Friday Workout — Changing Default Positions; Unloading Revolvers

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News & Analysis

Private Credit

Taking the Credit — Hedge funds deepen private credit’s identity crisis

Hedge funds have made significant strides into private credit recently, tapping into an existential question for an asset class struggling amid fears of fraud, defaults and looming maturity walls: what exactly is private credit?

8 May 2026

| Europe

Market Wraps

ABF

Excess Spread — Cool trade, leverage on leverage, blues in the night

Avid 9fin readers would have been the first to know (here) that HSBC had provided a loan-on-loan against one of Atlas SP Partners’ warehouse positions lending to Market Financial Solutions (Zircon Bridging, a facility focused on slightly more granular loans averaging £1m a time).

8 May 2026

| Europe

News & Analysis

Distressed

Brightline on track for bankruptcy despite financing efforts

Florida rail operator Brightline in inching closer to a bankruptcy filing despite efforts to secure additional financing, according to 9fin sources.

7 May 2026

| US

News & Analysis

Distressed

Limitless — flexible carve-outs drive co-op evolution

The future of cooperation agreements is here, and like all of the most striking developments of our times, the possibilities are unlimited. Literally, the newest convention in modern co-ops is to allow for an unlimited carve-out premium for steering committees.

7 May 2026

| US

News & Analysis

Distressed

Snowden’s ascent to the Supreme Court and the evolution of the UK restructuring plan

When Lord Justice Snowden steps onto the bench of the UK Supreme Court, he will bring with him something no other sitting justice can claim: a hands-on role in writing the modern playbook for UK restructuring law.

7 May 2026

| Europe

News & Analysis

Distressed

Private Credit

How reimbursement risks gave lenders the keys to Webster's splashiest healthcare bets

When Matilda Jane Clothing, a girl’s apparel brand backed by Webster Capital, abruptly closed its doors in 2022, the deal was already practically out of sight from Webster’s rearview mirror. The firm had moved on from consumer investing entirely and made an all-in bet on healthcare investing: It had a new focus, a fresh $1.7bn fund ready to deploy, and a new name. Children’s clothing companies were a problem of the past.

6 May 2026

| US