When it emerged from bankruptcy in 2021, Hertz was something of a success story. Everyone involved who wasn’t named Carl Icahn made out OK. But here it is again, challenged by an overstep into EVs and loaded up with pricey new debt.

In this week’s episode of Cloud 9fin, global head of distressed and restructuring Max Frumes breaks it all down with distressed credit analyst Larry Feldman and senior reporter Sasha Padbidri. How did Hertz get back into trouble? How grim is the path ahead? How will the situation play out as the 2026 maturity wall draws near?

Follow all the latest up-to-the-minute Hertz coverage here at 9fin.com.

Last week at the Fed, nothing happened. Usually when nothing happens, we don’t report on it, but in this case it got us thinking. What are the consequences of higher-for-longer? Did the Open Markets Committee leave themselves a trapdoor to push through a series of rate cuts across the back half of the year? And what’s up with rates in Europe and the UK?

In this week’s episode of Cloud 9fin, editor Dan Alderson and distressed debt reporter Will Macadam delve into all of this and more. For more content on monetary policy and its effects on the credit markets, read a piece that Will co-authored here.

Lawyers might finally be done filing large, complex Chapter 11s in the Eastern District of Virginia.

In this week’s episode of Cloud 9fin, our very own global head of distressed and restructuring Max Frumes digs into the shocking denial of Vinson & Elkins’ retention application in the Enviva proceedings with distressed legal analyst Jane Komsky.

Read Jane’s full write-up for more on why she thinks the decision sets a bad precedent here. And watch 9fin.com this Friday, June 14, for full coverage of Vinson & Elkins’ motion to reconsider its retention as debtors’ counsel in the Enviva bankruptcy.

In recent years, the term ‘lender-on-lender violence’ has become a popular way to refer to deals that are more politely known as ‘liability management exercises’.

Both terms are euphemistic — so what are we actually talking about here? And what happens when these often quite bruising battles between companies, their sponsors and their lenders, take place in the (supposedly) quieter and more genteel world of private credit?

For this week’s episode of Cloud 9fin, our host Will Caiger-Smith hits up Damian Ridealgh and H.T. Flanagan of Freshfields to figure out how liability management became all the rage, and how lenders are trying to protect themselves against it.

At what point does a trend become a megatrend? 

In this week’s episode of Cloud 9fin, our very own ABS editor Owen Sanderson is joined by Matthew Moniot, co-head of credit risk sharing at Man Group, in a conversation about Significant Risk Transfers (SRTs) and their potential to reshape the US credit markets. 

Have any questions or feedback for us? We’d love to hear from you at [email protected]. 

It’s happening! Voters in the UK will head to the polls in just over a month, and most polls forecast a resounding victory for Keir Starmer and the Labour Party. Notwithstanding multiple reshuffles under the Conservatives over recent years, this would be the first proper regime change in the UK since 2010.

So it’s kind of a big deal — and while the odds of a Tory defeat are so strong that some of the impact is already priced in, there are still some important implications for the credit markets.

For this week’s episode of the podcast, our host Will Caiger-Smith sits down with 9fin leveraged finance reporter Ryan Daniel to discuss the implications of the election for the markets we cover.

Enterprise software is a sector with a lot to love if you’re a private credit investor: long-term contracts and sticky customers.

But how will AI impact software companies? And what is the growth outlook in the sector, which has had a tough time over recent years?

In this week’s episode of Cloud 9fin, private credit reporter Peter Benson and Oliver Thym, a partner on Thoma Bravo’s private credit platform, drill down into the value proposition of enterprise software and explain why private credit still can’t seem to get enough of SaaS.

From a colony of bats plaguing one of its hospitals in Florida to an alleged connection to money laundering in Malta, Steward Health‘s descent into bankruptcy is anything but ordinary.

In this week’s episode of Cloud 9fin, global head of distressed debt reporting Max Frumes and deputy distressed editor Rachel Butt walk through the lead-up to Steward’s bankruptcy filing and the many challenges that the company, its management and its landlord — and lender — Medical Properties Trust will have to navigate as the situation plays out.

The current interest rate environment is driving a rise in downgrades, special situations and liability management exercises. But how to know which of the increasing number of stressed and distressed credits are worth adding to — or keeping in — the portfolio?

In this week’s episode of Cloud 9fin, senior reporter Bianca Boorer sits down with Rob Fawn, a portfolio manager in the European leveraged finance team at PGIM Fixed Income, to talk about how this new era is creating new challenges and new opportunities for leveraged finance teams.

Finance is about money, obviously, but it’s also about narratives. That’s especially true in the world of activist investing and proxy battles, and in the high-stakes arena of distressed debt.

In an age where news travels faster — and through more channels — than ever before, how do companies and investors manage their messaging?

For this week’s episode of Cloud 9fin, our global head of distressed debt and restructuring, Max Frumes, sat down with Jude Gorman, the co-founder of communications firm Collected Strategies, to find out.