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.

In distressed land several partnerships have been struck as creditors rally around struggling companies to save them from dire straits (this is in the same week that Molly-Mae Hague and Tommy Fury decided to break their union).

Much of the focus has been on Deutschland this week. German wood products maker Pfleiderer kicked off the week with its noteholders giving unanimous consent to crack on with its A&E deal.

Agricultural company BayWa had to quickly pull its creditors for a chat to get some emergency funding. Despite the holidays, the bank lenders grafted to scrape together the €550m lifeline it needed.