Credit Lens: Europe & Beyond

Merlin Entertainments might be best known for Legoland and Madame Tussauds, but at 00:00:17, the magic starts to fade. Phoebe Appenteng and Katie McMahon unpack how a 2027 refinancing, falling EBITDA, and a triple C downgrade have turned the world’s second-largest theme park group into a test of financial creativity. By 00:06:55, the sale of Lego Discovery Centres to part-owner Kirkbi raises questions about whether the move was str...

Phoebe Appenteng and Katie McMahon open with Intralot’s groundbreaking return to the primary markets, four years after executing Europe’s first aggressive liability management exercise. What began as a distressed Greek gaming company has transformed into a case study in creditor-led restructuring tactics. Nikhil Varsani, Financial Analyst at Octus, joins (02:28) to dissect how Intralot’s 2021 drop-down transaction cracked open Euro...

Phoebe Appenteng and Katie McMahon open with the landmark Aggregate case (02:18), where a German court ruling has cast doubt on London’s position as Europe’s restructuring capital. What began as a standard Part 26A restructuring plan has turned into a jurisdictional battle that could reshape cross-border insolvency. A Berlin-based developer’s billion-dollar ...

This week Phoebe Appenteng is joined by a fresh voice, Katie McMahon, as co-host. They open with Klöckner Pentaplast at (01:21), where a refinancing has slipped into a liquidity crisis. The German packaging group is facing €79.4 million in overdue invoices and €1.7 billion in 2026 maturities. With leverage at 8.7x and operations in decline, the debate is whether creditors and sponsor SVP can avoid a Chapter 11 filing.

At (10:15), t...

AI isn’t knocking politely—it’s blowing the doors off European credit.

Chris Haffenden and Phoebe Appenteng go deep into how generative AI is hammering the business process outsourcing sector, with Foundever and Transcom debt trading at distressed levels, and bondholders scrambling for clarity. Klarna's call center pivot? Already reversed. But the damage is done.

They unpack which credits are toast, which ones might claw back, and ...

In Episode 5 of Credit Lens: Europe & Beyond, hosts Chris Haffenden and Phoebe Appenteng dig into the latest wave of telecom restructurings, global tariff tensions, and the financial fallout hitting oil producers like Tullow.

They break down Altice International’s debt position and ask whether Patrick Drahi is about to run the same playbook again. Then it’s on to tariffs, where legal rulings and campaign politics are colliding ...

In Episode 4 of Credit Lens: Europe & Beyond, hosts Chris Haffenden and Phoebe Appenteng break down how fashion, restructuring law, and unexpected animal tech are all making waves in European credit.

They open with the rise and fall of high-yield fashion. From Golden Goose’s tight issuance to Isabel Marant’s sinking notes, they examine which brands are holding up and which are losing their luxury shine. Then it’s on to Petrofac...

In Episode 3 of Credit Lens: Europe & Beyond, hosts Phoebe Appenteng and Chris Haffenden tackle the big credit themes shaping European markets right now.

They start with Cerba and the rising fear of LMEs in Europe, questioning whether Altice-style tactics are becoming the new normal. Then it’s on to French retail, where Casino’s failed turnaround has investors wondering if ELO might be next. The conversation zooms out to IPO de...

In the premiere of Credit Lens: Europe & Beyond, hosts Phoebe Appenteng and Chris Haffenden zoom out from single-name headlines to explore the bigger themes shaping European credit.

They unpack Petrofac’s restructuring chaos, decode the rise of DPI as private equity’s pressure point, and explain why IPO chatter might be more about signaling than actual exits. The duo also dive into the tug-of-war between private credit and trad...