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

Canyon’s CIO says more distressed opportunities await
PODCAST: A looming maturity wall and problems in the software space point toward a return to more traditional distressed opportunities, says Jeff Kivitz, chief investment officer at Canyon Partners, on the latest episode of Credit Exchange with Lisa Lee

First Brands secured lender Black Diamond sues auditor BDO, accusing it of missing ‘rampant fraud’
BDO accused of ignoring red flags, including cash needs and factoring dependence

Thoma Bravo poised to hand Medallia keys to lenders by end of May
Thoma Bravo founder says sponsor will not inject new money; No documents signed yet as lenders ready to take keys

First Brands examiner highlights over USD 700m in transfers to former CEO Patrick James, but James says findings are ‘one-sided’
Preliminary findings suggest claims for substantive consolidation, veil piercing; James says in response that transfers were not concealed, appeared in company ledger

Saks e-commerce debtors file liquidation plan wiping out equity and handing unsecured creditors trust interests
Plan cancels equity, pays consignors in full, routes unsecured recoveries through liquidation trust

Ares closes on USD 9.8bn for opportunistic credit
The manager, which held final close for its Ares Special Opportunities Fund III and related vehicles, is also now raising capital for its third alternative credit fund

LME court battles in focus as Selecta and Hunkemoller litigations move forward
Europe Court Spotlight: Selecta bondholder antitrust claims face dismissal bid; Hunkemoller noteholders expand New York uptiering lawsuit arguments

EU insolvency law harmonisation campaign marches on with new directive
LEGAL ANALYSIS: European Parliament signs off new ‘harmonisation’ directive: Relates to five areas, including avoidance actions and ‘pre-packs’

‘London is still London, we’re not done yet’ concludes panel of legal experts – Debtwire Forum Conference Coverage
In-court UK restructurings harder to sell, advisers must consider full range of options; workout professionals must establish how to deal with out-of-the-money creditors and “fairness”

Fund performance – March 2026
Mixed month for CLO funds mars credit’s positive start to 2026

Credit funds at a glance – March 2026
Our roundup of top performers, fundraising and moves in credit

Europe Debt Exchange Report – 3Q25
Debtwire’s Europe Debt Exchange Report provides a comprehensive overview of debt-for-debt and debt-for-equity exchange transactions that have been completed

Altice International fires opening salvo, Maxeda taps advisors
Altice International fired the opening salvo in balance sheet negotiations with a drop-down – dubbed “aggressively sized” by one trader: Europe Distressed Digest

Ares launches seventh Asia-focused distressed debt fund
The global credit manager previously raised USD 2.4bn for the predecessor fund in the series

First Brands Group faces UMB Bank objection to Weil Gotshal, Lazard, and Alvarez retentions over conflict concerns
UMB Bank questions Weil’s independence, dual representation of debtors and non-debtors; Bank cites removal of Global Assets’ independent director and potential SPE conflicts

Platinum talks A&E with Biscuit International’s lenders, could subordinate sponsor debt
EXCLUSIVE: Bilateral talks held; Platinum holds EUR 80m notes ranking pari passu with TLB

LPs seek cyclical private credit play amid US economic uncertainty
Many LPs pivoted to all-weather private credit strategies in recent years, but interest in more opportunistic and special-sits strategies reliant on a credit downturn are picking up once more

ADIA invests in Oak Hill Advisors for European special situation strategy
EXCLUSIVE: Abu Dhabi’s biggest sovereign wealth fund makes “significant investment” that will provide Oak Hill Advisors flexibility financing to corporates and real assets in Europe

Anchorage exceeds hard cap on credit opportunities fund
The firm held a final close for Anchorage Credit Opportunities Fund IX, which will invest across stressed, distressed, structured and special situations credits

Fidelity doubles fundraise for sophomore opportunistic credit fund
The fund also revamped its name from Fidelity Distressed Opportunities Fund I

Invesco raises more than USD 700m for distressed debt, special situations investments
Invesco Credit Partners III has yet to hold a final close and has already surpassed the size of its predecessor

Credit funds at a glance – April 2025
Our roundup of top performers and moves in credit

400 Capital names leaders for ABS, corporate and distressed strategies
The alternative credit manager also announced two new partners

King Street, Generali Investments launch opportunistic credit fund for affluent Europeans
The fund will offer investments beyond traditional direct lending, offering investors access to corporate and asset-based lending, dislocated public credit, and some distressed situations