Credit Lens: Europe & Beyond

EP 10 | Petrofac’s Administration, Kloeckner Pentaplast’s Texas Pre-Pack, and Great British Railways

Phoebe Appenteng opens at and Katie McMahon sets the Update Corner format at (00:08). Petrofac begins at (00:52): a once solid engineering group tries to buy time under Part 26A, then loses the anchor TenneT contract and tips into High Court administration. The segment covers expected recoveries, dissenting creditors, and whether Saipem and Samsung benefit.
Kloeckner Pentaplast starts at (08:34): the German plastics group chooses a pre packaged Chapter 11 in the Southern District of Texas, cutting about €1.3B of funded debt with approximately €215M in DIP financing and a lenders take keys outcome. Why Chapter 11 over domestic tools, who is advising, and how quickly they can emerge.Great British Railways begins at (12:26): legislation lands and the consolidation starts. The early focus is digital, merging fourteen operator apps into a single GBR platform, creating a retail unit, and drafting a Code of Practice to protect third party retailers.
AI in Retail starts at (15:41): Currys holds roughly three quarters of UK AI laptop sales, Apple Intelligence launches in the UK, and the story moves from hype to hardware. The credit angle is demand, margins, and financing models for higher priced devices.
Afternoon Tea lands at (19:32): arrests in the Louvre jewel heist with melted gold fragments recovered and one piece still missing. Close at (22:40) with credits and subscribe.

EP 09 | Merlin’s Debt Rollercoaster and Ukraine’s Corporate Resilience

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 strategic or simply a lifeline.
At 00:07:04, Octus Senior Editor Magnus Scherman joins from Kyiv to discuss how Ukrainian companies are staying solvent through the war. From Ukrainian Railways to Metinvest, he explains how these businesses have continued servicing debt while managing destroyed assets, governance challenges, and limited funding options. By 00:12:01, he details the sudden firing and reinstatement of Ukraine Agro’s management team and what it means for investor confidence.
By 00:15:00, the focus shifts to Metinvest’s struggle to rebuild after losing key mines and paying large dividends during wartime. Phoebe, Katie, and Magnus explore what resilience looks like when every balance sheet reflects both survival and strategy.
At 00:20:09, the team closes with a quick round of Guess the Credit, covering everything from First Brands’ bankruptcy to France’s political upheaval and the rise of private credit money chasing higher yields. By 00:25:27, they wrap with a look ahead to the Octus London Credit Forum on October 23 and a reminder that even in quieter markets, credit never stands still.
Hosts: Phoebe Appenteng and Katie McMahonGuest: Magnus SchermanProducer: Tanya HubbardNetwork: Octus Podcast Network

EP 08 | Intralot, Tullow, and the Rapid-Fire Reality of Europe’s Credit Markets

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 Europe’s LME playbook and why its recent debt issuance signals broader market evolution.
From there (13:06), the conversation shifts to Tullow Oil’s mounting liquidity pressures. Once Ghana’s crown-jewel asset, the Africa-focused oil company now faces €1.285 billion in 2026 maturities with dwindling options. Recent asset disposals in Kenya and Gabon provide temporary relief, but with Jubilee Field valuations plummeting from $2.8 billion to $1.6 billion, refinancing talks grow increasingly complex. The hosts examine whether management can engineer another successful refinancing or if an amend and extend becomes inevitable.
This episode’s unofficial sponsor, Premium European Fashion Retailers (22:47), makes its pitch to affluent buyers still splurging despite economic headwinds. The tongue-in-cheek ad highlights consumer-market bifurcation before Phoebe Appenteng and Katie McMahon pivot to rapid-fire EMEA headlines, weighing sponsor pressure against covenant capacities across multiple sectors.
The show closes with Lightning Round EMEA (23:34), where underwhelming earnings from Altice France and Cerba collide with Merlin Entertainments’ covenant complexities. The exchange underscores how operational underperformance increasingly rules out straightforward refinancing, forcing sponsors and creditors into creative solutions. The hosts remind listeners that European credit markets operate in cycles and that aggressive tactics once considered American imports are now firmly embedded in the regional playbook.

