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

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’

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

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

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

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

Centerbridge launches new distressed debt fund targeting around USD 4bn
EXCLUSIVE: The Washington State Investment Board looks to come back as an investor in Centerbridge’s fifth special situation funds that’s looking to raise USD 4bn 

Tikehau raises EUR 1.2bn for European special opportunities credit
The third vintage fund held a final close, surpassing the fundraising target

King Street launches special situation fund open to individual investors
The asset manager plans for the fund to have around USD 1bn in assets under management.  

Oaktree lowered its distressed debt fundraise to USD 16bn
The market and investment environment for distressed debt shifted, and investors asked whether the original target was too big.

Oaktree Closes on USD 16bn for distressed debt strategy
Oaktree Opportunities Fund XII just edges out its predecessor fund, which closed in 2021 with USD 15.9bn in commitments