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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

Industrials

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

Nov 7, 2025

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

Tech, Media & Telecom

Pluralsight, the Restructuring Deal of 2024 (Special 100th Edition)

Nov 1, 2024

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13 min read

Pluralsight, the Restructuring Deal of 2024 (Special 100th Edition)

A cocktail of restructuring, private equity, and private credit. Let's enjoy the 100th Pari Passu Edition

Technical Lesson

Cooperation Agreements, Overview and Effectiveness in Restructuring Situations

Oct 25, 2024

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23 min read

Cooperation Agreements, Overview and Effectiveness in Restructuring Situations

Today, we will shift focus to how creditors have responded to LMEs. Until now, creditors had no choice but to watch sophisticated sponsors handpick a select few who would receive preferential treatment. Distrust ran through messy, unorganized capital structures. But what if creditors could defend themselves as a unified group?

Industrials

Trinseo, a Double Dip "Pari-Plus" Case Study

Sep 27, 2024

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13 min read

Trinseo, a Double Dip "Pari-Plus" Case Study

Today, we are going to look at another variation of the double-dip: the pari-plus transaction by analyzing the fascinating restructuring of Trinseo.

Industrials

Sep 6, 2024

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32 min read

Triple Dip Primer and Spirit Analysis

In this paper, we will first understand how triple-dips could be created. Then, we will analyze the real world case of Spirit Airlines and see the potential of the triple-dip as a revolutionary liability management maneuver.

Technical Lesson

Aug 16, 2024

•

8 min read

Double-Dip Explained Simple

Today’s restructuring world is highly complex. Uptier and Dropdown were the first versions of liability management transactions we saw. In the past few years, we have seen a new breakthrough in liability management transactions: double-dips.

Technical Lesson

Jun 14, 2024

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14 min read

What is Synthetic PIK?

The evolution of the private credit industry, the creation of the synthetic PIK, and the implications of this “creative” financing structure

Consumer & Retail

Carvana, the Rise, the Fall, and the Bounce-Back

Jan 26, 2024

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5 min read

Carvana, the Rise, the Fall, and the Bounce-Back

The three companies that broke the F500 the fastest: Amazon, Google, and Carvana (?!)

Tech, Media & Telecom

Lumen Technologies: Overview and Liability Management Update

Jan 5, 2024

•

5 min read

Lumen Technologies: Overview and Liability Management Update

The riveting liability management exchange of Lumen Technologies, including contention over past sales and exchanges, deceptive credit documents, and more

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

Ares

Clearlake

Golden Gate

HPS

KKR

Macquarie

Oaktree

Platinum Equity

Searchlight

Vista

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

Pluralsight, the Restructuring Deal of 2024 (Special 100th Edition)

Cooperation Agreements, Overview and Effectiveness in Restructuring Situations

Trinseo, a Double Dip "Pari-Plus" Case Study

Triple Dip Primer and Spirit Analysis

Double-Dip Explained Simple

What is Synthetic PIK?

Carvana, the Rise, the Fall, and the Bounce-Back

Lumen Technologies: Overview and Liability Management Update

Pari Passu

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