Aston Martin enters drop-down deal with HPS, Victoria gets more than 90% support for 2028s extension – Europe Distressed Digest
Aston Martin’s bonds came under pressure after a report emerged on 17 July that the carmaker was in talks with HPS Investment Partners over a potential asset-backed financing that could prime existing creditors

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

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 gets signoff for Horizon deals, bringing in tens of millions in proceeds
Horizon North America sale generates USD 64m in proceeds, reducing secured claims; deals aim to address First Brands' USD 9.3bn debt obligations

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’

Marblegate nears deal to acquire Raistone amid First Brands fallout – report
Key intermediary Raistone's role in First Brands’ financings has been scrutinised over unaccounted borrowings

First Brands’ disputes raise alarming concerns that all SPV lenders should be watching – Legal Analysis
SPV lenders face potential risks, including substantive consolidation and collateral devaluation

LME litigation in Europe in focus as Hunkemöller and Selecta bondholders fight back
ANALYSIS: Selecta sees use of creditor cooperation agreement challenged as anticompetitive in court; More LMEs and litigation expected in Europe next year and beyond

Diameter raises USD 4.5bn for stressed, distressed, special-sits credit
The final close of the firm’s third dislocation fund surpassed its hard cap

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

Polus raises EUR 890m for European special situations fund
The latest fund exceeded its original EUR 750m target, a source familiar told Creditflux

First Brands Bankruptcy: financial tune up raised red flags that Wall Street overlooked
First Brands files for chapter 11 bankruptcy protection; Stakeholders anticipate significant discovery into company's practices

Investors still pivoting to fixed income – Oaktree’s Wayne Dahl
Both large individual and institutional investors are continuing to rotate their portfolios into fixed income, says the co-portfolio manager of global credit and global credit investment grade strategies at Oaktree Capital Management, on the latest edition of the ‘Credit Exchange’ podcast with Lisa Lee

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

Man Group to acquire CLO and private credit manager Bardin Hill
The USD 3bn credit manager, now named Bardin Hill, is a private credit and US CLO shop based in New York

Default expectations rise as tariff threats to North America deepen – IACPM survey
Credit portfolio managers across the world see tariff-related headwinds for both the US and Canada

Direct lenders agree to PIK as borrowers feel tariff pressure
Borrowers are facing stress and asking direct lenders for the option to use payments-in-kind instead of cash for interest payments, leading to debate over whether PIK use aids recovery or simply obscures financial stress

Connecticut, San Francisco among funds making new private credit moves – Public Pensions, Private Pursuits
EXCLUSIVE: Connecticut plans commitment to Anchorage Capital distressed credit funds; San Francisco, North Dakota, and Dallas funds disclose recent commitments

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

Marathon ditches distressed strategy to raise USD 2.7bn for opportunistic credit
EXCLUSIVE: The asset manager originally launched the fund with a distressed debt strategy but has since switched the focus to making opportunistic private credit and equity investments  

Banner Ridge holds first close for special situations fund that’s targeting 750m
EXCLUSIVE: The firm is fundraising for its third fund in the series that is set to have a final close early next year

Ares alum launches opportunistic credit firm backed by Millennium
The new firm will focus on opportunistic credit across public and private markets.

European direct lending "incredibly attractive", could easily see EUR 3bn unitranche in region: Ares
Co-head of European credit at Ares Management, Mike Dennis, spoke with Lisa Lee about the firm’s record fundraise for direct lending, and opportunities to invest in Europe