Friday Workout - Get Shorty; Surety for Schur; Aggregate loses some of the parts

Excess Spread — Barcelona ahoy!

The European market is packing up its deck shoes and linens for a few days of cerveza, tapas and structured finance at FT Live’s Global ABS 2026, the 30-year anniversary of the conference. 9fin will be well represented — stop by our booth (grab a sangria from 4pm Tuesday).

QVC Group — potential upside for preferred shareholders

QVC Group (QVCG) filed what was ostensibly supposed to be an expedited Chapter 11 on 16 April in the US Bankruptcy Court for the Southern District of Texas.

CD&R, Platinum in home stretch for Nestlé water unit, PAI drops out

CD&R and Platinum are the only sponsors left bidding for a 50% stake in Nestlé’s €5bn bottled water business in the final stretch of the sales process, according to 9fin sources. PAI has dropped out of the race, they added.

Connecticut bans hospital sale-leasebacks in wake of Prospect Medical’s collapse

Connecticut has blocked the private equity-driven practice of sale-leasebacks in healthcare—the practice of selling land to an investor who then leases it back—in a first-of-its kind law stemming from the collapses of hospital systems Prospect Medical and Steward Health Care.

Judge approves creditor meetings for TGJones restructuring plans

Mr Justice Marcus Smith approved the proposed timeline for TGJones’s two restructuring plans at a convening hearing today (3 June), rejecting an application by dissenting creditor British Land to adjourn the hearing by 14 days.

Rise of ‘fourth trigger CDS’ ushers in new dawn of risk transfer