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The restructuring podcast from the Debtwire editorial team.
86 Episodes
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On-site at Debtwire's Restructuring Forum 2025, Legal Lens host and Deputy Courts Editor Andy Serbe interviews a series of restructuring experts on what their takeaways for this year were, and predictions for '26, from Altice lawsuits to key court rulings and sectoral challenges.
In this episode of the Debtwired podcast, Deutsche Bank’s Chief Investment Officer for the Americas Deepak Puri joins Alvaro Ledgard to break down the market outlook for 2026. Puri discusses why next year could be a true “stress test” for the global economy, as tariff-driven supply shocks, shifting labor dynamics and US fiscal policy take effect. Puri shares Deutsche Bank’s expectations for Fed rate cuts next year and explains how these moves could reshape the US yield curve. The conversation dives into credit markets, high yield issuance and the biggest investment opportunities that lie ahead.
In this episode of Debtwired! Jayme Goldstein, co-chair of Paul Hastings financial restructuring group, and Tyler Cowan, global head of restructuring and liability management at Lazard, join Debtwire co-managing editor, Madalina Iacob, to discuss how the restructuring landscape has evolved over the past decade and what’s shaping the next wave of restructurings. Expect more in-court processes in 2026 with lenders willing to “take the keys” as tight documents hinder further LMEs. The podcast explores the rise of cooperation agreements as a critical tool for creditors, and the surprising wave of non-sponsor private company bankruptcies, including First Brands and Pine Gate Renewables.
In this episode, Debtwire's Amelia Weitzman sits down with DLA Piper’s Matt Schwartz to unpack the rapid rise of AI in private credit and what it means for lenders, borrowers, and the future of dealmaking.Private credit is entering a new era as AI tools rapidly change how information is used, risks are assessed, and agreements are negotiated. DLA Piper partner Matt Schwartz breaks down how these shifts are unfolding in real time and what they mean for the industry.
This episode of the Debtwired podcast explores the swift collapse of auto parts company First Brands Group into Chapter 11, the overlooked warning signs on Wall Street, and the high-stakes legal and financial battles now unfolding.Featuring insights from Debtwire’s head of research Tim Hynes, reporter Kunyi Yang, global head of legal analysis, Sara Tapinikes, and court team editor Taylor Harrison, the discussion breaks down what’s at stake for secured lenders, unsecured creditors, and trade claim holders as the case navigates a protracted and fiercely contested restructuring.The episode also delves into the potential for substantive consolidation—a move that could significantly reshape recoveries across creditor classes.
In this episode of the Debtwired podcast, Blackstone’s Rick Campbell joins Melina Chalkia, Debtwire’s primary market reporter for North America, to discuss how the landscape for infrastructure financing is evolving.In this episode, Campbell talks about the shift of infrastructure finance away from traditional banks and toward private credit, alongside a growing demand for power and a global push for digitization. He explains how themes like AI, data centers and renewable energy are converging, with data-center developers starting to build their own generation capacity. Campbell breaks down how these project financing deals are structured and how Blackstone’s “corporate solutions” strategy exemplifies that approach.Campbell is a Senior Managing Director with Blackstone Credit and Insurance (BXCI) based in Houston. He is involved with originating and executing investments in the energy transition, renewable energy and sustainable infrastructure sectors. Before joining Blackstone in 2022, Campbell worked as a Managing Director in the Global Infrastructure Finance Group at Citi for nearly 15 years.
In this episode of Debtwired!, James Pade, partner and managing director at Clearlake Capital Group, joins Debtwire co-managing editor, Madalina Iacob, to discuss investing opportunities after Clearlake consolidated its credit arms under one roof.Pade also digs into how lenders are navigating liability management exercises, the challenges faced by smaller CLO managers, and why strong sponsor relationships matter more than ever. Pade notes that Clearlake recently had discussions with stakeholders focused on building stronger, more direct communication with CLO managers and broadly syndicated investors, although it was never an “apology tour.”
Gijs de Reuver, managing director in Houlihan Lokey's restructuring team, discusses the erosion of creditor protections in Europe and the subsequent rise in creditor-on-creditor violence on the latest edition of the Debtwired! Podcast. Gijs also touches on recent high-profile restructuring court decisions in the UK and the role of CDS in restructuring.
Ryan Mulcunry of GA Group joined Debtwire's Senior Reporter Danielle Saba on Debtwired to talk about filling in the lending gaps for retailers and the evolution of asset dispositions.
We'd touch on topics like cheap options, tail risks, base case scenarios – but instead of credit strategies, we’re going to hear about how these can be applied to our lives.Pavlin has recently published a book called “Solving Life: Mastering Decision Making with Investment Wisdom”, which reached #1 in the New Releases and #5 in Investment Books overall categories in the UK in its first month on Amazon.
Holly Etlin, retail turnaround management specialist at AlixPartners, discusses the benefits of restructuring companies inside and outside the courtroom, from prearranged to formal filings and even the rare LME in between in the space.
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.
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