Cloud 9fin

Syndication Nation — Will rescheduling light up the cannabis debt markets?

Hemp, hemp, hooray! The cannabis industry rejoiced earlier this year when the Department of Justice officially reclassified state-licensed medical marijuana from Schedule I to Schedule III — placing it in the same category as testosterone, rather than heroin. But the real game-changer for the industry would be expanding Schedule III status to adult-use recreational cannabis, which the DOJ reviewed during formal administrative hearings in July. A broader reclassification would potentially pave the way for more tax relief, as well as additional collateral and financing options for stressed cannabis borrowers. LevFin editor Bill Weisbrod grinds down the situation with deputy LevFin editor Sasha Padbidri in this episode of Cloud 9fin’s Syndication Nation. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

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Distressed Diaries — Are football clubs paying too much for their boots?

The World Cup summer is now a fading memory, but with the Premier League back, Cloud 9fin’s Distressed Diaries keeps football in focus while shining a light on the sector’s financial difficulties. Football clubs were traditionally bankrolled by wealthy men. Successful businessmen channelled their buccaneering instincts into their favourite sport, splurging wealth they made elsewhere. The latest in this long line, Jeff Bezos, Amazon’s founder, is set to buy a stake in Liverpool as part of a consortium led by British-Indian millionaire businessman Amit Bhatia. But rising costs, including eye-watering player salaries and transfer fees, has meant that one man’s opulence, however fabulous, is not enough to save a struggling business. Not least in an industry as money-guzzling as professional football. As a result, clubs resorted to borrowed money and a great many have struggled to pay that money back. In this episode of Distressed Diaries, host and senior reporter Bianca Boorer and distressed debt reporter Aditya Anand Kumar speak with Owen Ormond, restructuring partner at Ward Hadaway about the rise of distress in football clubs in Europe, the extent to which regulation can control club owners’ profligacy and the role of alternative types of credit.

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Jane’s LME Addiction — BofA drops in on a double Black Diamond navigating uncharted DQ litigation slopes

A New York state judge is preparing to hear a trial between Black Diamond Capital Management and Bank of America, the result of which could provide a better understanding of how lender DQ lists are enforced. In this episode of Cloud 9fin, Jane Komsky unpacks the case and the potential impacts on the broader market with Polsinelli restructuring chair David Karp and 9fin reporter Tom Quinn. The discussion examines the three questions now facing the court: whether Bank of America should have settled a trade with an affiliate to a disqualified lender, whether it satisfied a requirement to provide an economic equivalent when the trade failed, and whether it acted as soon as practicable to find a solution. Karp argues that any ruling is likely to focus on Bank of America’s post-trade conduct rather than overturn the core loan-market principle that a trade is a trade. The case also highlights the value of lender-of-record status, opaque DQ lists, voting rights and the risk to desks that leave trades unsettled. You can read our original story on the litigation here. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

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Eat, sleep, drive — Breaking down the Del Monte, Serta & American Tire trifecta

Judge Lopez’s Serta ruling lands after Del Monte and American Tire, putting pro rata sharing, sacred rights and LME damages back in the spotlight. Ropes & Gray’s Rachel Strickland and Eliza Hollander join 9fin Head of LMEs Jane Komsky to parse what these three cases mean for the future of in-court and out-of-court restructurings. The trio compares Judge Lopez, Judge Kaplan and Judge Goldblatt’s approaches to similar pro rata sharing language in very different settings: Serta outside bankruptcy, and Del Monte and American Tire inside Chapter 11, both with DIP fights. Strickland and Hollander examine whether roll-ups, cashless exchanges and DIP subordination should be treated as payments or reductions under legacy credit agreements, and why Fifth Circuit open-market purchase analysis continues to shape the debate. They also dig into ratable-offer mechanics, Serta-style uptiers, excluded lender remedies, par participation damages and the tension between textual contract interpretation and bankruptcy court equity. They also explore whether LME fatigue, litigation costs and the 2027-2028 maturity wall will push market participants towards ratable structures or efficient Chapter 11s. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

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JP Morgan’s $1.5tn SRI targets Europe’s security supply chain

Daniel Rudnicki Schlumberger, a 30-year JP Morgan veteran, sits down with senior leveraged finance reporter Nicolle Liu to unpack how the bank is exporting its Security and Resiliency Initiative (SRI) from the US to EMEA — mobilizing private capital for the sectors governments now treat as strategic. Schlumberger also discusses: The $1.5trn, 10-year target and the full capital stack behind it: balance-sheet lending, syndicated loans, high yield, equity private placements, IPOs, venture and direct lending, second lien, PIK and hybrid capital; Where the money is going: aerospace and defense, nuclear, wind, solar, grid resiliency, AI, quantum, cyber, rare minerals, shipbuilding, robotics and critical medicines; Deals in focus: Oxford Quantum Circuits' equity private placement, Czechoslovak Group's HY bond and defense IPO, and CoreWeave's debut euro bond; Plus: private equity's push into defense consolidation, the sovereign data center question, government engagement, and how JP Morgan is staffing up its SRI team. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

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Can Indian private credit growth hit 30%?

