European restructuring & LME law firm league tables Q1 26

Excess Spread — The suits begin, Elliott sits pretty

9fin | It was only a matter of time. With nine funding silos and a £1.3bn hole to fill, cooperation among the creditors of Market Financial Solutions had a limited shelf life.

Spirit’s DIP lenders mobilize to identify risks of government bailout

9fin | DIP lenders to Spirit’s bankruptcy proceedings are mobilizing and educating themselves in response to the US government’s proposed bailout of the company

Medallia lenders to take keys in one of the largest PC restructurings on record

9fin | Thoma Bravo is expected to relinquish control of Medallia to its lenders, the culmination of one of the largest private credit-backed restructurings as tracked by 9fin to date.

Towards the breaking point, when EBITDA lies and liquidity bites

As macroeconomic headwinds and tighter liquidity conditions expose weaker capital structures, the gap between reported credit metrics and underlying liquidity is becoming a defining feature of the European distressed debt and high-yield restructuring landscape.

Arxada SUN holders sign co-op ahead of company proposal

9fin | A group of bondholders in Swiss specialty chemicals producer Arxada’s senior unsecured bonds has formed a cooperation agreement ahead of an expected restructuring proposal from the company, according to 9fin sources.

LevFin mines the Permian’s newest gold rush