Bankruptcy Filings


Near real-time filing alerts and comprehensive case summaries for chapter 11 bankruptcy filings across the U.S. with information on unsecured creditors, DIP financings and more.

Analyze and Forecast Cash Flow with Aggredium

To analyze and forecast cash flow, you normally need to manually aggregate data points including cash flow from operations, cash flow from investing, and cash flow from financing. These data points are fundamental for both private and public sub-investment grade companies and they may be difficult to find without a proper aggregation tool. Accrual accounting and cash accounting, plus a company’s operations/net sales ratio, free cash flow, and comprehensive free cash flow coverage are all necessary statistics and figures used in determining your ability to analyze and forecast cash flow. Recently, Reorg acquired Aggredium which provides our subscribers with fundamental data on high-yield bonds and leveraged loans through a searchable database. This comprehensive database features high-speed scraping and updating tools used for gathering and publishing changes to loan and bond data.


Aggredium’s standardized, aggregated, proprietary data enables subscribers to analyze and forecast cash flow and screen a company’s universe using financial data. Founded in 2017 and acquired by Reorg in 2021, Aggredium was designed and built by experienced international analysts whose shared goal was to deliver accurate financial data combined with state-of-the-art technology and analytics to empower business professionals to make superior investment decisions. The Aggredium calendar, available only to Reorg subscribers, enables users to view upcoming events by working day, as well as click into event details and add them to their own calendar. Another important feature in the Aggredium database that helps users analyze and forecast cash flow is our reported view and standard view. The reported view allows users to access complete data as reported with direct traceable links to all source information whereas the standard view provides users with a unified list of metrics shown in a standardized format with transparent links to each source. To learn more about how to analyze and forecast cash flow with Aggredium download our brochure here and visit our product page here. Also feel free to request a trial here to experience the power of our platform.

 

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On this week’s Americas Core Credit podcast our team discusses a variety of sub-investment grade credits including PROMESA, Limetree Bay, Washington Prime Group, Pipeline Foods and more. On PROMESA, our experts discuss Puerto Rico’s preview of the settlement with UCC as well as Judge Swain’s preliminary ruling and DS objections. We also discuss Limetree Bay’s chapter 11 filing which occurred on the same day as the EPA complaint, Judge Iscur’s conditional approval of Washington Prime’s disclosure statement subject to inclusion of a secondary toggle, plus KERP bonuses in LSC communications overruled on appeal and Pipeline Foods’ first day hearing. Listen to the full episode on SoundCloud here: https://soundcloud.com/user-627041409/americas-core-credit-podcast-promesa-limetree-bay-washington-prime-and-more-jul-16-2021

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Reorg’s expansion into the municipal market uncovers opportunities…

Written by Seth Brumby in New York | Reorg’s expansion into the municipal market continues to uncover opportunities while forecasting major credit events. Readers took a keen interest in coverage of Limetree Bay, a distressed situation that grew out of municipal coverage of the U.S. Virgin Islands. The Reorg municipal and Americas editorial teams joined resources over the past few weeks, producing a series of scoops on advisor mandates that foreshadowed the refinery’s eventual chapter 11 filing this week in the Southern District of Texas.

Advisor mandates have long been an important leading indicator of an impending transaction. With that in mind, Reorg continues to uncover future distressed situations for its municipal readership including advisor mandates for Foxwoods Resort Casino and American Dream Mall. Both situations involve billions in municipal debt that will likely restructure in the coming months.

Further out on the distressed timeline is a group of continuing care retirement communities (CCRCs) that have tapped the market in recent months amid a growing glut of defaults in the industry. While ostensibly robust credits such as Vicar’s Landing tapped the primary market to finance expansions, this post-pandemic group of CCRCs could provide a crop of distressed opportunities for investors over the coming months and years. Recent and looming defaults for CCRCs such as Buckingham Senior LivingH-Bay Industries and American Eagle all point toward a near-term credit cycle. Sign up for weekly updates here.

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Municipal Credit Trends Webinar, Retirement Communities

Featuring a discussion on municipal credit trends across the continuing care retirement community industry in the Americas, our municipals experts Patrick Mohan and Seth Brumby will be conducting a webinar on Thursday, July 22 at 11:00a.m. EST. The industry has seen a wide range of outcomes, including Vicar’s Landing’s recent borrowing of $84.3 million in connection with the expansion of its Ponte Vedra Beach community, the chapter 11 filings of The Harborside and The Buckingham, and defaulted credits that are still exploring options like Glen Hope Harbor and American Eagle. 


The team will also discuss how Covid-19 has affected the industry, from advanced Medicare payments, to bond covenants, including occupancy rates, days’ cash on hand and debt service coverage ratios. Register here: https://reorg.zoom.us/webinar/register/3716257539343/WN_0IhAuDH7R7Cb8UxcbJ6oig 

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Register Now | Webinar: Developments in Hong Kong-Mainland Mutual Recognition of Insolvency Proceedings
Tue Jul 13, 2021 10:02 am Bankruptcy Filings  Financial Restructuring

On May 14, representatives of Mainland China and Hong Kong signed a record of meeting on mutual recognition of and assistance to bankruptcy/insolvency proceedings between the respective courts, creating a new cooperation protocol for cross-border insolvency.

In this webinar, Fergus Saurin of Kirkland & Ellis and Lingqi Wang of Fangda Partners will Reorg’s managing editor for onshore China, Shasha Dai, to discuss the new developments and implications for insolvency and bankruptcy law practitioners. Learn more and register here.