India’s private credit market is moving from IBC-era rescue finance to a broader asset class. Performing credit is hot, but complexity-driven capital remains scarce and potentially higher alpha. InCred Alternatives’ Ankur Jain, who is a managing director for private credit strategies, tells 9fin APAC reporter Rajhkumar Shaaw about a market that is still only about $25bn-$30bn in AUM, or 0.6% of GDP, but growing at roughly 25% CAGR. Jain also unpacks India’s private credit boom, why global macro has had limited impact on India-focused borrowers, and how domestic funds and wealth-market co-investments are increasingly challenging foreign investors. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

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Claude Code shook credit. What breaks next?

A major theme of the first half of 2026 was Anthropic’s Claude Code triggering a software sell-off that is still reshaping private credit, BSL and distressed debt. In the latest episode of Cloud 9fin Dan Mika, Anna Russi and Samantha Stokes unpack the first half of the year and what shocks await in the second half. The team reviews a volatile first half that began with optimism around M&A, Hologic, Electronic Arts and new-money LBO supply, before the software sell-off and Iran war changed the tone. Dan Mika contrasts IG M&A volume with weaker high-yield and leveraged loan activity, while Anna Russi explains how private credit lenders are reassessing software underwriting after Medallia handed keys to lenders. Samantha Stokes discusses distressed credits trading down ahead of 2028 and 2029 maturity walls, with lenders wary of long-dated refis as AI risk remains hard to price. The episode also covers the limited but sector-specific impact of the Iran war on chemicals, building products and airlines, including Tronox, Cornerstone Building Brands and Spirit Airlines. Looking ahead, the team flags private credit liquidity stress, retail redemptions, portfolio sales at managers including Blue Owl, Apollo, FS KKR and New Mountain, rising secondaries activity, Mudrick’s LME fund and the risk of higher-for-longer SOFR. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

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El Niño is Spanish for … The Niño

El Niño is back, and *Cloud 9fin’*s LatAm and CEEMEA editors see credit risks spreading across energy, agriculture and sovereign balance sheets. Deputy LevFin Editor Sasha Padbidri speaks with LatAm Editor Xochitl Herrera and CEEMEA Editor Dan Alderson on how worsening weather shocks are feeding into leveraged credit and emerging market risk. In Colombia, drought could cut hydropower output just as gas production falls, forcing more imports while Canacol works through a Canadian restructuring process. Xochitl also flags Mexico’s exposure to Henry Hub through gas imports, Chilean utilities’ hydropower upside, and Brazil’s soybean and corn vulnerability. Dan breaks down Africa’s uneven El Niño effects, from Southern African drought to East African flooding, against a backdrop of food, fuel and fertilizer disruption. Here’s a summary of the 9fin articles mentioned in the podcast: Africa vs Godzilla El Niño — Key battle lines for credit in 2026/27 Colombia braces for perfect storm as El Niño looms over gas crisis FEMSA, KOF and Alsea may benefit from El Niño effect El Niño could lift Chile utilities, but less than last time Brazil climate whiplash could put key credits to the test Houston, we have a solution — How space data centers could be debt's next frontier Hurricane Helene hits southeastern US borrowers Hurricane Beryl shakes up Texas borrowers $98bn in AI projects disrupted by mounting environmental and labor risks Resistance is fertile — Iran war’s impact on agriculture and CPI Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

Stepping into the ‘Archieverse’

