About

We read the filing so you do not have to.

Par is where a bond trades when nothing has gone wrong. Most of what we write about is not trading at par.

Every weekday morning we read the dockets, the insolvency registers and the filings across the US and Europe, and send six things that move a credit. It takes five minutes to read. It is free.

Who it is for

Analysts and portfolio managers at distressed and special situations funds. Restructuring advisers. Private credit workout and portfolio monitoring teams. CLO and leveraged loan desks.

People whose firm will not buy them a sixty thousand dollar terminal seat, and who still have to be right about a name before Monday's investment committee.

How it is written

Five rules. They are the whole product.

Every claim carries its document. If we cannot link the filing, the sentence does not ship.
We say what we do not know. "Counsel has not appeared on the docket yet" is more useful than a guess, and we would rather print it.
Names, numbers, case numbers. Not "a large oilfield services group". Timec Oil and Gas, LLC, No. 26-90766, Bankr. S.D. Tex.
Figures exactly as filed. $3,979,805, not "about $4m".
Corrections run at the top of the next issue, named. Not quietly edited, not buried.

Where it comes from

SEC EDGAR. CourtListener and the RECAP archive. BODACC. The UK Gazette, the German and Dutch registers, and the claims agents who publish first-day declarations.

Primary sources, read every morning. Not a summary of somebody else's summary.

What we will not do

No price targets. No recommendations. No non-public information. Parhurst is a publication, not an adviser, and nothing in it is investment advice.

We do not take money to cover a name, and a sponsor never sees an issue before it goes out.

Parhurst is published by Vantar Group LLC, which also publishes The Perimeter. Editorially independent.

Reach us

Reply to any issue. Every reply is read. That is the fastest way in, and it is how most of what we cover gets suggested.