Growing consensus sees lower default peak
Goldman Sachs, JP Morgan, Fitch and Moody’s have all recently lowered their high yield default projections

DIP loans attract growing appetite
Appetite for debtor-in-possession loans is returning

Distressed head sets up speciality lender
The former co-head of Merrill Lynch’s global distressed desk is part of a group looking to set up a speciality finance lending business, sources say

Companies leave chapter 11 as DIP lenders turn exit financiers
Some companies that filed for bankruptcy in 2008 and early 2009 are beginning to emerge from the process thanks to the willingness of lenders to revitalise companies

Restructuring terms tighten in Europe
In Europe corporate distress is leading to a growing number of private restructuring deals, with, it seems, the balance of power shifting from private equity sponsors to credit investors

Germany makes debt swaps an option for bondholders
Germany has introduced key changes to bond legislation, opening the way for debt-for-equity swaps and other distressed debt exchanges by companies in financial difficulty

Bankruptcy surge breathes life into claims trading
Bankruptcy surge breathes life into claims trading

Borrowers turn aggressive on maturity amendments
Borrowers turn aggressive on maturity amendments

Largest ever bankruptcy adds to default tally
Largest ever bankruptcy adds to default tally

Lyondell surge gives hope on recoveries
Lyondell surge gives hope on recoveries

Insolvency forum-shopping brings uncertainty for creditors
Insolvency forum-shopping brings uncertainty for creditors

Default tally grows more slowly
Default tally grows more slowly

UK plans to foster DIP-style lending
UK plans to foster DIP-style lending

New global default rate measure shows negligible corporate defaults
New global default rate measure shows negligible corporate defaults

European companies look to reduce debt
European companies look to reduce debt

Lenders fear growth of predatory DIPs
Lenders fear growth of predatory DIPs

Bond investors say DIP investor has snatched foam maker
Bond investors say DIP investor has snatched foam maker

Protection sellers fight paper company credit trigger
Protection sellers fight paper company credit trigger

Distress spreads in Europe
Distress spreads in Europe

Analysts raise default predictions
Analysts raise default predictions

Distressed buyers make gains on financial bonds
Distressed buyers make gains on financial bonds

Telecoms and retail dominate defaults
The total defaulted debt in February was nearly $21.3 billion. This compares to January's total of $14 billion after the defaults of Qimonda, Smurfit-Stone and Contech late in the month. So far in 2009, telecoms and retail have seen the largest total defaults. At the time of going to press, the largest default in February was that of retailer Spectrum Brands, which filed for chapter 11 on 3 February, with $4.4 billion outstanding.

Borrowers pay rising price for covenant waivers
Borrowers pay rising price for covenant waivers

Loan and bond holders at odds on LyondellBasell payment
A coupon payment on plastics and chemicals manufacturer LyondellBasell's European high-yield bond, scheduled for 15 February, is attracting the close attention of a wide range of debt market participants. Lyondell Chemical filed for chapter 11 bankruptcy on 7 January, and may set the tone for future messy credit events in which complex global companies become distressed. A total of 79 entities were listed as part of the US bankruptcy filing, of which one was an international subsidiary, Basell Germany Holdings.

Debt holders split on foam maker’s loans
Debt holders split on foam maker’s loans