Past returns: Columbia wins at long game
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009

Points up front: Favouritism - that’s the long and short of it
The rift between Sound Point Capital Management and its former portfolio manager Jeff Teach highlights some of the difficulties managers face when overseeing multiple funds with both competing and similar interests

Oaktree reports distressed gains over year despite Q4 losses
Oaktree was not immune from challenging fourth quarter globally. Its distressed debt strategy, for instance, returned a gross loss of 1.5%

Marathon adds distressed specialist as credit trader to its New York team
Marathon Asset Management has appointed an experienced credit trader from Cantor Fitzgerald 

New York pension fund allocates $150 million to special situations fund
The new investment will sit within the pension fund’s opportunistic alternatives bucket

Arnold & Porter adds restructuring partner in New York
Arnold & Porter has bolstered its restructuring and bankruptcy practice in New York with the appointment of a former Morrison & Foerster partner

Pacific Gas & Electric CDS set for high recovery as initial obligations trade above 74
Pacific Gas and Electric Company CDS look set for a high recovery, despite a long list of obligations being selected as deliverables into the credit event auction for the defaulted borrower, since eligible bonds are all quoted in the mid-70s or 80s

Washington pension fund set to back TSSP strategy
Washington State Investment Board (WSIB), the $132.2 billion public pension fund, considers committing to TSSP Capital Solutions (TCS), according to documents seen by Creditflux.  

Pacific Gas & Electric triggers bankruptcy credit event
Pacific Gas and Electric Company has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, by 14 votes to one

New York pension ups commitment to HarbourVest by $400 million
New York State Teachers' Retirement System has topped up commitments to Maple Fund, having already approved $600 million in 2017

Performing credit tops distressed credit for Blackstone, but credit AUM declines
The firm is looking to boost its direct lending business to gain $10 billion of available capital over the next couple of years

Florida pension fund backs Atalaya distressed strategy
Florida State Board of Administration (SBA) has committed $100m to Atalaya Special Opportunities Fund VII, as part of the Florida Retirement System’s portfolio.  

Pacific Gas & Electric credit event posed following Chapter 11 filing
The Americas Credit Derivatives Determinations Committee has been asked to rule on whether Pacific Gas and Electric has triggered a credit event, after the San Francisco headquartered firm filed for Chapter 11 bankruptcy protection for the second time in its history

$1.8 billion manager Shelton buys credit manager Cedar Ridge
The $1.85 billion multi-asset manager has bought credit-focused firm Cedar Ridge Partners

Virginia pension fund commits to Asian private credit
Virginia Retirement System (VRS) approved a $150 million commitment to the SSG Capital Partners V fund at a January board trustees meeting, a spokesperson has confirmed.  

San Francisco pension plans to deploy $800 million to private credit in 2019
San Francisco Employee’s Retirement System will allocate $800 million to its private credit bucket in the coming year, to reach its 10% target allocation 

Boost for Parker Drilling protection buyers as CDS settles lower than expected
Parker Drilling credit default swaps have settled at a lower value than expected, after physical settlement sell requests drove down the price at auction and increased the windfall for protection buyers

Parker Drilling recovery implied at 45 cents as dealers get set for CDS auction
An auction to settle credit default swaps referencing Parker Drilling will take place today, with bond trading levels of the defaulted company implying a payout to protection buyers of around 45-46 cents on the dollar

Californian pension to invest $500 million in private markets in 2019
San Bernardino County Employees Retirement Association plans to invest $500 million in private assets over 2019, according to a presentation by the pension fund’s investment consultant NEPC.  

Sears CDS settles well above bonds on physical settlement squeeze
Predictions that credit default swaps referencing Sears Roebuck Acceptance Corp would recover at a high level have been borne out, with an auction to settle the contracts having returned a value of almost 80 cents on the dollar – nearly 30 points higher than where bonds of the bankrupt US retailer have been quoted

Dealers gear up to settle Sears CDS and rule on Ziggo successor
The long wait to settle the final price of Sears Roebuck Acceptance Corp credit default swaps will end today with a credit event auction, while investors could also learn whether there is successor to contracts referencing deregistered Ziggo Bond Finance

Sears CDS auction to proceed this week as dealers reject delay request
Dealers on the Americas Credit Derivatives Determinations Committee have rejected a call to delay this week’s auction to settle Sears Roebuck Acceptance Corp credit default swaps, although it was a split decision rather than unanimous vote

Delay sought on Sears credit event auction to free up deliverables
The Americas Credit Derivatives Determinations Committee will meet today to consider whether or not to delay a forthcoming auction to settle Sears Roebuck Acceptance Corp credit default swaps, after a market participant requested more time to allow a wider pool of deliverable obligations to become available

Fortress targets $6 billion for latest fund in its flagship credit opportunities series
Fortress Investment Group has raised just over $1.05 billion for its latest opportunistic credit fund

Disagreement between Sound Point and former portfolio manager comes to an end
The long-running dispute between portfolio manager Jeff Teach and his former employer Sound Point Capital Management has been brought to an end following a final arbitration award