EP 07 | Aggregate Restructuring, Prax Collapse, and Autumn Check-In

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 debt restructuring faces challenge from German creditor KVH, with Frankfurt courts preliminarily ruling against UK jurisdiction. Phoebe and Katie unpack the Rule in Gibbs, Brexit implications, and whether this signals the end of London’s 135-year dominance.
From there (07:19), the conversation shifts to Prax, the UK energy group that collapsed spectacularly with just £203 in its accounts. Once hailed as one of the country’s fastest-growing companies, the oil refinery operator’s sudden insolvency reveals £1.5 billion in intercompany loans, a frozen £783 million HSBC securitization facility, and owners who fled to Dubai under a £150 million asset freeze. They examine the political fallout as Energy Secretary Ed Miliband faces questions about government oversight.
The episode closes with an autumn check-in (14:30), where Phoebe and Katie swap seasonal routines, nostalgic YouTube algorithms, and personal reading goals. From McKinsey consultant sagas to Bloomberg’s Paper Soldiers and Saudi oil exposés, the exchange highlights the balance between professional insight and guilty-pleasure entertainment as markets heat up post-summer.

EP 06: Klöckner liquidity crunch and Selecta’s Dutch court battle

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), the focus turns to Selecta. Once a straightforward vending machine refinancing, the Swiss operator pushed through a Dutch share pledge enforcement that left minority creditors with little choice but to accept steep losses or swap into new notes at risk of future amendments. A €23 million legal challenge in Dutch courts highlights how far European liability management exercises are now going.
The episode closes with Afternoon Tea at (21:02), where stories of a rescued cow in Cheshire, corgi races in Vilnius, keratin toothpaste, a whale boom in South Australia, a child chess prodigy, and Dakota Johnson’s new film Materialists lighten the mood.

EP 05: AI Takeover Credit Shakeup and the Foundever Fallout

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 how AI agents could upend SaaS business models next.
Also in this episode:
The ethics of outsourcing human agency
Deepfakes, copyright wars, and the environmental toll of training your favorite chatbot
Plus, Afternoon Tea: AI-written love poems, Zoom avatars of yourself, and a tortoise named Sweet Pea who just became a dad at 135
This isn’t just about tech. It’s about what happens when capital, labor, and intelligence go digital.

EP 04: Restructurings, Tariffs, and the Rise of Rizz

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 to reshape global trade, with Europe weighing new deals as US reliability falters. Finally, they turn to oil, where falling prices are sparking concern across energy credit markets.
And in Afternoon Tea, the duo unpacks the Oxford Dictionary’s newest additions, from “doomscrolling” to “Rizz,” plus Klarna pizza loans, magnetic shark bands, and why a comedian is brokering peace between 19 Birminghams.
Credit meets chaos. Words meet markets.

EP 03: Designer Debt, Petrofac’s Power Play, and the Fish Doorbell of Amsterdam

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, where the UK’s restructuring courts are being tested by a bold plan to offload billions in liability—and competitors are pushing back.
Later, they revisit Farfetch, Mulberry, and Burberry, raising questions about value, trust, and brand durability in today’s credit market. And finally, they wrap with “Afternoon Tea,” featuring viral elves, ancient monkey charms, and a fish doorbell that has 2,000 live viewers cheering for carp in Amsterdam.
Where else does creditor tension meet collectible chaos? Only here.

EP 02: LMEs in Europe, Casino’s Post-Restructuring Struggles, and the Sofa Heard Round the Village

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 delays, buyout debt flowing into private credit, and why execution risk is changing how deals get done.
Finally, it’s time for Afternoon Tea. From Elon tweets moving Dogecoin to a British roadside sofa turned art exhibit, the show ends with weird, wonderful headlines and some questionable biscuit science.
Insightful, sharp, and just the right amount of strange.

EP 01: Defaults, DPI, and Defense Budgets: Europe’s Credit Crossroads

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 traditional markets, and close with a sharp take on Europe’s new defense spending era—and why it might be a lifeline for distressed satellite players like Eutelsat.
This is where credit meets context.
New episodes drop every two weeks. Subscribe now.