Garrett Motion stalls with CLOs holding $608 million of bankrupt firm's debt
Garrett Motion enters chapter 11 proceedings with a stalking horse offer from private equity firm KPS Capital Partners, which has agreed to buy substantially all of the firm’s assets for around $2.1 billion. CLOs hold around $680 million of Garrett's term loans

Sculptor promotes two after European credit head leaves for Pimco
Sculptor Capital Management has filled the void left by Mathieu Clavel, its former head of European and Asian corporate credit in Europe and Asia, by promoting two senior figures in its credit business

Post hires head of sales and marketing in Los Angeles
Post Advisory Group has hired Eileen Mancera as managing director and head of sales and marketing

Blackstone reveals CLO originator NAV was understated for four months
Blackstone says the net asset value of class A units in its privately-offered CLO originator were understated between 31 March and 30 June

iQor files for chapter 11 with CLOs holding $260 millon
17 CLO managers hold $263.1 million term loans of customer services provider iQor, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas today

They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
Blockchain might not eradicate all problems in credit, but it should reduce human error

Alcentra appoints DeSimone as CEO
Alcentra has appointed Johnathan DeSimone as chief executive officer following David Forbes-Nixon’s decision to step down and take an investment role at the firm

Dislocation and costly payment debacle highlight loan tech lag
Coronavirus-led dislocation in the leveraged loan market, as well as a bank’s recent claims of human error in making a large loan payment, underscore the industry’s need to embrace long-overdue efficiency improvements

Banks tighten asset approval terms for CLO warehouses
Managers have raised concerns over tighter, lender-friendly terms in new-look US CLO warehouses as banks gradually reopen these lending facilities

Guernsey puts Highland wrangles out to pasture
A royal court’s dismissal of proceedings in Guernsey could spell the beginning of the end in Highland Capital Management’s legal action against former employee Josh Terry

Credit hedge funds (September 2020)
Monthly credit hedge fund tables

Ucits at a glance: Five funds lift YTD returns above 5%
Five funds have managed to pull their year to date figures above 5%; Loomis Sayles (7.50%), Algebris (5.82%), Pictet (5.53%), Amundi (5.36%) and Advent (5.11%)

Credit funds at a glance (September 2020)
A round-up of fundraising and people moves

Fund performance: Almost a third of credit funds reach positive YTD returns
July has been a successful month for many credit funds, despite the recovery peaking in May and June

CLO funds top rankings, but still have ground to make up
CLOs may have taken a hammering in March but, for the fourth consecutive month, funds that invest in these assets dominate our ranking of the top performing credit funds

They said it: "We’re going to change the world of finance"
Big ambitions in blockchain

Points up front: How much do I owe you?
Payment systems in the credit industry had a bad August

Loan leverage in CLOs has risen 1.3 turns, finds S&P
Leverage in US CLO portfolios increased by an average of 1.3 turns compared to the pre-covid-19 loan market, according to new research from S&P Ratings

Highland no longer defendant in Citi's Revlon loan lawsuit
Citi has dismissed its suit against Highland Capital Management as it seeks repayment on a Revlon loan, according to court filings. The lawsuit remains open against another 11 defendants

Credit fundraising: distressed keeps in favour but CLO ETFs emerge
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies

GSO prepares inaugural non-traded BDC
GSO Capital Partners, the credit-focused business of the Blackstone Group, is preparing to launch an inaugural non-traded business development company named Blackstone Private Credit Fund

Details emerge on nature of Revlon payment 'error' and lender attitudes
Fresh details have emerged on the nature of the ‘operational error’ Citi says took place when it transferred $900 million to Revlon loan holders

Court meets Citi and defendants in middle with trial pushed to November
The Court overseeing the Citi Revlon wire transfer case has met Citi and the defendants in the middle, adding that “a more realistic, but still expedited, trial date should be adopted”

Lenders argue for extended timeline in Revlon loan lawsuit
A 30 September preliminary injunction hearing and trial has been outlined under Citi’s schedule. But the defendants have proposed an alternative schedule, under which the lawsuit would culminate in a trial mid-December

CLOs stuck with $100 million of bankrupt TNT Crane's debt
14 CLO managers hold $92.5 million debt of TNT Crane & Rigging, which filed for chapter 11 protection in the US Bankruptcy Court For The District Of Delaware yesterday