Three private credit bosses walk into a committee room…
Bankruptcy hearing in high-profile corporate collapse will start process of hashing out competing claims
Collapse of automotive parts supplier puts spotlight on arcane practice of working capital finance
Plus, K&E changes tactics, London’s quant renaissance and Peter Doig’s House of Music at the Serpentine
Some creditors want an independent trustee involved in car parts maker’s bankruptcy process
Sound of da pro lease
Onset Financial called itself a ‘dominant force’ in financing everything from chickens to helicopters. It ended up as First Brands’ biggest creditor
The fiasco has captured the attention of regulators, eager to learn whether the US car parts supplier was a one-off or a symptom of a more systemic malaise
‘The attorneys and advisers always win’
Firm leader says auditor may face years of scrutiny and will take ‘decisive action to protect our reputation’
Plus, Kering focuses in on its flagship brand and BNP Paribas grapples with the fallout from Sudan court ruling
Rich Handler’s comments came as investors dumped US regional bank stocks over credit quality worries
Rapid growth of $2tn market has led to hastily done deals and hurried due diligence, say fund managers
Patrick James borrowed billions — even after presiding over a string of failed businesses
Plus, the UK National Lottery owner’s US ambitions and HSBC bets on Hong Kong
Charles Moore of Alvarez & Marsal to become ‘interim chief executive’ as well as chief restructuring officer
Bank denies earning undisclosed fees on financing provided to auto parts supplier through ‘side letter’
Car parts maker’s rapid downfall has raised concerns of widespread losses on Wall Street
Cleveland, we have a problem
Plus, a footballing debt mountain
Allianz, Coface and AIG among groups to have written credit insurance policies linked to bankrupt car parts maker
New York prosecutors’ probe into bankrupt company is at an early stage and described as a fact-finding mission
Collateral, equity cushions, hedging and litigation will all play into the outcome for each investor
Failures of two US companies reliant on asset-based lending prove ‘useful case studies’, Financial Conduct Authority says
Raistone calls for independent examiner to probe auto supplier’s downfall