When an announcement was made last year that Universal Studios was making a movie about Archie Andrews produced by Hollywood heavyweights, it should have been a victory for one of comics’ most enduring franchises. Instead, it triggered a legal war which ties up a Beverly Hills mansion, accusations of threats fit for an “organized crime figure” and a much-awaited movie on the line. With a UCC foreclosure auction set for June 15, the fate of Archie Andrews — and the Archie Comics empire — hangs in the balance. In this episode, 9fin’s global head of distressed and LevFin, Max Frumes, sat down with distressed debt reporter Maria Heeter and LME legal analyst Laurie Tomassian, co-authors of a recent investigation into the dispute between lender Raven Capital and Archie Comics co-CEO Jonathan Goldwater to break down how it all unraveled. As a quick shoutout, the episode references and includes short audio clips from the 1969 hit 'Sugar, Sugar' by the fictional bubblegum-pop group, The Archies. The song held the #1 spot on the Billboard Top 100 for eight weeks between October and December 1969. The episode theme song is a tongue-in-cheek homage to The Archies’ second studio album, Everything’s Archie, created bespoke for this episode by our producer Chase Collum. Clarifications: There's actually no show called “Desperate Mormon Housewives. Instead the popular reality television series was called "The Secret Lives of Mormon Wives". Also, while Archie Comics did once don the wrappers of Topps bubble gum, that was in the 1950s, and the host was almost certainly referring to Bazooka Joe. Have any feedback on this episode? Send us a note at podcast@9fin.com. Thanks for listening!

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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. In this episode of Cloud 9fin, head of bankruptcy Cat Corey talks with senior LevFin reporter Dan Mika about his previous reporting on the crypto ATM industry’s history of targeting neighborhoods of color, and how it has become a favorite tool for organized scam groups to separate victims from their cash. The two also talk about what value is left for creditors in a business model where — in the eyes of lawmakers — the societal harm is too great to ignore. Have any questions? Send us a note at podcast@9fin.com. Thanks for listening! Stories referenced in this pod: - High-fee crypto ATMs center around low-income parts of Kansas City - How Crypto ATMs in the U.S. Became A Favorite Tool for Scammers - FBI Internet Crime Report 2025

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Syndication Nation — The tie-up between insurance and America’s AI buildout

In our latest episode of Syndication Nation, leveraged finance reporter Sunny Oh sits down with Mark Melchiorre, chief investment officer of Forza Investment Group, to discuss how insurance-focused asset managers are helping to finance America’s new “Manhattan Project” — the rapid buildout of tech and AI-driven digital infrastructure. Melchiorre discusses his journey through credit markets and the appeal of hybrid capital in a world of growing dispersion. He also talks about the prospects for small modular nuclear reactors, which have garnered interest as power proves to be a key bottleneck in the race to develop new data centers. Check out coverage on leveraged finance and private credit at 9fin.com. Have any feedback on the podcasts? Send us a note at podcast@9fin.com — thanks for listening!

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Private Chat — Fundraising and secondaries during private credit’s liquidity crunch

It seems that over the past few months, you could sum up the troubles facing private credit with one word: ‘illiquidity.’ This is a key tenet of the asset class, and it is often cited among the reasons for private credit’s premium. But it also can pose challenges, as seen through record redemption requests from non-traded BDCs and the dilemma of managing the tail end of a fund’s life. Two paths to manage those challenges are to raise more money and engage in secondary transactions. So, who better to ask about this moment in private credit than Campbell Lutyen’s global head of private credit Jeffrey Griffiths, whose team leads private credit fundraising and secondaries advisory. In this episode of Cloud 9fin’s Private Chat series, reporter Tom Quinn checks in with Griffiths to learn about the state of the fundraising market and how secondary transactions are taking shape. Have any feedback? Send us a note at podcast@9fin.com — thanks for listening!

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Distressed Diaries — Will the SUNs shine on Arxada A&E deal?

Sponsors Bain and Cinven are confident creditors will approve the A&E deal for Arxada, despite opposition from its senior unsecured bondholders. But is that confidence based on sunny optimism? 9fin sources say negotiations are ongoing with the SUNs in the background as the deadline to sign up for the deal is today (28 May). The company may look to extend by a day, Cinven partner Christopher Anderson, said on a Q1 26 earnings call yesterday (27 May). The company received over 90% support from its secured creditors last week, Anderson said. However, he did not give an update on the SUN consent threshold, which was a meagre 20% at the deal launch on 13 May. The company needs 75% from each class of creditors to implement the deal through an English scheme of arrangement, which it filed for on 26 May. In this episode of Distressed Diaries, host and senior reporter Bianca Boorer speaks with distressed credit analyst Yusuf Sule and senior legal consultant Luke Viner about the A&E deal, creditor sentiment, what could happen if it goes to court, and how the company might handle the unconsenting SUNs.

