Covering all things European restructuring.
Joined October 2026
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Welcome to EURx.
I see a lot of accounts on X doing great work covering US distressed, but Europe feels underserved; there’s a lot going on here, and we should be talking more about it. So let’s get to it.
Here we’ll cover all things European restructuring, everything from LMEs and market chatter around stressed situations to actual filings straight from the court records: UK schemes and plans, StaRUG, WHOA, sauvegarde, and the European names that end up in US courts.
Decks, deep dives and general distressed knowledge at eurestructuring dot com.
Follow, comment, bookmark, tell me this is pointless… any feedback welcome ✌🏼
Biggest underperformers in European HY, week ending 6 November (wtd cash px moves):
MPW 3.375% 2030s down ~18 (being primed again?)
MODULA down 4-8 (this week’s EBITDA print 🤮)
CRWV
SOFTBK down 2-4
OI -4
Top underperformers in European loans, week ending 6 November (wtd cash px moves)
KronosNet down 25-30 😱 (chart data is incorrect)
FNZ -11
ALTICE -9 (Arini overhang?)
Rovensa -9
Planet -6
Altadia -5
Arden University -5
Dexko down 2.5-3
Drama continues to unfold in Altice International. Farallon is now suing the Dragi-owned business, alleging multiple unlawful debt transactions over the years.
xitter.gq/EURestructuring/status…
€75m block of KronosNet TL apparently printed yesterday around 10c, per Octus.
Investors also sold in mid-20s last week, and Anchorage the week before that.
Tough!
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Konecta founder José María Pacheco is exploring a bid to regain control of KronosNet, per El Confidencial. His proposal entails providing €400m to pay down a significant portion of the outstanding TL. More details from original write-up below ⬇️
xitter.gq/EURestructuring/status…
Konecta founder José María Pacheco is exploring a bid to regain control of KronosNet, per El Confidencial. His proposal entails providing €400m to pay down a significant portion of the outstanding TL. More details from original write-up below ⬇️
xitter.gq/EURestructuring/status…
More redemptions, including from another London-based credit hedge fund (Axebrook)
xitter.gq/nishantkumar07/status/…
Millennium is redeeming more than $1.5 billion of leveraged cash from two external hedge funds - one event driven, other credit - that the multistrategy investment firm backed last year bloomberg.com/news/articles/…
Right on cue
*META PLATFORMS PLANS $/€ BOND SALE FIXED INCOME CALLS
*IPT: ALPHABET €BMARK MULTI-TRANCHE BOND SALE
*NEW DEAL: ORACLE $10B WNG DEBT OFFERING IN SIX PARTS
*ORACLE FILES TO OFFER $10B of COMMON STOCK
xitter.gq/EURestructuring/status…
I fully appreciate and understand the implications of a capital flight from the AI trade. But is that actually happening? IMO, raising smaller or more expensive target amounts (still several billions) isn't the same as not raising capital.
xitter.gq/junkbondinvest/status/…
I fully appreciate and understand the implications of a capital flight from the AI trade. But is that actually happening? IMO, raising smaller or more expensive target amounts (still several billions) isn't the same as not raising capital.
xitter.gq/junkbondinvest/status/…
Related (via FT Alphaville “If you think Triple-C bonds are having a rough time . . .”)
xitter.gq/EURestructuring/status…
