Will Macadam

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Winding Up - The un(Serta)in future

Jan 10, 2025 | 9fin.com | Will Macadam

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European Distressed Outlook 2025 - Trump card, grabbing market share from London and H2 Oh no

Jan 6, 2025 | 9fin.com | Alessia Pirolo |Nathan R. Mitchell |Will Macadam |Varun Gianchandani

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Winding Up - Even odds

Nov 15, 2024 | 9fin.com | Will Macadam

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Bondholder group sends acceleration notices to Essity

Oct 21, 2024 | 9fin.com | Will Macadam

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Winding Up - A(i)trocity exhibition

Oct 18, 2024 | 9fin.com | Will Macadam

Market WrapWill Macadam18 October 2024•8 min readWinding 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

Sep 27, 2024 | 9fin.com | Will Macadam

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

Sep 25, 2024 | 9fin.com | Rachel Butt |Teri Buhl |Will Macadam |Laura Thompson

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

Sep 6, 2024 | 9fin.com | Will Macadam

Market WrapWill Macadam6 September 2024•8 min readWinding 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

Sep 5, 2024 | 9fin.com | Will Macadam

News and AnalysisWill Macadam5 September 2024•2 min readAn 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

Aug 23, 2024 | 9fin.com | Will Macadam

Market WrapWill Macadam23 August 2024•8 min readWinding 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.