Nomura hires former JP Morgan credit prop team
Japanese bank hires credit traders in London and Hong Hong

Glass-maker ruling shatters hopes for high recoveries
Distressed investors in Mexican glassmaker Vitro have been hit by a US court’s rejection of a debt friendly bankruptcy filing

UBS targets hedge funds with distressed credit merger
UBS targets hedge funds with distressed credit merger

Madeleine Albright’s firm hires distressed debt specialist
The hedge fund set up by Bill Clinton’s secretary of state hires a distressed credit specialist

Australian credit trader returns to London after stint at Swiss fund manager
Australian credit trader returns to SocGen's London office after two years with Swiss fund manager

Distressed debt trader leaves US bank, with rumoured move to hedge fund
Former London based stressed and distressed debt trader leaves US bank with rumoured move to hedge fund.

Banks pile into European distress
European distressed credit is fast becoming banks’ favourite target for expansion, as a number of large banks hire and make internal shuffles to profit from an expected surge of trading in the sector

CIT bumps up defaults total
The spread of defaults through medium-sized companies in the US became apparent last month with the chapter 11 filings of a substantial number of corporates

Junior debt investors fear growth of insolvency forum shopping
Wind Hellas sets a worrying precedent for subordinated bond investors

Default rate falls dramatically
Defaults amongst corporates and financials noticeably slowed in September, and increased only mildly in October

Restructuring unwraps Linpac debt for wider trading
For the first time, UK packaging company Linpac’s debt will be tradable publicly, according to market sources

Court set to rule on Charter debt battle
Insiders expect an imminent resolution to a legal battle between senior lenders to bankrupt Charter Communications and the cable company’s junior debt and equity holders

Rate of defaults slows
The rate of defaults among corporates with over $100 million in debt is noticeably slowing, with last month seeing only four companies default in the first three weeks of September

Distress grows despite Brazil’s economic recovery
Brazil may be one of the first countries to have emerged officially from recession, but credit specialists in the country see the number of distressed Brazilian companies rising for some time

Bondholders say Wind Hellas is trying to wipe them out
Bondholders in a Greek telecoms company are furious over what they see as the company’s efforts to subordinate their interests to those of equity holders

Car wash ruling turns pressure hose on LBO equity sponsors
European LBO companies remain a battleground between private equity owners and creditors, and often between different groups of lenders

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