European LevFin Wrap — Pour one out for Stonegate

AI warning signs, Part Two — It’s IPO o’clock, do you know where your credit returns are?

Excess Spread — Pontiffs and Pontification

His Holiness Pope Leo XIV sadly didn’t take time out of a busy schedule that included the blessing of the Sagrada Familia (which now has its final tower) to attend any of the parties or sessions at FT Live’s Global ABS event this week. Rumours that he’d been booked as a keynote turned out to be unfounded, leaving Mohamed El-Erian, former Pimco boss, and Lord Mark Sedwill, former UK cabinet secretary, to fill in instead.

Cleared for restructuring: Airline Chapter 11 in a new era

Airline distress is back, and it looks nothing like the last cycle. Supply chain failures, grounded fleets and a changed financing landscape are rewriting the rules of aviation restructuring, and the market is still catching up. We hosted a webinar called Cleared for restructuring: Airline Chapter 11 in a new era to discuss this evolving landscape. Our head of bankruptcy, Kat Corey, was joined by Michael Burke (partner, Pillsbury), Chad Husnik (partner, Kirkland & Ellis) and Anne Wallace (senior managing associate, Sidley Austin).

Private equity firms heighten scrutiny on creditor advisory bills

Some private equity firms are starting to take a deeper look into fees from creditor advisors in a bid to avoid further equity erosion, according to 9fin sources.

9Questions — Ming Eng, Granite Asia — Where is private credit headed in Asia?

Private credit is having a moment in Asia. It’s been growing fast from a small base and has made inroads to a lending environment still dominated by traditional banks.

Cloud 9fin — The In-court Report — What Bitcoin Depot’s bankruptcy means for creditors (and scam syndicates)

Bitcoin Depot went from a $600m, publicly-traded business to bankrupt in a matter of months, but the story around the company and other crypto ATM providers has been brewing for years. We happen to have just the guy on staff to break it all down.