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Syndication Nation — From mega-cap to megawatts: How AI data center bonds are rewriting the credit playbook

In our latest episode of Syndication Nation, US investment grade editor William Hoffman and senior leveraged finance reporter Sunny Oh discuss one of the hottest topics in corporate credit — data center bonds. With billions of dollars of fresh debt hitting both high-grade and high-yield markets to finance the AI infrastructure buildout, investors are being asked to underwrite these project finance-type deals. That’s changing the job of the average tech credit analyst, forcing them to exercise a due diligence muscle they don’t typically use. For more detail, read Will, Sunny, Yiwen and Dan’s latest piece discussing all the nuances and structures that lenders say can make or break one of these bond offerings. Find all our coverage of this new debt class at 9fin.com. Have any feedback for us? Send a note to podcast@9fin.com. Thanks for listening!

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Syndication Nation — The $81bn HY/IG jigsaw puzzle behind Paramount-WBD

In our latest episode of Syndication Nation, US investment grade editor William Hoffman and LevFin senior reporter Sunny Oh break down a complicated mess of debt headed for the primary in the back half of 2026 to fund the combination of Paramount Skydance and Warner Bros. Discovery. The debt stack is expected to include $32bn of existing bonds and $49bn of newly syndicated debt split across asset classes for one of the largest financings of the year. For more detail, read William, Sunny and Will Macadam’s latest piece breaking down the colossal $81bn debt stack that will finance this deal. Find all our coverage of the Paramount-WBD deal at 9fin.com. Have any feedback for us? Send a note to podcast@9fin.com. Thanks for listening!

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Tranche Talk — Unlocking value in infra CLOs with RRAM’s Anjana Ravani

In this episode of Tranche Talk, *Cloud 9fin’*s CLO series, our global head of CLOs Tanvi Gupta, talks with Anjana Mohan Ravani, head of CLOs and corporate ABS at Redding Ridge Asset Management. They dive into infrastructure CLOs as an exciting growth area and discuss the value proposition for investors looking to underwrite the asset class and what the portfolio composition would look like for these deals. They also delve into the lay of the land in private credit, CLO triple-A investor sentiment and the potential misconceptions about captive equity returns.

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Syndication Nation — Is software credit headed for terminal decline?

In this episode of Syndicated Nation, senior reporter Sunny Oh welcomes Lotfi Karoui, managing director and multi-asset credit strategist for Pimco, to discuss how corporate credit has managed to hold up in the face of geopolitical jitters from the Middle East and worries around the terminal value of software businesses. Karoui also addresses the relative liquidity between direct lending and 144a private placements — often conflated with private credit — the growing dispersion of loan marks in business development vehicles, and questions around whether public bond markets can absorb the flood of data-center-driven issuance spurred by hyperscalers’ AI spending. Find all of our coverage on leveraged finance and corporate credit at 9fin.com. Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

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Jane’s LME Addiction — Will law firm musical chairs bring LMEs 3.0?

In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky welcomes back Jon Henes, founder and CEO of strategic communications firm C Street to discuss the market’s shift from the technical "how-to" of liability management transactions to the fundamental "why." Jon addresses the growing skepticism surrounding the efficacy of these deals, the strategic vision behind C Street’s new law firm optimization practice and explores whether the "musical chairs" of elite legal talent is ushering in a new era of consensual capital solutions or simply more complex bankruptcies. Find all our coverage on LMEs at 9fin.com. Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

Straight outta Hormuz — credit analysis in the age of macroshocks

While the software sell-off was the story of the markets in January, the war between the US and Iran has dominated headlines since the end of February. Back in September, 9fin highlighted a closure of the Strait of Hormuz as a black swan event that would shock the oil markets. When that scenario moved from a remote possibility to an impending risk, the team revisited the situation and outlined the first and second-order impacts of a potential strike — and then the war began. In this episode, 9fin’s global head of distressed and LevFin Max Frumes is joined by senior credit analyst Alec Keblish to score the call: what they got right, what this tells us about prevailing market sentiment, and which sectors and individual issuers still contain pockets of volatility or opportunity even if the war were to conclude today. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

Syndication Nation — I just came to say HALO

The HALO (heavy assets, low obsolescence) trade has gained traction in recent months — particularly in the equity markets — as investors turn away from software businesses amid AI displacement concerns. In this week’s episode of Syndication Nation, 9fin’s podcast on all things leveraged finance, LevFin reporter David Westenhaver joins US deputy editor Sasha Padbidri in unpacking HALO for our side of the market — which credits are actually benefitting from the trade, and whether this is truly a safe haven for LevFin investors. Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

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