{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Lens: Europe & Beyond","title":"EP 23 | Aston Martin's £550M Lifeline and the LME Blocker Problem","html":"","width":"100%","height":180,"duration":1693,"description":"Aston Martin just moved what looks like most of its intellectual property into a chain of Cayman Islands subsidiaries, and bondholders are still trying to figure out how it was allowed. Phoebe Appenteng and Katie McMahon take it on in the latest Credit Lens: Europe & Beyond, joined by Bart Capeci, Senior Covenants Analyst at Octus, and Aditya Khanna, Head of EMEA Legal Research at Octus.\n\nThe conversation opens on the £550 million HPS facility, £450 million upfront with a £100 million delayed draw tied to IP transfer (01:00), before working through the joint venture structure that appears to sidestep the J. Crew blocker in the bonds (03:47). Bondholders, now organized at roughly 90%, have filed in New York to compel discovery ahead of an English challenge under the Insolvency Act (05:12). \nAditya then widens the lens to why fewer than half of European bond deals carry a J. Crew blocker, and why over two-thirds of those that do have a material defect (16:12).\n\nA grounded look at why the LME playbook is landing in Europe faster than the documentation can catch up.\nThe episode ends with Phoebe on the hot seat for a quick quiz.\n\n----more----\nHosted by Phoebe Appenteng and Katie McMahon.\nGuests: Bart Capeci, Senior Covenants Analyst, Octus, and Aditya Khanna, Head of EMEA Legal Research, Octus.\nProduced by Charlie Hall.\nEdited by Fawaz Muhammed.\nA Production of The Octus Podcast Network","thumbnail_url":"https://img.transistorcdn.com/4zp4Q3QRuh8waouk_crEwm7yJrD45l826Dr-I_-WrXA/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS80MTM1/M2JjNDMxNzBhODMy/ZTIzNDY4NmNmNDQx/NWUxOC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}