Top of the Flops - Distressed Watchlist end-June 22

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Market Wraps

Private Credit

Taking the Credit — Fundraising numbers don’t lie

9fin | Ask anyone working in private credit about recent headlines, and you’ll likely get a chuckle, a grimace and the impression that some news coverage is more akin to ‘the boy who cried private credit crisis’ than reality.

10 Apr 2026

| Europe

News & Analysis

LevFin

KKR, Apollo near $10bn joint ownership deal for Atlantic Aviation, no new debt expected

9fin | KKR is nearing a sale of a majority stake in fixed-base operator Atlantic Aviation to Apollo at a $10bn valuation in a way that would negate new debt issuance, sources tell 9fin.

9 Apr 2026

| US

News & Analysis

Investment Grade

LevFin

Beer and Loathing in Lagos: 48 hours in Africa’s hottest beverage market

Nigeria’s population is booming, and recent financial reforms are making investors more confident. Could it be a bright spot for breweries as sales decline elsewhere?

9 Apr 2026

| Global

News & Analysis

Distressed

Modella taps Slaughter and May to advise on TGJones

9fin | Retail-focused private equity firm Modella Capital is working with Slaughter and May on options for TGJones, the UK high street chain it acquired from WHSmith last year, according to 9fin sources.

9 Apr 2026

| Europe

News & Analysis

LevFin

VistaJet bonds surge as company explores IPO option

Private aviation company VistaJet is working with bankers to explore the possibility of an IPO this year, according to 9fin sources.

9 Apr 2026

| Europe

| US

News & Analysis

ABF

Direct lenders look to cap securitizations post First Brands

9fin | Private credit lenders are increasingly negotiating securitization limits into credit agreements to guard against the kind of runaway off-balance sheet financings that led to the bankruptcies of First Brands and Tricolor, according to 9fin sources.

8 Apr 2026

| US