Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here.

We’re in the waning days of summer, but judging by the number of out-of-office messages (and their estimated response times) some of us still have another month off. Those of us not lucky enough to enjoy the summer sun in parts known and unknown can boast of another August on autopilot as nothing much really happened, right?

But if you ring up your friendly neighbourhood distressed reporters, advisors, or analysts — at least the ones more concerned with cultivating the next opportunity set than they are a tan — you’ll be told that it’s unseasonably busy. Be that because of existing mandates rumbling on without a definitive solution, the stochastic spread of Q2 earnings reports, or hush-hush new mandates.

We’ve all been working very hard this August… honestly.