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Hate the player, not the game — The price aggressive sponsors pay for LMEs

News & Analysis

Hate the player, not the game — The price aggressive sponsors pay for LMEs

Jane Komsky10 Sept 2026 | US, LATAM | 5 minute read

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Distressed

Is the LME a victim of its own success?

Jason McDonell, the chief executive of pool supply retailer Leslie’s, framed the hiring of Kirkland & Ellis as business as usual. Executives at the 63-year-old business were “energized” by efforts to transform the company, he said on an earnings call in December last year. Advisors, he said, are periodically tapped to identify new opportunities for profit.

Brightspeed lenders face structural priming as ABS looms

Brightspeed and its sponsor Apollo are considering an ABS transaction that would subordinate the internet provider’s existing lenders without paying down term loan debt, according to 9fin sources.

CLOs sit on Merlin SUN positions ahead of private credit refi

CLOs hold material positions in Blackstone-backed theme park operator Merlin Entertainments’ euro-tranche portion of the £627m of senior unsecured notes maturing November 2027, according to 9fin sources.

Petra-linked factoring firms enter administration with no recovery seen on £45m+

Regency Factors and Regency Trade Finance have been placed into administration, shining a light on the complex collapse of trade receivables platform Petra Management, which funded itself through large asset-backed bond issues placed to institutional clients such as Insight Investment, Nuveen, and Pimco, but started to fall apart in 2024.

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.

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

Bleary-eyed Bay Area commuters shuffling into BART stations on the morning of 18 May were met with a uniform screen of bad news on ticket machines: “Out of Service”.

1 Sept 2026

| US

Hate the player, not the game — The price aggressive sponsors pay for LMEs

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Is the LME a victim of its own success?

Brightspeed lenders face structural priming as ABS looms

CLOs sit on Merlin SUN positions ahead of private credit refi

Petra-linked factoring firms enter administration with no recovery seen on £45m+

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

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