Getty Images, Cable One, CoreWeave, and Thames Water

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Passing along a few key restructuring and credit news from the week.

Getty Images is heading private through a Chapter 11 backed by $433mm from Koch, while CoBank is fighting Cable One's $1.3bn refinancing in court. CoreWeave's 2032 bonds just slipped below 77 cents on the dollar, and Thames Water is writing off £1bn of junior debt. Elsewhere, a Macquarie-owned company won 100% creditor support for an out-of-court deal, Hain Celestial is weighing Chapter 11, and Altice creditors are suing over billions in alleged asset transfers.

Getty Images Chapter 11 restructuring will take them private by year-end.

The Chapter 11 filing follows the failed merger with Shutterstock, which was announced in January of 2025 and valued at $3.7bn. The goal of the merger was to “combine in a merger of equals transaction, creating a premier visual content company.” The deal fell apart recently because of a regulatory issue in the UK, which would require Getty Images to sell the editorial side of Shutterstock, viewed as a nonstarter by the board of Getty Images. Ultimately, Getty Images spent $100mm on the failed merger. Moreover, the company has struggled with declining demand as customers utilize AI-generated images over Getty Images stock photos.

Now, the company is moving from being publicly traded to private with the aid of $433mm from Koch Equity Development (KED). The prepackaged bankruptcy restructuring will include a $143mm dollar DIP financing and converting $100mm of existing debt held by KED into equity. In addition, $270mm of unsecured senior notes will be retired.

Allegedly, the bankruptcy process would not involve layoffs, changes to the company’s operations, content partners, or vendors.

Cable One is seeking to overturn a federal court order blocking its $480mm acquisition of the remaining 55% stake in Mega Broadband Investments from private equity firm GTCR. The injunction follows a lawsuit by CoBank, an existing lender, which alleges the acquisition would constitute a fraudulent transfer and worsen Cable One's financial condition.

The acquisition is tied to a proposed $1.3bn financing package negotiated with GTCR and other lenders. Cable One says the broader refinancing would address approximately $2.45bn of existing obligations and near-term maturities, including repayment of its B-4 term loan and a reduction and extension of its revolving credit facility.

CoBank, which holds approximately $1.1bn of Cable One's debt, argues that the acquisition would impair creditor recoveries; Cable One disputes the allegations and warns that continued delays could jeopardize the financing commitments, leaving its broader debt restructuring unresolved.

A Macquarie-owned Australian waste-management company has completed an out-of-court restructuring of its $1.25bn debt pile after securing support from 100% of its creditors. The agreement allowed the company to implement its restructuring without pursuing a court-supervised process.

The transaction avoided a potential Australian scheme of arrangement and related Chapter 15 recognition proceedings in the United States, which could have been required to implement a restructuring without unanimous creditor consent. Full participation instead provided a consensual path to resolving the company's debt obligations.

Sidley Austin, Akin and Latham & Watkins were involved in the transaction, which illustrates how creditor coordination can allow heavily indebted companies to complete complex, cross-border restructurings outside formal insolvency proceedings.

CoreWeave’s $1.25bn of junk-rated bonds due in 2032 just dipped below 77 cents on the dollar. Credit-default swaps price in a more than 50% chance of default within five years. The company’s shares fell 17% in a single session on Thursday. CEO Mike Intrator said in an internal email that the market was acting “irrationally” and that the company’s financial position “more than supports” its debt obligations. On the other hand, Gil Lauria, a D.A. Davidson analyst, said that the high cost of borrowing is “destroying value at every turn.”

These outcomes extend beyond CoreWeave, with bonds associated with at least seven data center projects connected to the company also trading lower. Securities linked to Galaxy Digital Inc. and Core Scientific Inc. have also been weakened by concerns over the AI trade.

Thames Water has reached a binding agreement with senior and junior creditors over the treatment of approximately £1bn of Class B debt, removing a potential obstacle to the troubled UK utility's proposed recapitalization.

Under the agreement, Class B debt would be written off in full. In exchange, junior creditors would receive equity in the restructured company providing an estimated 5.9% recovery, rights to participate in £150mm of new equity, and participation rights in certain additional financing instruments. Creditors representing more than 60% of Class B debt have signed the agreement.

The compromise could reduce the risk of litigation from junior creditors who previously faced a complete wipeout. However, the broader restructuring remains subject to negotiations with senior creditors, regulators and other stakeholders; Thames Water also expects to pursue an interim maturity extension as its existing financing arrangements approach expiration in March 2027.

We covered Thames here

Hain Celestial Group has been struggling to deal with its high debt burden as the demand for its natural and organic food declines. The company previously had a deal with Aurelius, a private equity firm, to sell its UK and European businesses, which would have generated as much as $310mm in fresh cash. However, the deal fell through when the lenders failed to meet the October 12th deadline, which would have extended the maturity of the debt due in December for another 9 months. Hain and Aurelius are continuing to negotiate the sale.

This outcome has led to the company considering filing for Chapter 11 as early as November. However, no final decisions have been made thus far, and the company is still considering other restructuring options. Hain has around $650mm in unsecured debt, with its shares falling approximately 48% to 30 cents this past Thursday as news of the potential bankruptcy filing got out.

Creditors of Patrick Drahi-controlled Altice International have filed a lawsuit in New York alleging that the telecommunications group unlawfully transferred billions of dollars in assets beyond lenders' reach. The plaintiffs include investment firms Arini Capital Management, Invesco, Diameter Capital Partners and Elliott Investment Management, among others.

The complaint challenges a series of transactions involving intercompany loans, equity interests and assets that creditors allege were removed from the entities responsible for repaying their debt. Among the disputed transactions are the transfer of Altice's Portuguese and Caribbean operations outside creditor-restricted entities and the cancellation or reassignment of billions in intercompany obligations. Creditors argue that these transactions weakened the collateral and guarantees supporting their claims. The lawsuit seeks to reverse certain transfers, restore creditor protections, and recover damages. The allegations remain contested and have not been established by a court.

Note that this deal was advised by Houlihan Lokey and is from 2026, so it’s a particularly relevant choice if you’re interviewing with HL.

As always, I am here to help. Do not hesitate to reply to this email with any questions on recruiting, restructuring, or anything else.

Best,
Rx

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