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High-profile US bankruptcies, First Brands and Tricolor have sent warning signals to regulators about the dangers of opaque financings, shining a light on private credit.

Are these cases one offs, given allegations of fraud, or will there be more cockroaches to follow?

In this episode of Distressed Diaries, 9fin’s senior distressed reporter Bianca Boorer sat down with senior distressed reporter Alessia Argentieri and private credit reporter Gregory Rosenvinge to talk about risks lurking in private credit.

We address some defaults, recent takeovers by private credit funds and lessons learned from the First Brands case.

We also touch on some new tools the private credit market is employing to increase its liquidity further.

Distressed Diaries — More private credit cockroaches crawling out?