Credit Lens: Europe & Beyond

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 02: Restructuring Drama, DPI Pressure, and Europe’s Defense Awakening

In Episode 2 of Credit Lens: Europe & Beyond, hosts Phoebe Appenteng and Chris Haffenden break down the pressure points moving Europe’s credit markets.
They open with Petrofac’s UK restructuring, where a judge called the process a “car crash,” and explain why legal timelines are under fire. From there, they unpack the private equity world’s scramble to deliver DPI, with IPO buzz around names like Odido and TK Elevator. The episode also covers bond market slowdown, the surge in loan demand, and how private credit is competing with public markets.
To close, they dive into Ukraine’s fast-moving Eurobond story, rising defense spending across Europe, and the surprising turnaround for satellite operator Eutelsat.
Credit, context, and everything in between.

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

In Episode 4 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 3 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 2 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.
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