Intelligence Report · Distressed Credit
The brief that
credit investors
actually read.
Every Friday, we send a free distressed market intelligence report — verified claims, emerging restructurings, and the macro signals that most analysts miss until it's too late. Backed by Unravel's global journalist network.
Free · Forever
Sent every Friday
No spam · Unsubscribe anytime
Join the list
Get your first issue this Friday
Free weekly distressed market intelligence. Join credit investors and HF analysts already subscribed.
You're on the list.
We just sent a confirmation link to your email. Please click it to finish subscribing.
By subscribing you agree to receive weekly emails from Sergey Vorobey (Unravel Global). Privacy policy. Unsubscribe anytime.
Sample issue — Friday 14 February 2026
Vol. I · Issue 3 · London
Distressed & Credit Markets
Distressed & Credit Markets
The Distressed Brief
By Sergey Vorobey
@realsergeyvorobey
@realsergeyvorobey
Lead Story
European Private Credit Hits Record $65B — And the Workout Season Is Just Beginning
Ares Capital Europe VI closed at €17.1B last quarter, making it the largest European private credit fund ever raised. But here's what most coverage missed: 8% of BDC income across the sector is now paid in-kind — a signal that a significant cohort of borrowers can't service debt in cash.
Our journalists in Frankfurt and Amsterdam spent three days verifying claims from three restructuring advisors who told Bloomberg the situation was "manageable." Their private assessment was significantly less optimistic. We rated the Bloomberg claim: Misleading. Here's why…
Our journalists in Frankfurt and Amsterdam spent three days verifying claims from three restructuring advisors who told Bloomberg the situation was "manageable." Their private assessment was significantly less optimistic. We rated the Bloomberg claim: Misleading. Here's why…
LME Watch
The Altice USA Second Step: What Every Creditor Needs to Know Before Tuesday
Gibson Dunn's restructuring chair called Altice USA and KIK Consumer Products "canaries in the coal mine" for 2026. We verified the claim through four independent sources — two restructuring attorneys, one creditor-side advisor, and a local journalist with access to court documents.
The market-moving detail the WSJ didn't publish: a second creditor coordination agreement was signed the same week as the public LME announcement. Our confidence rating on that claim: 87% verified. Here's what it means for pricing…
The market-moving detail the WSJ didn't publish: a second creditor coordination agreement was signed the same week as the public LME announcement. Our confidence rating on that claim: 87% verified. Here's what it means for pricing…
Rate Dashboard
What's inside
every issue
Not a news aggregator. Not a summary of things you've already read. The Distressed Brief is journalist-verified market intelligence — the kind that lets you act with confidence when it matters.
01 / 06
The Verified Claim of the Week
The single most market-moving claim circulating in credit markets — fact-checked by Unravel's journalist network with a confidence rating, source count, and our verdict. The intelligence edge that matters most.
02 / 06
Distressed Situation Radar
3–5 emerging or developing restructuring situations on our radar. Not the ones already on Bloomberg. The ones heading there. LME developments, covenant triggers, creditor coordination signals.
03 / 06
EM Intelligence Dispatch
On-the-ground reporting from Unravel's journalist network in LatAm, EMEA, and Asia — the markets where the intelligence gap is largest and the returns are most significant.
04 / 06
Rate & Spread Dashboard
Key credit market metrics distilled: HY spreads, EM sovereign yields, HFRI distressed index, leverage loan index coverage ratios. The numbers that tell you where we are in the cycle.
05 / 06
One Deep Dive
A single topic, explored properly. How LMEs actually work. The $1.2T maturity wall explained. Why PIK usage is a leading indicator. The analysis you'd pay a restructuring advisor for — free.
06 / 06
Building Unravel — Founder Notes
A brief note from me on what we shipped at Unravel this week, what I learned, and one thing from the intersection of AI, engineering, and credit markets that I think you'll find useful.
Who reads this
Primary Reader
Hedge Fund Credit Analysts & PMs
Managing distressed or multi-strategy credit books. You need verified intelligence on emerging situations — fast. The Distressed Brief surfaces what you'd otherwise find in 3 hours of manual sourcing.
Verified claims with confidence scores, not raw rumors
Primary Reader
PE Distressed Directors & Associates
Sourcing proprietary deals and monitoring portfolio companies for credit deterioration. You need early signals — not press releases. The Brief is your weekly early-warning scan.
Pre-distress signals and LME developments before the market prices them
Secondary Reader
Bank Special Situations & Credit VPs
Managing EMEA and LatAm credit book exposures. Regulatory compliance requires defensible intelligence. The Brief provides journalist-verified, audit-ready market intelligence.
Human-verified output — built for compliance-conscious institutions
Growing Reader
HNWI & Sophisticated Private Investors
Investing in credit or distressed assets directly or through co-investments. You want to understand where the market is heading with the same depth as institutional professionals.
Institutional-grade intelligence, accessible to individuals
The person behind it
Ready to subscribe?
Join the brief.
It's free.
Every Friday. No spam. Unsubscribe in one click.
✓ Free forever
✓ Sent every Friday
✓ Verified intelligence
✓ Cancel anytime