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Brazos Restructuring Webinar | Register Now | Reorg Americas

Conducting a webinar discussing the Brazos restructuring situation, our Americas Core Credit experts will be taking a deep dive into the company’s financials on Wednesday, July 7, at 10 a.m. ET. Brazos is the only electric cooperative to file for bankruptcy after the Storm Uri disaster and related market dislocations, and the company did so in part to shield its member distribution cooperatives from immediate pass-through of Storm Uri charges. 


During the webinar, our coverage team will provide an overview of the Brazos Electric chapter 11 case, sources of uncertainty and outstanding issues, including available legislative tools, claim reconciliation and priority questions. We will also discuss potential restructuring paths for Brazos in light of these and other issues in the case, plus the team will conduct a Q&A session at the end of the webinar. Don’t miss out, register here: https://reorg.zoom.us/webinar/register/1316245464986/WN_FsKweVh0Rfy_7UfShKNa0g 


This webinar focused on the Brazos restructuring is a part 2 to our Texas Winter Storm webinar which was held in April 2021. You can view the replay of that webinar here: https://reorg.com/resources/webinars/texas-storm-webinar/ 

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Alex and Ani Bankruptcy Case Summary

Filing for chapter 11 protections on Wednesday, June 9, 2021, the Alex and Ani bankruptcy came as a result of a significant revenue drop for the company in 2019 at the hand of operational and supply chain difficulties which created the necessity for a restructuring. In addition to the restructuring, Covid-19 had a major impact on the company’s sales, plus the outbreak came only six months after their consummation of the 2019 restructuring causing major issues for the company. Furthermore, the company has had significant turnover in their C-suite including departures from their CFO, chief technical officer, chief strategy officer, chief digital officer, acting COO, assistant general counsel and more. The Alex and Ani bankruptcy has laid out two paths for a restructuring support agreement with either the sale of all or substantially all of the restructured equity or assets or a stand–alone reorganization.


Read our First Day by Reorg team’s full analysis and case summary of the Alex and Ani bankruptcy by clicking through to the link below. Our team summarizes and analyzes the company’s background / prepetition restructuring efforts, their restructuring support agreement, the bid procedures motion, the cash collateral motion and more in detail: https://reorg.com/case-summary-alex-and-ani-rsa-with-equityholder-lender-lion-capital-provides-for-dual-track-restructuring-marketing-process-rsa-would-settle-disputes-with-founder/ 

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Part 26A European Restructuring Regime

At the outbreak of the Covid-19 pandemic, European lawmakers raced to modify their restructuring regime in response to the crisis. On March 20, 2020, independent research group the Conference of European Restructuring and Insolvency Law (CERIL) called on all EU member states to suspend the duty of directors to file for insolvency proceedings based on over-indebtedness and inability to pay. It also urged governments to offer interim financing to struggling businesses, “hibernation” periods for small businesses and support for entrepreneurs and their staff.


In the months that followed, jurisdictions across the Continent mobilized practitioners, academics and legislators to introduce a host of innovative changes to their restructuring regimes, the impact of which are now beginning to be seen in the decisions being handed down by European courts. We have also seen early indications of the types of challenges that could face the cross-border recognition of English law decisions in a post-Brexit world.


Read our series of Part26A posts here:

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Sanchez Energy Contract Rejection, Trend of Midstream Decisions

Analyzing the Sanchez Energy contract rejection based on a recent decision in the bankruptcy case for the privately held oil and natural gas company, our most recent Americas Core Credit podcast features Reorg legal analysts Mike Legge and Sean Daly as they discuss the first in a recent trend of midstream contract rejection decisions to move beyond hypothesizing in dicta and to actually authorize the rejection of a midstream agreement despite the presence of a covenant running with the land. Bankruptcy professionals with an interest in midstream rejection issues saw notable debtor friendly trends in 2020 case law weakening both of the levers that midstream counter parties would traditionally pull for leverage in countering the rejection of agreements in bankruptcy. The Sanchez Energy contract rejection in particular was interesting because of its novelty in effectively authorizing the rejection where previous midstream rejection decisions incorporating real property covenants had not been able to. 


Click through to listen to the full podcast on Spotify, iTunes or SoundCloud for our discussion on the Sanchez Energy contract rejection decision as well as our deep dive on the prominent high yield and distressed litigations from the week of May 17, 2021.  

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Direct Lending in India Webinar: Challenges, Risks and Rewards

Join Reorg’s Asia Core Credit team on Thursday, May 20 for a discussion on direct lending in India; the challenges, risks and rewards. Our senior reporters for Asia, Nidhi Pandurangi and Rajhkumar Shaaw will be joined by industry guest Eshwar Karra from Kotak Special Situations Fund.


In India, private investors have plugged the gap left by traditional funding avenues such as banks and non-banking financial companies (or NBFCs). However, with central banks worldwide opting to keep the liquidity flowing to tackle the pandemic, the spreads narrowed while the risks increased. This webinar will examine the challenges investors face investing in the Covid era and where the opportunities lie for direct lending in India. There will be an opportunity for attendees to ask our experts questions at the end of the webinar. Register here: https://reorg.zoom.us/webinar/register/1316197768139/WN_hoFTRvHNQ3ePvwj0XaznTQ 


If you’re already a subscriber, view our ever expanding coverage of market intelligence and expert analysis for high-yield and distressed debt investors, lawyers and restructuring professionals across Asia here: https://app.reorg.com/v3#/items/intel?products=10 


If you’re not a subscriber learn more about Asia Core Credit here and request a trial for access to our coverage of direct lending in India as well as the other 470+ companies we cover.

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