Weekly News – June 23

Don’t miss out!
Our annual restructuring event

3M pays $10.3 billion for that OTHER tort exposure

Vice Media picked up for peanuts

Steinhoff nets plan approval

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Houston venue hijinks…

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Find it on Reorg here

CLO slowdown hits loan market

Private credit under scrutiny

What we’re reading…

Doesn’t it seem “Rash”?
$1,100 payday lender claim breaks tribal sovereign immunity

Congratulations

Congrats to our friend @Maxfrumes on joining 9fin

Contributors Speak Up

What to expect in the next default cycle

We asked Contributors Bradford Sandler and Sidney Levinson to weigh in on what we should expect in the next default cycle.

Professor Edward Altman recently noted in a paper published with the Creditor Rights Coalition that the Benign Credit Cycle is over. He sees a reversion to the mean in terms of defaults and recoveries in 2023. But he also sees many risks on the horizon making a Stress or even in a â€œhard-landingâ€ scenario a possibility (with 8-10% default rates). Put your prediction caps on. What do you see and expect? Where do you expect restructuring activity to increase? Are we in for more bankruptcies? Or, more (yawn yawn) extend and pretend? Will RSAs rule the day? Or, will we see more traditional in-court restructurings? What will this new environment look like?

Read on.

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