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Articles by Will Macadam
Kirkland remembered which side its bread is buttered
In resigning as Optimum’scounsel this week, Kirkland & Ellis has once again highlighted the invisible hand of institutional asset managers. Just like with Travelport back in 2020, the firm had to sacrifice an occasional client to keep hold of its regulars. That resignation came after an intense pressure campaign led by Ares and Apollo, who took umbrage at being named in an antitrust suit by the broadband provider, according to multiple 9fin sources. So how did we get to this point?
Pharmanovia lenders bring in legal advisor
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Ardagh and Altice tested CDS in 2025 - But are they on nice or naughty list?
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Kloeckner to file for Chapter 11
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Hunkemoller AHG set for rare legal battle in England
An ad hoc group of hedge funds who were primed in an uptiering transaction orchestrated by Hunkemoller and its largest creditor Redwood Capital Management filed an English lawsuit against security agent TMF Trustee, according to court filings.
ELO, is it NIH you’re looking for? Auchan CDS successors named
Join the 4,000+ professionals getting market news and analysis delivered straight to their inbox — sign up for The Memo Europe newsletter. ELO and New Immo Holding (NIH) have both been declared successors for ELO/Auchan credit default swaps, with the succession date fixed at 11 August 2025. The EMEA Determinations Committee (DC) reached this conclusion in its unanimous ruling today (26 September), following months of corporate restructuring and investor speculation.
9Questions - James Peck, former US bankruptcy judge - What’s surprising about Atari?
9Questions is our Q&A series featuring key decision-makers in the corporate credit markets — get in touch if you know who we should be talking to! When thinking about the 2008 financial crisis, few names stick out more than Lehman Brothers. The defunct bank’s Chapter 11 filing involved more than $600bn in assets and remains one of the largest US bankruptcies of all time. James Peck was the judge presiding over the bank’s Chapter 11 case, having been “randomly assigned” it.
Thames Water gets £365m lifeline before appeal decision
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Winding Up - Don’t fear the seeker
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Winding Up - The un(Serta)in future
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European Distressed Outlook 2025 - Trump card, grabbing market share from London and H2 Oh no
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Winding Up - Even odds
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Bondholder group sends acceleration notices to Essity
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Winding Up - A(i)trocity exhibition
Market Wrap Will Macadam 18 October 2024•8 min read 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. What can we infer from a Bank of England survey of British business investment into AI technology? Trends that apply to the wider European market… or so we hope.
Winding Up - Let’s keep dancing
Conventional thinking suggests that the best, or at least most immediate, distressed investment opportunities will be those companies with maturities in the next two years. Applying 9fin’s rubric for stressed/distressed debt (loans: price = ≤92; bonds: StW = ≥ 8) , we’ll look at the loan market and see what names come up. If you want to follow along, you can view our screener on the 9fin platform — you might have to adjust the latest price date, depending on when you read this.
Victoria gauges third party interest in potential drop-down deal
Victoria PLC has been sounding out interest from new investors on a potential financing deal that would involve putting some assets out of reach of existing creditors, according to 9fin sources. The carpet and tiles company is seeking to raise roughly £185m of new money through a drop-down deal, in which it would move certain UK flooring assets with around £25m of EBITDA to an unrestricted subsidiary, sources said. Often referred to as “pulling a J.
Winding Up - Very mindful, very Demire
Market Wrap Will Macadam 6 September 2024•8 min read 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. Another week, another group of creditors sign a co-op agreement to stymie the efforts of an issuer hoping to pull off some kind liability management exercise.
Oriflame creditors sign co-op to counter LME
News and Analysis Will Macadam 5 September 2024•2 min read An ad hoc group of creditors representing more than 75% of Oriflame’s bonds have signed a co-operation agreement in an effort to combat a recently announced liability management exercise, according to 9fin sources. The agreement, which became effective yesterday, 4 September, binds the group to collective action as refinancing negotiations with the Swedish beauty products direct seller start to heat up after months of silence.
Winding Up - An august malaise
Market Wrap Will Macadam 23 August 2024•8 min read 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.
Grifols debt rallies on private ownership transfusion, but market remains sceptical
News and Analysis Will Macadam +Hazik Siddiqui + 2 more 22 August 2024•4 min read Brookfield and the Grifols family’s potential take-private of Grifols has caused the group’s debt stack to rally towards their prices for either a change of control put offer, or redemption. All of the bonds define a change of control as occurring if the Grifols family acquires an equity stake greater than 50% in the blood plasma-related products producer, or if anyone else acquires a stake greater than 35%.
Winding Up - Despite all the rage, it just killed yen carry trades
Market Wrap Will Macadam 9 August 2024•9 min read 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.
Winding Up - All co-oped up with no place to go
Market Wrap Will Macadam 26 July 2024•9 min read 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. Co-operation agreements are fast emerging as a popular tool for creditors in complex distressed situations hoping to tilt the balance of power in their favour.
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