Debtwired!

Fabian Chrobog, founder and CIO of NorthWall Capital, discusses opportunities in the European credit markets, why new money is the new distressed investing, and his views on how best to protect against downside risk on the latest edition of the Debtwired! Podcast. Fabian also talks about some recent landmark transaction the fund has been involved with in the NPL securitisation and legal assets space.

In this episode of Debtwired, SMBC Americas’ Ben Millard joins Debtwire’s reporter Melina Chalkia to break down how the aviation debt markets have evolved post-COVID, from loyalty-backed financings to the emergence of aircraft CLOs. With airlines still focused on deleveraging and preserving credit ratings, Millard explains why non-traditional collateral like frequent flyer programs has become a mainstay in new deals and how investor appetite remains strong despite recent turbulence in the sector.

Millard also explores the rise of aviation ABS and CLO issuance, highlighting SMBC’s role in several landmark transactions, including the American Airlines mileage-backed TLB and Carlyle’s aircraft ABS. He touches on restructuring dynamics in the sector, as well as what geopolitical risks like tariffs could mean for aircraft financing.

Millard is a Director in the Transportation Department at SMBC Americas. SMBC has been a key player in aviation lending for a long time. SMBC is one of the largest financers of the new economy, from data centers to real estate, offering a debt-focused franchise with a global lens, according to Millard. SMBC Americas has evolved into a corporate and investment bank, while maintaining its efficiency in commercial banking and continuing to diversify its business model to best suit clients.

On the Debtwired! podcast, Robert von Finckenstein and Chris Hall at Interpath, join Johannes Koch, restructuring reporter at Debtwire, to delve into the mechanics of rising distress in European private credit – a trend both speakers expect will continue to captivate the market with more restructurings and debt-to-equity swaps.

We look at the main triggers for continued stress in private credit, assess rising default rates, highlight which sectors are under pressure and explore whether private credit, ultimately, is equipped to handle portfolio stress.

#restructuring #privatecredit #distress #debtfund

On the Debtwired! Podcast, James Hogarth, a Partner at long-short credit fund PVTL Point, joins Debtwire Europe’s Head of High Yield Adam Samoon to explore trade opportunities in the European automotive sector.

PVTL Point is a London-based investment firm founded by Kunal Shah in 2024. They operate an opportunistic European long/short credit strategy across the breadth of European credit, from performing through to distressed.

The European automotive sector has faced a prolonged period of structural transformation and cyclical volatility. Challenges include the capex cycle, EV transition, supply chain issues and tariffs.

The podcast explores the difficulties ahead as well as which sub-sectors and thematic trades can offer the best considerations for investors. The podcast also examines the outlook for high yield sector credits such as Adler Pelzer, Jaguar Land Rover and Aston Martin.

#highyield #highyieldbonds #bonds #debtwired

In this episode of Debtwired! Dan Dooley, CEO at MorrisAnderson, joins Debtwire senior reporter Danielle Saba, to discuss the state of burger and pizza restaurant brands and their franchisees, restructuring triggers and processes, along with what signs to watch for special situations to come.

#restaurantfranchisees #burgerking #hardees #deltaco #bankruptcy

In this episode of the Debtwired! Podcast, Horst Fuerpass, partner at Falkensteg, joins Johannes Koch, restructuring reporter at Debtwire, to talk about the precarious and often overlooked role trade credit insurers play in financial restructurings.

With a particular emphasis on cases in the automotive sector, a hotbed of restructuring activity in Germany, Horst unpacks how trade credit insurers operate, the potential risks you can run into if they are brought into a process too soon or too late, and how to manage this key stakeholder that has the potential to gate crash a restructuring if not appropriately managed.

On the Debtwired! Podcast, Clark Nicholls, CIO of Aucit Investment Management, joins Debtwire Europe’s Head of High Yield Adam Samoon to explore trade ideas in the European High Yield asset class.

Aucit Investment Management focuses on capturing the richest alpha trades in high yield and identifying the best yields per unit of risk.

European High Yield index spreads have tightened in recent weeks but there are still reasons to consider investing in the asset class. There are opportunities in high rated credits as well as lower rated CCCs depending on risk tolerance according to Nicholls.

The podcast explores which sectors and thematic trades can offer the best considerations for investors currently.

#highyield #highyieldbonds #bonds #debtwired

In this episode of Debtwired!, Brian Resnick, partner in Davis Polk's restructuring group and head of the firm’s Liability Management & Special Opportunities practice, joins Debtwire co-managing editor, Madalina Iacob, to discuss the current state of restructurings, how LMEs have evolved in the past year, what creative workaround structures he has seen post the Fifth Circuit decision in Serta, and the evolution of Davis Polk’s preeminent restructuring practice.

Brian also shares with us how he transitioned to law from being a Juilliard-trained professional musician playing on Broadway and Saturday Night Live, and how he co-produced a Tony Award-winning Broadway show.

In this episode of the Debtwire podcast, Justin Lee, partner at Weil, Gotshal & Manges, joins Melina Chalkia, Debtwire’s primary market reporter for North America, to unpack the evolving landscape of liability management exercises.

Justin Lee is the co-head of Weil’s banking and finance practice and global head of liability management and strategic capital solutions. His practice involves advising institutional lenders, direct lenders, asset managers and corporate borrowers on all types of financing transactions. Lee has worked on high profile deals for companies like Clarios Global, Hertz, Krispy Kreme and Dye & Durham.

With 2024 dubbed the “year of LMEs,” this episode explores whether that momentum is carrying into 2025. Lee weighs in on how sponsor creativity is evolving and whether the tariff-driven market volatility is shifting the tone. He dives into the structural trends shaping deal terms, the rise of co-op groups and how borrower-lender dynamics are changing. Lee also goes through Weil’s practice, what the pipeline looks like and what the future holds for LMEs.

In this episode of Debtwired, Scott Greenberg, global chair of Gibson Dunn’s restructuring practice and a member of the firm's executive committee, joins Debtwire co-managing editor, Madalina Iacob, to discuss how the shifting market dynamics are influencing deal activity, liability management exercises (LMEs), and the restructuring outlook for the year.

Scott talks about multi-tier LME trends, carve-out premiums, group formation strategies, and the impact of cooperation agreements on deal outcomes. He also takes a deep dive into cross-border LMEs and the cultural differences impacting investment decisions.