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.

Working in the distressed world turns us into a strange breed of pessimists. We look for the worst to happen because it means we will have a company to advise, debt to trade, new money to provide, or a story to write — generally we’re hoping to gain from someone else’s misfortune. Bad news for the market is good news for us.

That is why there may or may not have been a certain upbeat note of pessimism around the 9fin offices after that poor US job print last Friday. But now that we’re all a week richer, it’s safe to conclude that rumours of the financial system’s collapse were greatly exaggerated.

So, what did we see this week?