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A big change is coming for the Indian banking system. Starting 1 April, India’s central bank will allow domestic banks to fund mergers and acquisitions. It’s a change to long-held rules barring lenders from the Indian M&A market, which has so far been dominated by foreign lenders and private credit funds.
As Indian banks prepare to lend more to domestic corporates, what does this mean for liquidity, access to funding, and for international lenders that have earned 20% yields so far?
9fin's Mumbai-based reporter Rajhkumar Shaaw and Asia editor Richard Macauley answer these questions and walk listeners through the changes in this latest edition of our Cloud 9fin podcast.

The 2017 NYDJ Apparel (nee Not Your Daughter’s Jeans) transaction pre-dated Serta as the original “uptier” liability management deal in which lenders holding a majority of the loan amended the waterfall to uptier their existing holdings plus new money, subordinating minority lenders holding the same loans.
In a conversation with 9fin’s Global Head of Distressed & LevFin Max Frumes, Debevoise's co-head of restructuring Sidney Levinson, who represented the majority lenders in that case, discusses the significance of the deal at the time and the evolution of LME technology ever since. They’re joined by Debevoise Partners Scott Selinger and Erica Weisgerber, to of the co-heads of the firm’s expanded Liability Management and Special Situations Group.
Listen as they explore the commonalities and differences between the NYDJ situation and other well-known restructurings including Serta, J.Crew, Envision, Robertshaw, Trimark, Boardriders, Chewy, Petsmart, Caesars and Xerox.
Have any feedback for us? Send a note to [email protected]. Thanks for watching and listening!

The collapse of UK mortgage bridge lender Market Financial Solutions has caused chaos across specialist lending. Mortgages are the heart of the securitised products business, and if you can’t trust mortgages, what can you rely on?
9fin broke the news of double pledging and shortfall in collateral found under its warehouse facilities. The fraud allegations are reminiscent of the recent cases of First Brands and Tricolor in the US that have shaken the private asset-based lending industry.
Lots of well-known firms have been caught on the wrong side of MFS — the likes of Barclays, Atlas SP and Castlelake — and it was a close shave for other lenders.
In this episode of Distressed Diaries, host and senior reporter Bianca Boorer sits down with 9fin asset-based finance editor Owen Sanderson and Kawai Chung, mortgage market veteran and CEO of UK lender Folk2Folk, to dig into the drama, assess the impact, and consider how the ‘safest’ form of lending might have ended up in double-pledging.
Most importantly, we look at what could be done differently in future — as borrowers scramble to prove their credentials and lenders look over their books, what’s the future of asset-based finance in Europe?

Alternative internet providers swarmed the market during Covid-19 when internet usage became paramount to the shift of everyone suddenly having to work from home during lockdowns.
In the UK we have over 100 altnet providers serving 16.4 million homes, according to a 2025 report by the Independent Networks Co-operative Association. This is up from 1.2 million homes in 2019.
Investors were quick to support this expansion with cheap funding. Since 2020, the sector has received around £17.4bn of funding, according to advisory firm BDO.
However, the ‘build and they will come’ model proved far too optimistic as subscriber growth failed to keep pace. Rising interest rates and burdening costs of building the infrastructure also weighed on these broadband providers.
We started to see the first signs of distress at the start of the year, with G.Network filing for administration, shortly after its acquisition by distressed debt investor FitzWalter, and creditors moved to take control of Gigaclear.
On this episode we sit down with Ben Davies and Stuart Keeping, senior managing directors from financial advisory firm Teneo to delve into the rise and fall of this overcrowded market and providers’ response to the challenges.

In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Debevoise's newest partners, Rachel Ehrlich Albanese, Sam Newman and Daniel Shamah to discuss the groups enhanced restructuring capabilities. They provide an overview of the LME and in-court landscape, and discuss what the year may bring by way of out-of-court vs in court transactions, sponsor and creditor incentives, and whether liability management is a true fix.
Find all our coverage on co-ops and LMEs at 9fin.com.
Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening!