter-Oaktree Loan Case Study

Jul 3, 2025

•

5 min read

Caught Offside, an Inter-Oaktree Loan Case Study

A comprehensive overview of soccer in distress, plus a note on Manchester United’s covenants

Industrials

What is the Hunter-gatherer LMT and analysis of the Ardagh-Apollo deal

Jun 10, 2025

•

4 min read

What is the Hunter-gatherer LMT and analysis of the Ardagh-Apollo deal

Primer, Simplified Example, Case Study Deep Dive, Uptier Comparison

Industrials

Graftech, Credit Analysis to Break Down the Out-of-Court Restructuring

May 9, 2025

•

19 min read

Graftech, Credit Analysis to Break Down the Out-of-Court Restructuring

How To Read A Credit Doc & Structural and Legal Considerations

Other

2025 Wharton Distressed Investing and Restructuring Conference Recap

Mar 7, 2025

•

11 min read

2025 Wharton Distressed Investing and Restructuring Conference Recap

LMEs: the past, present, and future (LME 3.0), structured finance, cross-borders restructurings, and bankruptcy for early-stages companies

Archive

Out-of-court

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

United Site Services: A Royal Equity Flush

FXI Holdings: A Not-so-Soft Landing

Rinchem: The Chemistry of Control

RSA Security: Identity Crisis

Xerox: Exploiting the Fine Print

Empire Today: Floored by the Market

Del Monte Foods: From LME to Section 363

Magenta Buyer: The Blocking Position Playbook

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

MRP Solutions: Molded by Distress

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

City Brewing: A Hard Seltzer LME Hangover

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

Thames Water Part 3, The Last Drops?

Thames Water Part 2, Sink or Swim?

Thames Water Part 1, How the Tap Ran Dry

Better Health: Liability Management’s Post-Serta Prototype

Bausch Health: A Restructuring Story Still Unfolding

One Identity, Five Tranches: The Quest Software LME

American Tire Distributors, In-Court LME

Saks Global Restructuring, A Thrilling 2025 Saga

Caught Offside, an Inter-Oaktree Loan Case Study

What is the Hunter-gatherer LMT and analysis of the Ardagh-Apollo deal

Graftech, Credit Analysis to Break Down the Out-of-Court Restructuring

2025 Wharton Distressed Investing and Restructuring Conference Recap

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