First Brands Group judge converts bankruptcy cases to Chapter 7
Judge Christoper Lopez previously found the company’s Chapter 11 plan infeasible; debtors’ proposed order was largely accepted, with the judge incorporating some objecting parties’ requests

August 2026 US Leveraged Loan & High Yield Bond Market Scorecard
Debtwire has released the August 2026 US Market Scorecard, highlighting key leveraged loan and high-yield bond statistics

First Brands Group judge finds plan ‘unconfirmable under any circumstance,’ indicates Chapter 7 conversion
Plan deemed infeasible, administratively insolvent, with insufficient marketing process; credit bid by secured lenders rejected due to lien issues

First Brands judge tees up Chapter 11 plan confirmation ruling for next week
The plan was highly contested, with creditors concerned with administrative claim repayment; some stakeholders, including the US Trustee, have pushed for conversion to Chapter 7

First Brands lenders extend UCC challenge deadline as confirmation ruling remains pending
Plan confirmation ruling still pending after multi-day trial; plan feasibility, administrative solvency disputed in confirmation fight

First Brands judge takes plan under advisement as objectors lambast recovery structure, key evidence
Debtors need USD 1.9bn from USD 25bn in litigation claims for plan feasibility; objectors dispute plan's fairness and viability, citing unrealistic recoveries

July 2026 US Leveraged Highlights
After a first half defined by record M&A activity, abundant liquidity and relentless refinancing demand, July marked a clear moderation in US leveraged finance, while the resilience of CLO activity was particularly noteworthy given the sharp reduction in institutional loan supply

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

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

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

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

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

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

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

‘Walk, don’t run’ to take advantage of software disruption, says KKR
Eddie O’Neill and Jeremiah Lane, co-heads of global leveraged credit at KKR, give their view on the headwinds and opportunities in CLOs

Optimum to show restructuring proposal to creditors’ advisors as company presses for deal before 4Q
Market participants discuss fraudulent conveyance claims amid reorganisation; creditor advisors are already restricted to review diligence documents

First Brands factoring provider Leucadia opposes disclosure statement, saying ‘death trap’ could deem creditors ineligible for recoveries

Provision disqualifies creditors from recoveries for objecting to plan, LAM argues

US Trustee moves to dismiss or convert First Brands’ bankruptcy cases, alleges ‘sleight of hand’ to dodge administrative expenses
Company faces USD 9.3bn debt, significant issues from tariffs and capital expenditures; DIP financing includes 30-day deadline for restructuring agreement