Distressed & special situations

Every filing that moves a credit, in five minutes.

Parhurst reads the dockets, the insolvency registers and the filings on both sides of the Atlantic overnight. You get the six things that matter before the market opens, each one linked to the document it came from.

DIP facility · BioXcel Therapeutics · D. Del.

3.07 : 1

Rolled-up prepetition debt for every dollar of new money.

New money $19.0m Roll-up $58.25m
Latest issue 5 September 2026 · No. 1

Oaktree and the QIA lend nineteen million, and roll up fifty-eight

BioXcel Therapeutics and two OnkosXcel subsidiaries filed in Delaware on 27 August. The DIP comes from affiliates of Oaktree Capital Management and the Qatar Investment Authority, which are the same parties that held the prepetition paper under the April 2022 credit agreement.

New money is capped at $19m across two draws. The roll-up converts up to $58.25m of prepetition obligations dollar for dollar. The stated objective is a sale of all or substantially all assets. Read the ratio, not the headline number.

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Tables nobody else publishes

Every French collective proceeding, classified on the court's own judgment field rather than on words in the notice. A notice reading "résolution du plan de sauvegarde" is a failed safeguard. Word matching calls it a new one, which is the opposite of the fact.

BODACC, publication of 4 September 2026
JudgmentCount
Liquidation opened280
Closed for insufficiency of assets200
Converted to liquidation89
Redressement opened47
Reorganisation plan confirmed21
Reorganisation plan failed12
Sauvegarde opened4
Going-concern sale1
Procedural and other notices230
Total notices884

Source: BODACC annonces commerciales, publication of 4 September 2026. 884 records, classified on the structured jugement.nature field.

Liquidations opened per safeguard opened

70 : 1

France runs a rescue procedure that almost nobody enters. Add the 89 conversions to liquidation and the 12 failed plans and the register describes a liquidation regime with a rescue option bolted to the side.

If you underwrite French private credit on a going-concern recovery, the base case in your model is the exception in the register.

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