Excess Spread — Creative centres, new Frontiers

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Cloud 9fin — Distressed Diaries — Will the SUNs shine on Arxada A&E deal?

Sponsors Bain and Cinven are confident creditors will approve the A&E deal for Arxada, despite opposition from its senior unsecured bondholders. But is that confidence based on sunny optimism?

Straddling two structures? Unpacking Europe’s data centre securitisations

Should data centre securitisations be structured as ABS, CMBS or somewhere in between? As the European market expands, sponsors and their advisers are exploring a range of structures to solve the unique issues involved in the asset class.

Trinseo excluded lenders wage war — sue over ‘loan-to-own’ LMEs and objecting to proposed DIP

Trinseo’s excluded OpCo term lenders have launched an offensive in the Chapter 11 case, commencing an adversary proceeding challenging the chemical group’s prepetition LMEs, marking the first time that double-dip or pari plus structures are being challenged in a Chapter 11 proceeding, and objecting to the proposed DIP financing.

First Brands’ judge tee’s up conversion or dismissal after rejecting DS approval

A US bankruptcy judge denied conditional approval of the First Brands’ disclosure statement for a proposed Chapter 11 plan and related global settlement, teeing up a conversion-or-dismissal hearing on the US Trustee’s bid to end the cases.

SBA pooler plans to reheat SOUP scheme after bank goes under

An asset manager that specializes in securitizing unguaranteed portions of US federal loans to small businesses is forging ahead with plans to launch a new vehicle after an incumbent lender became the second US bank to fail in 2026.