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We don’t make mistakes.
Our seasoned credit practitioners apply rigorous, double-sourced review to ensure our analysis
reflects how the documents actually work, not guesswork.
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We verify every critical data point and interpretation with multiple sources to ensure accuracy. This rigorous approach prevents the costly mistakes that plague our competitors.
Award-Winning Research
Independent research & data, trusted by over 50,000 clients globally for over two decades. Our track record speaks for itself with consistent recognition from industry leaders.
Deep Expertise
Our team averages over 25 years in the industry, bringing unmatched depth to covenant and credit analysis. This experience allows us to spot what others miss and interpret complex provisions correctly.
How We Uncovered What Others Missed
Case Study
Xerox
How our competitors got it wrong:
In February 2026, competitors suggested that a bare majority of 1L/2L Xerox bondholders could amend the applicable indentures to transfer assets into a non-guarantor restricted subsidiary and raise new money via a “pari plus” structure, disadvantaging the remaining 1L/2L bondholders.
This raised immediate concerns about asset leakage and priming risk, prompting inbound questions from numerous market participants.
How we got it right:
In our report we explained that the Company couldn’t do this, for two reasons:
The bonds include protections that effectively block a “double dip”-type structure without 100% holder consent.
A separate bespoke “sacred rights” provision requires 100% consent for any materially adverse modification to collateral-related provisions, creating a strong argument against transferring significant assets to a non-guarantor restricted subsidiary.
We reduced uncertainty by applying rigorous, defensible analysis of relevant indenture provisions to interpret LME headlines and assess risk.
Case Study
Dish Network
How our competitors got it wrong:
In June 2025, competitors argued that a bankruptcy filing by certain spectrum-holding entities would trigger an Event of Default under Dish Network’s
secured 2027 bonds—based on the assumption those entities were “Significant Subsidiaries.” This assumption was incorrect, based on the plain language of the indenture.
This created significant market confusion and generated substantial subscriber questions.
How we got it right:
In our report we explained why the spectrum entities holding the AWS-3 licenses would not be treated as “Significant Subsidiaries”, meaning their bankruptcy filing would not trigger an Event of Default.
We helped investors to avoid acting on an incorrect default thesis and refocused the market’s attention on the actual legal triggers contained in the indenture.
Case Study
CommScope
How our competitors got it wrong:
In May 2024 (months after our analysis), competitors claimed CommScope could build $2B capacity from contributions, an interpretation inconsistent with the operative definitions in the indentures and credit agreement.
This created market confusion, as investors worried that CommScope was able to engineer artificially inflated restricted payments capacity.
How we got it right:
In January 2024, we published a report explaining why the plain language of the relevant documents would not support building $2B of capacity by repeatedly recycling the same cash.
We provided a clear framework for evaluating aggressive capacity-building claims and prevented overstatement of financial flexibility.
Explore the Research Behind These Cases
Access a selection of our analysis covering Xerox, Dish Network, and CommScope. Each report breaks down complex documentation, challenges prevailing market assumptions, and provides clear, defensible interpretations to help you assess risk with greater confidence.
State of the Market: The Prevalence (or Lack Thereof) of Xerox Blockers
State of the Market: The Prevalence (or Lack Thereof) of Xerox Blockers
DISH Network: Initial Impressions on the RSA
DISH Network: Initial Impressions on the RSA
Xerox: Can Xerox Structure Another JV LME with Lexmark IP under its Credit Agreement and Outstanding Bonds?
Xerox: Can Xerox Structure Another JV LME with Lexmark IP under its Credit Agreement and Outstanding Bonds?
DISH/SATS 4Q25: See You in August
DISH/SATS 4Q25: See You in August
Xerox: Frequently Asked Questions on Potential LMEs under its Secured Bonds
Xerox: Frequently Asked Questions on Potential LMEs under its Secured Bonds
Xerox: How Did Xerox Consummate the Joint Venture Financing Under the Terms of its Existing Term Loan Facility?
Xerox: How Did Xerox Consummate the Joint Venture Financing Under the Terms of its Existing Term Loan Facility?
Xerox: JV IP Deal with TPG Credit; Model Update
Xerox: JV IP Deal with TPG Credit; Model Update
US Special Situations: DISH DBS bondholders start signing NDAs ahead of potential merger bid for DirecTV
US Special Situations: DISH DBS bondholders start signing NDAs ahead of potential merger bid for DirecTV
Xerox: Cash Flow Projections and Recovery Analysis
Xerox: Cash Flow Projections and Recovery Analysis
DISH Network: Would a Bankruptcy Filing by EchoStar Trigger an Event of Default under the DISH Network Bonds
DISH Network: Would a Bankruptcy Filing by EchoStar Trigger an Event of Default under the DISH Network Bonds
DISH/SATS: FCC Carpet Burn or Rug Pull?
DISH/SATS: FCC Carpet Burn or Rug Pull?
CommScope Refi: Mission Accomplished (Really)
CommScope Refi: Mission Accomplished (Really)
DISH/SATS: Takeaways from 10-K Spree
DISH/SATS: Takeaways from 10-K Spree
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