Resignation of Texas bankruptcy judge David R Jones raises potential for vacating prior rulings in legacy cases
Debtwire's full breakdown of the situation explains all the details of a resignation that threatens chaos for both active and historic restructurings, including cases like J.C. Penney and Neiman Marcus

Fund performance
Positive August for credit sees CLO funds on top again

Credit funds at a glance
Ucits see red in a tough June for returns

Credit hedge funds
Credit hedge funds performance data

Double-dip refinancing hits US leveraged loan
Wheel Pros, a name still held by 219 CLOs with $414 million of total principal, announced details of a new refinancing deal last week featuring a controversial double-dip structure

Comvest Partners adds new head of investor relations from BlackRock
The newest addition to the firm's senior-level team has been tasked with managing investor relations across direct lending, private equity and special opportunities investment strategies

Credit funds at a glance (September 2023)
A round-up of people moves and fund raising  

Credit hedge fund returns (September 2023)
Credit hedge fund returns  

Lumen Tech downgrade leads to estimate that 9% of CLOs could breach OC tests
One of the most widely held names in US CLOs was downgraded in August. S&P carried out a two-notch downgrade of Lumen Technologies on 16 August from B to CCC+

CLO funds are hot in summer as they take nine spots in top 10 (Fund performance)
CLO funds took the lead through summer as the returns of the category index reached 1.88% and 3.18% in June and July, respectively. Both months saw a CLO fund as the top performer — Sound Point Meridian in June, and Oxford Gate Master Fund in July.

Creditors try double dips to raise recoveries
A new form of liability management has emerged to take its place alongside the various uptiering and drop-down transactions that have been executed recently: the so-called “double dip” financing

Illinois Municipal Retirement Fund sinks hundreds of millions into credit funds

The Illinois Municipal Retirement Fund has invested more than half a billion dollars into several credit and direct lending funds

Angelo Gordon brings in BlackRock exec for credit team
Angelo Gordon expands distressed debt and special situations team with new hire from BlackRock

Envision Healthcare draws lawsuit from fourth out lenders
A group of “fourth out” lenders to Envision Healthcare have lodged an adversary complaint over its 2022 drop-down recapitalization and subsequent ‘uptier’ exchange

DebtDynamics North America: Likely-to-distress scores highlight struggling industries
Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories

Private credit default index shows surprise decrease in the second quarter
Proskauer’s Default Index of the US private credit market was 1.64% in the second quarter, a significant decrease from 2.15% in 1Q23.

Global investment firm closes fund with $3 billion in capital commitments

Global investment firm closes fund with $3 billion in capital commitments, focusing on opportunistic investing. 

Diebold's DIP delivers partial payout
Another day, another divergent DIP outcome as Diebold Nixdorf has its reorganization plan approved in court.

Recent US bankruptcies show non-DIP lenders wiped out
A trio of recent US bankruptcies is testing the CLO market's recovery assumptions, according to Debtwire’s Restructuring Database of recent court filings.

Fund performance
Good month for CLO funds sees six in top 10 as Axiom sets pace

Credit hedge funds
Credit hedge funds performance data

Credit funds at a glance
Fund performance, fund raising and LP commitments

Credit funds at a glance
Fund raising and people moves

Credit hedge funds
Credit hedge fund returns

Fund performance
A roundup of fund performance