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

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

Future of LMEs and co-ops under spotlight as Altice USA launches lawsuit
Colisee lenders reach deal to take keys from EQT

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

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

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.

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 

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  

Francisco Partners closes USD 3.3bn opportunistic credit
Francisco Partners has raised an opportunistic credit fund that exceeded its 2.3bn target

Bankruptcy 2.0 changes everything
CLO managers have been forced to take on restructuring experts and add new safeguards to loan docs. But with seniority of position upended, those moves may still not protect them

LPs monitor private credit managers as PIK use rises
As the use of payment-in-kind in direct lending increases, LPs are worried that the tool is being co-opted by the wrong strategies and offered to low-quality borrowers

Distress caused by LMEs triggers headache for recovery calculators
The growth of LMEs are triggering questions about how the US leveraged loan and CLO markets should record the outcomes of restructurings with multiple outcomes