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A bitter bankruptcy fight is playing out between HPS Investment Partners and the parent company of Redbox Just before the US Fourth of July holiday, the parent company of American DVD kiosk chain Redbox had run out of cash — and its biggest lender out of patience. Redbox’s owner, the publishing, programming and pet food… Read More

Direct lender traded over $1 billion of the debt in first halfDistress to hasten secondary trading, Monarch’s Santana says By Ellen Schneider, Libby Cherry, and Kat Hidalgo Golub Capital is boosting its trading of private credit deals, according to people familiar with the matter, the latest evidence of growing interest among some industry players in… Read More

Key Takeaways: This update to our analysis of data from RapidRatings, a leader in supply chain risk analytics, confirms the ongoing collapse in margins, surging leverage and deteriorating solvency of middle market companies anticipated by our prior research. At current leverage ratios, the average middle market company is likely near violating or already breaching covenants… Read More

The discussion around private credit is often dominated by the apparent appeal of middle market direct lending. The lack of transparency may be obscuring risks that are all too common among smaller highly leveraged corporates. Read More