First Brands wraps evidentiary portion of confirmation trial, sets closings for 7 August
Expert testifies to USD 20m+ in potential claims, USD 2bn feasible returns by 2028; objectors question expert's approach, estimate veracity, and qualifications

First Brands CEO defends Chapter 11 plan, investigation, and creditor recoveries at confirmation hearing
Investigation finds substantial financial statement manipulation, including overstated revenue; Chapter 7 liquidation estimated to yield USD 115m, with limited creditor recovery

First Brands CEO allowed to testify in confirmation fight, bankruptcy judge rules as trial kicks off
Judge Christopher Lopez agreed to allow Charles Moore to testify over lender objections; Onset Financial and others argued that Moore did not have expertise or familiarity needed

T. Rowe Price launches private market interval fund with Goldman Sachs
The T. Rowe Price Goldman Sachs Private Markets Fund will allow individual investors to access private credit, leveraged loans and other private market opportunities

The broad software selloff has largely ended as market differentiates – Elmwood
EXCLUSIVE: The broad software selloff has largely come to an end, according to Megan Saltzman, portfolio manager at Elmwood Asset Management

Aston Martin enters drop-down deal with HPS, Victoria gets more than 90% support for 2028s extension – Europe Distressed Digest
Aston Martin’s bonds came under pressure after a report emerged on 17 July that the carmaker was in talks with HPS Investment Partners over a potential asset-backed financing that could prime existing creditors

First Brands looks to sell non-debtor subsidiaries' interests for USD 12m to Husqvarna Business Support
Under the proposal, the sale is required to close by 31 July; the deal is part of First Brands’ effort to sell various business lines, assets

‘There’s a difference between perceived and actual safety’
Investor's Corner with Anchorage Capital Advisors’ Soo Kim and Curtis Hardwick

It’s Octagon vs King Street in public battle for a CLO fund
Octagon Credit Investors has urged investors in its XFLT fund not to accept a proposal that will see King Street subsidiary Rockford Tower replace it as the fund’s sub adviser

Victoria notes rise as Santé Cie loan slides – Market Comment
French home medical assistance provider Santé Cie’s loan is today marked at 73.5-mid, following a two-point drop from Friday’s 75.5-mid at close on IHS Markit

CLO investors remain unruffled amid Santé Cie investigation
EXCLUSIVE: Two CLO investors have told Creditflux they don’t expect to see a significant impact from the fallout of the ongoing Santé Cie investigation

Nick Fall returns to Barclays as co-head of US leveraged finance capital markets
Fall, who joined the bank after a five-year stint at Goldman Sachs, officially started in the role this week

Sante Cie’s most recent financials indicate robust liquidity
French homecare firm had EUR 87m cash and EUR 150m undrawn RCF; in May, LTM reported EBITDA at EUR 162m, PF adjusted EBITDA at EUR 183m

Sante Cie hires Rothschild and Eight Advisory following disclosure of PNF probe
EUR 46m reported is amount in frozen accounts, not potential fine; company struck reassuring tone during call with lenders

Sante Cie loan rebounds following call to reassure lenders
EUR 820m TLB offered around 80 cents; Gibson Dunn holds call with lender group

The Quality Group pre-markets in quieter primary as buyside battles repricings, Sante Cie loan plunges - Europe Loan Digest
Strong technical pushes prints in new lows; CLOs struggling with arbitrage hold floor for single-Bs; Sante Cie dives in secondary on asset freeze news

Santé Cie confirms it is seeking protection under ad hoc mandate upon account freeze amid PNF investigation
Term loan plunges into 50s, company lodges appeal against EUR 45.5m asset freeze; Santé Cie strongly contests PNF’s position

Tricolor trustee seeks discovery from Wilmington Trust over prepetition financing roles
Investigation aims to review Tricolor's financial affairs and assess potential creditor claims; Wilmington Trust held key roles in Tricolor's business, including collateral custodian

First Brands seeks control of USD 3.8m deferred compensation trust
Company claims ownership of trust funds due to document terms; insolvency notice, Chapter 11 filing cited as reason for trustee to hold funds for creditors

Vue loans jump, Getty Images loan falls after Shutterstock merger termination announcement – Market Comment
Vue International’s reinstated facilities have shown significant swings in the past two days, with its EUR 127.38m 1.5-lien term loan indicated at 120-mid today, following yesterday’s jump of over 16 points from 103.92-mid at the start of the week

First Brands lender Evolution moves to halt USD 25.7m receivables release amid ongoing collateral dispute
Evolution seeks to pause FBG’s request to release funds pending lien appeal outcome; lender claims release risks dissipating collateral and harming recovery if it wins appeal

Kem One releases cleansing materials detailing restructuring proposal
Proposal involves 2028 SSNs being extinguished; restructuring close targeted for 2H26

First Brands wins conditional disclosure statement approval, beats Chapter 7 push as judge calls confirmation ‘last real shot’
Chapter 7 conversion denied despite concerns over feasibility and cash burn; interim CEO testifies on plan feasibility, citing uncertain litigation outcomes

Repricing wave brings back pain for CLO arbitrage – Europe Loan Digest
Ineos offers premium talk compared to market; performing credits shave up to 50bps off existing debt

US levfin community raises USD 4.3m in annual melanoma research fundraiser
The networking evening at the Museum of Modern Art in New York City brought together members of the leveraged finance community across banks, private credit firms, law firms, LPs, private equity shops and more