Morning Warning List
AI's biggest borrower touched a 17-month low as a bank analyst warned its borrowing costs may not come down, and a German landlord bought itself time.
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Denmark
Recent falls and rescuesNo new Danish company showed early danger signs overnight. These are this autumn's falls and rescues, so we can learn from them. Early warnings appear here the day we find them.
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Humac
Sells Apple products in Denmark, with advice, set-up and repairs, through its own shops.
Eight years of losses in a row. Now the man who sold it in 2024 has bought it back.
Rescued. Closed on 13 August, reopened on 16 September under a new owner.
- Went into reconstruction and closed every shop and the webshop · 13 Aug 2026 · source
- Lost DKK 27 million in 2025, its eighth losing year in a row · 2025 accounts · source
WatchWhether the new owner can make the shops pay.
Read the 5 Minute StoryDThe old company went into reconstruction - 2
Velkommen group
Sold electricity to Danish homes under several brand names.
Customers waited too long for money they were owed, and the companies lost the right to sell power.
The grid companies asked the court to declare the four companies bankrupt. More than 32,000 customers were moved to new suppliers on 30 June.
- Late with refunds in most cases checked by the regulator · 30 Jun 2026 · source
- Grid companies Cerius and Radius asked for bankruptcy · 2026 · source
WatchHow much customers get back.
Read the 5 Minute StoryDBankruptcy requested - 3
Hamiconsult
An engineering consultancy in Herning that advised on building and construction projects.
The warning was in its own accounts: the last annual report already doubted the company could carry on.
Declared bankrupt by the court in Herning on 15 September.
- Declared bankrupt; a sister company was asked into bankruptcy the same day · 15 Sep 2026 · source
WatchWhat happens to the rest of the group.
Read the 5 Minute StoryDBankrupt - 4
CPH Steel
Made and fitted steel structures for Danish building projects.
A few building jobs that went wrong emptied the till. More than 1,300 suppliers were left unpaid.
Reconstruction in July failed. Declared bankrupt on 5 August.
- Rescue attempt failed within weeks · 5 Aug 2026 · source
- More than 1,300 creditors unpaid when reconstruction began · 31 Jul 2026 · source
WatchWhether anyone buys the business.
Read the 5 Minute StoryDBankrupt - 5
Nimbus
Tried to bring back Nimbus, the classic Danish motorcycle, as an electric motorcycle.
Twelve years of trying to bring back a Danish legend ended before the electric motorcycle reached the road.
Asked into bankruptcy in June, according to its own website.
- Bankruptcy requested · 12 Jun 2026 · source
WatchWhether someone buys the name.
Read the 5 Minute StoryDBankruptcy requested
The world
Top 5 that morning- 1
CoreWeave
Rents out huge data centres full of Nvidia AI chips to the companies building AI.
Customers want everything it can build, but much of its growth is paid for with borrowed money, and its bonds now trade at prices that signal serious risk.
Nothing filed. Its shares still trade.
- Its 2031 bonds were priced to pay about 15.6% a year · 20 Oct 2026 · source
- Shares touched their lowest level in 17 months · 20 Oct 2026 · source
- A bank analyst said a big fall in its borrowing costs is “increasingly unlikely” · 20 Oct 2026 · source
- Debt rose from $21bn to $35bn in six months · Q2 2026 report · source
WatchAny new loan deals, and its results, expected in mid-November.
Read the 5 Minute Story44/100UnchangedCCCSerious weak spots - 2
Poundland
Runs about 600 discount shops in the UK and Ireland, where they are called Dealz.
Customers are coming back to the shops, but in my view buyers and lenders now decide its future.
Nothing filed. Its owner wants a deal by the end of October, as a whole or in parts.
- Up for sale, whole or in parts, with a deal targeted by the end of October · 19 Oct 2026 · source
- Three deal and restructuring specialists joined the board · 15 Oct 2026 · source
WatchWho buys it, and whether all the shops stay open.
Read the 5 Minute Story29/100UnchangedCIn trouble - 3
Getty Images
Licenses photos, videos and illustrations to media and businesses around the world.
Not yet scored. The world's best-known photo library has already told the market it plans a court-led rescue.
It has announced a planned court-led rescue (Chapter 11), agreed with lenders in advance, “in the coming weeks”. No court filing found yet.
- Announced it is preparing a pre-agreed Chapter 11 rescue · 12 Oct 2026 · source
WatchThe day the court case opens.
Read the 5 Minute StoryNot yet scored - 4
Mercer International
Makes wood pulp, timber and other wood products in Germany and Canada.
Not yet scored. Missing an interest payment is one of the clearest warning signs there is.
Missed a $25.8m interest payment due on 1 October. It has about 30 days, to around 31 October, before that becomes a default. Talks with lenders continue.
- Did not pay $25.8m of interest due on its bonds · 1 Oct 2026 · source
WatchWhether a deal with lenders arrives before about 31 October.
Read the 5 Minute StoryNot yet scored - 5
Branicks
Owns and manages offices and warehouses in Germany.
Not yet scored. Two weeks ago it warned its survival was at risk. Now it has time, but not yet a solution.
Rescued, for now. Almost all bondholders agreed to give it more time to repay €595m.
- 99% of bondholders backed an extension of a €595m loan · 20 Oct 2026 · source
WatchWhat it does with the time it has bought.
Read the 5 Minute StoryNot yet scored