Max Frumes (@maxfrumes) header
Max Frumes (@maxfrumes) profile picture

Business journalist, Global Head of Distressed News @9fin, co-author "Caesars Palace Coup". Opinions own.

Joined February 2009
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Max Frumes retweeted
UK universities announcing more course cuts amid financial pressure
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Max Frumes retweeted
9fin's Emerging Markets launch takes the credit expertise built over the past decade into one of the world’s fastest-growing markets. You’ll find original reporting and specialist analysis from our global team alongside 20+ years of deal intelligence, with AI tools to help you research faster and understand the market in greater depth. Xochitl on our team, breaks it down here! 🌎
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“.. CoreWeave is absolutely the canary in the coal mine. This is going ​to be a turning point in the pricing and availability and structure of credit that's supporting the AI boom.” @Reuters $CRWV reuters.com/legal/transactio…
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Max Frumes retweeted
Xochitl Herrera, 9fin's Latin America Editor, chatted with us about what she thinks has been the LATAM story of the year. Braskem, the Brazilian petrochemical company, has a restructuring story that taught us all about the factors impacting distressed businesses in the region. 🇧🇷 It's a big week for 9fin, as we proudly launched 9fin for Emerging Markets. We’ve added CEEMEA to our Emerging Markets coverage alongside LATAM and APAC, bringing more of the world’s credit markets into one place. 🌏 A big thank you to everyone who joined us at our inaugural Global Emerging Markets Summit in New York this week to mark this milestone! 🚀
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Max Frumes retweeted
I’ve been reading The Caesars Palace Coup by @maxfrumes and @sindap, a fascinating look at the distressed deal, the legal warfare that followed. A great read. I wrote an article on the same, inspired by the book. Do check it out. ishatv.medium.com/the-casino…
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Max Frumes retweeted
The name's bond... 4a2-to-144a bond 😩 9fin's US Investment Grade Editor, William Hoffman, tells us about the new go-to for chipmakers to raise billions of off-balance sheet debt. It sounds pretty neat — but we do think that name could use some work.
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Promise Land is officially in print! A few copies arrived today to send to the amazing endorsers as thanks for their wonderful endorsements.
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Max Frumes retweeted
Ares trimming its continuation fund when buyers want a bigger discount
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Max Frumes retweeted
DIP lenders when management says airline restructuring is "just a balance sheet fix"
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This Is How the System Really Works Most people don’t understand how the system actually works. Private equity firms invest very little of their own money… Then use massive amounts of debt to multiply their returns. And when it works? They make billions. But when it doesn’t… the consequences don’t fall on them. This isn’t random. It’s a pattern. So the real question is: Who is the system really designed for? @maxfrumes
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Max Frumes retweeted
Earlier in the year we published our email crash course on co-ops, curated by our senior legal consultant Luke Viner, helping you learn about co-ops across five lessons. Great news: we’ve now made all our content available on the site, so you can access everything in one place. If you’re looking to improve your co-op knowledge, sign up to access the course in full today: 9fin.com/insights/cooperatio… You’ll get access to: 💡  Easy-to-follow modules on everything from the basics, to trends in the US vs Europe, to notable examples and litigation 📙  Bonus interviews with our distressed experts, Alessia Pirolo and @maxfrumes ✍️  Plenty of further reading materials on real-world cases including Selecta, Better Health, Altice USA Sign up for free: 9fin.com/insights/cooperatio…
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History doesn’t repeat itself but it often rhymes
BREAKING: Caesars Entertainment agreed to be bought by Fertitta Entertainment Inc. in an all-cash deal valued at about $5.7 billion. Caesars shareholders will get $31 a share in cash, a 49% premium over Caesars’ stock price on Feb. 25.
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Max Frumes retweeted
Great book! Had the opportunity to discuss the story with @maxfrumes. @ConorForAZ hosted the episode with me. podcasts.apple.com/us/podcas… Interesting read through on the separation of the land business and the homebuilders too.
History doesn’t repeat itself but it often rhymes
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Max Frumes retweeted
In April, two LMEs crossed the finish line and two more progressed with announced transactions, while another 13 companies hit milestones that typically precede an LME, according to 9fin data. Get the break down on each of these situations in our LME update: 9fin.com/insights/april-lme-…
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Max Frumes retweeted
This was a topic on @9fin about a month ago. They held a panel discussion regarding LMEs and DQs. J Mudrick mentioned that lists to not preclude a Fund from gaining exposure, loan purchase, anything. An IB can create CDS exposure or reference. 1/2
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Max Frumes retweeted
Liability management exercises (LMEs) are every bit as complex as they are prevalent in the distressed markets — but mastering them doesn’t have to be. In our online course, our Head of LMEs Jane Komsky gets you up to speed on: 1. The LME basics 2. The first wave of LMEs, with drop-downs 3. Uptiers, with Serta and Mitel examples 4. The complex world of double dips and hybrids 5. LMEs in 2025 Plus a chance to access bonus content, and a guest curator — no other than our global head of distressed, restructuring and LevFin, @maxfrumes 👀 Make sure you’re in the know on all things LMEs — sign up here: 9fin.com/insights/lme-crash-…
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Apollo got a look on part of First Brands’ off-balance sheet funding before scrutiny of the auto parts supplier's financing arrangements clouded its future. More on @9finHQ: 9fin.com/insights/apollo-fir… with @maxfrumes
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Max Frumes retweeted
Join me at 10am eastern tomorrow along with @KobreKimLLP @alvarezmarsal and @dan_zwirn to talk private credit enforcement: Register now 9fin.com/insights/webinar-pr…
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Replying to @BillAckman @Hertz
What about the company’s cash burn, 2026 debt maturities and $340m in makewhole payment?
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Replying to @maxfrumes
@maxfrumes and @sindap’s book is a treasure trove of legal, financial and political education. Also, a must read if you want a case study in industries that transform to a Propco and Opco model. Thanks to Munger for pointing this out and @denverlabrador for reminding us!
The Latest Episode of A Book with Legs is here! Author and Global Head of Distressed and Restructuring at 9Fin, @maxfrumes, joins @Cole_Smead and @ConorForAZ to discuss his book, “The Caesars Palace Coup: How A Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street.” In this episode, they discuss the 2015 bankruptcy brawl for Caesars Entertainment in Las Vegas, the key figures involved, and more. Listen here: hubs.ly/Q036Y__P0 Sign up to be notified about new episodes: hubs.ly/Q036Z0FT0 #ABookWithLegs #SmeadCapitalManagement #FearStockMarketFailure #Investing @DiversionBooks
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