Derailed — Debt, glitches and lost contracts threaten transit giant Cubic

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News & Analysis

Distressed

Chapter 15 and the objecting creditors’ new playbook

We’re over halfway through 2026 and 9fin’s LME count is up to 25 with H1’s completed transactions — just above the 24 transactions recorded for the first half of 2025. When 9fin wrote about the rise of Chapter 15 as an enforcement mechanism for foreign restructurings, the US courts had signalled unease about engineered COMI and jurisdictional arbitrage. The comments would appear in the occasional dicta of a decision, but the recent opinion in New Fortress Energy has now provided a framework for scrutinizing petitions for Chapter 15 recognition.

28 Sept 2026

| Europe

| US

News & Analysis

ABF

Distressed

LevFin

Private Credit

Insolvent Bathla’s A$3.4bn debt highlights Aussie property woes

On Friday (4 September), the administrators of Bathla Group, one of Sydney’s largest, and now insolvent, homebuilders told the firm’s creditors its A$3.4bn ($2.45bn) debt stack may still grow. The builder owes most of that cash to private credit lenders, though claimants may number as many as 3,000.

4 Sept 2026

| APAC

News & Analysis

Distressed

LevFin

China’s new property policy package not designed to favor developers

On the evening of Friday 28 August, all of the three top financial regulators in China released a package of property policies that flooded the investment community.

1 Sept 2026

| APAC

News & Analysis

Distressed

Private Credit

From oligarchs to Everton — How 777 Partners’ multi-billion-dollar empire came undone

For nearly 15 years, Alexander Gorbachev held a grudge. It all began in a London sauna in 2005. There, Gorbachev claims his former Komsomol associate turned oligarch, Andrey Guriev — who heads the Russian fertilizer empire PhosAgro — promised him nearly a quarter of the company, where Gorbachev had previously served as a director.

31 Aug 2026

| US

News & Analysis

Distressed

Judge Pérez orders examiner in Hughes Satellite Systems bankruptcy to probe $1.5bn of EchoStar transfers

Judge Alfredo Pérez of the US Bankruptcy Court for the Southern District of Texas granted the motions of the US Trustee and the ad hoc noteholder group to appoint an examiner in the Hughes Satellite Systems Corporation’s Chapter 11 cases at Wednesday’s (26 August) hearing, directing the UST to appoint an independent examiner to investigate more than $1.5bn of allegedly self-dealing prepetition transactions between the debtors and non-debtor parent EchoStar Corporation.

27 Aug 2026

| US

News & Analysis

Distressed

LevFin

Merlin Entertainments fields pitches from firms eyeing 2027 debt maturity

The Blackstone and KIRKBI-backed entertainment provider also executed an allotment of £2.2m of shares in another group entity, Motion Acquisition Limited, a holding company inside the company’s restricted group, on 11 August.

25 Aug 2026

| Europe

| US