Distressed Debt


Highlights of our extensive coverage and analysis of the largest stressed and distressed debt, loans, funds, companies and the distressed debt market across the Americas, EMEA and Asia. Our intelligence, reporting and analysis also includes information on distressed trading and investing written specifically for investment managers, investment bankers, legal professionals and corporate professionals.

Recent Reorg Podcasts
Fri Feb 3, 2023 12:00 pm Distressed Debt  High Yield Bonds  Leveraged Finance

Every week Reorg reporters and financial and legal analysts provide recaps, previews of what’s to come, interviews with experts and deep dives on topical credit situations. We focus on issues affecting and impacting distressed debt, leveraged finance, direct lending, high yield, municipals, covenants, private credit, and more.

You can listen to recent podcast episodes below, and follow Reorg on Apple Podcasts, Google Podcasts, SoundCloud or Spotify to access all past and future episodes.

Reorg Radio Europe: Primary Highlights; Maxeda Cash Flow Analysis; GenesisCare Updates; Adler Pelzer
Jan. 31, 2023. Listen here.

The Reorg Primary View: Debt Instruments and Soccer Teams in Brazil
Jan. 30, 2023. Listen here.

Reorg Radio Americas: Serta Simmons, Heritage Power Chapter 11; Party City, DISH Network
Jan. 27, 2023. Listen here.

Reorg Radio Europe: What Next for Adler?
Jan. 25, 2023. Listen here.

Reorg Radio Europe: Primary Highlights; Orpea Second Conciliation; Issuers With Near-Term Maturities
Jan. 24, 2023. Listen here.

Reorg Radio Americas: Recap, Look Ahead and Latest Episode From The Reorg Primary View
Jan. 24, 2023. Listen here.

The Reorg Primary View: Cryptocurrency Bankruptcy and Regulation
Jan. 23, 2023. Listen here.

The Reorg Primary View: Bernstein Shur’s Bob Keach Discusses Subchapter V With Reorg’s Harvard Zhang
Jan. 18, 2023. Listen here.

Reorg Radio Europe: Primary Highlights; Matalan Recapitalization Plan; Adler Group Restructuring
Jan. 17, 2023. Listen here.

Reorg Primary View: 2022 Recap, Muni High Yield Hot Spots and Expectations for 2023
Jan. 17, 2023. Listen here.

Reorg Radio Americas: Bed Bath & Beyond, Cineworld Group, Venator Materials, FTX
Jan. 13, 2023. Listen here.

Reorg Radio Europe: Matalan, Orpea, Telepizza, Vivion
Jan. 10, 2023. Listen here.

The Reorg Primary View: The Private Debt Secondary Market
Jan. 9, 2023. Listen here.

Reorg Radio Americas: Avaya Inc., Clovis Oncology Inc., FTX, AIG Financial Products Corp.
Dec. 16, 2022. Listen here.

The Reorg Primary View: The Importance of Buying Assets and Cash Flows…
Dec. 12, 2022. Listen here.

Reorg Radio Americas: Endo International, AMC Entertainment Holdings, Reverse Mortgage Funding
Dec. 9, 2022. Listen here.

Reorg Radio Europe: Primary; Frigoglass Notes Restructuring Plan; Convene Restructuring Proposal
Dec. 6, 2022. Listen here.

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2022 European Restructuring Wrap
Sat Jan 14, 2023 3:31 pm Distressed Debt  Financial Restructuring

The wave of hard financial restructurings expected in Europe in 2022 to rival the 2008/9 crisis appears to have been mistimed. As a result of cheap debt and fiscal support available since the Covid-19 pandemic, stressed debtors have been able to avoid insolvency or restructuring.

In our 2022 European Restructuring Wrap, legal experts analyze the restructurings from 2022 and look ahead to 2023. Here’s a few key takeaways from 2022:

  • Restructuring activity, defined by the occurrence of liability management exercises (LMEs), in 2022 has briefly returned to pre-pandemic levels, following a surge in 2020;
(Source: Reorg’s Credit Cloud on Dec 31, 2022)
  • During 2022, a higher proportion of restructuring transactions (63%) were implemented consensually compared with the previous two years;
  • Restructuring transactions that introduced new money at a secured, senior secured or super senior secured level in 2022 were more likely (66%) than non new money deals to have been implemented using a restructuring tool, (non consensually);
  • There has been a large uptick in restructuring advisor appointments over the last three months. Reorg is currently monitoring 45 debtors who have appointed advisors but not yet completed a restructuring. Consumer discretionary, energy and industrial sectors feature most prevalently in this list and further details on each name can be found on our EMEA Special Situations Tracker.

Examining our observations, and wary of the previously mistimed predictions of increased restructuring activity, we have the following outlook for 2023:

  • Following a busy Q4’22, we expect to see a continued increase in restructuring activity in Europe throughout 2023.
  • We also expect to see a high percentage of consensual LME exercises over the coming months. We could see the occurrence of LME exercises match the higher levels seen in 2020 and 2021 – marking an increase from 2022;
  • English law tools (being the scheme of arrangement and restructuring plan) will continue to feature heavily in non-consensual European restructurings, in spite of the recent proliferation of new domestic restructuring tool in other European countries;
  • We expect to continue to see amend and extend, or A&E, activity in the short term, with a lot of borrowers facing maturity issues in the coming years. A&Es offer an opportunity for lenders to reprice and avoid hard restructurings which could cause credit investors to prematurely realize losses

Data compiled by Reorg in our EMEA Restructuring Database, available exclusively through Credit Cloud, paints a fascinating picture, hinting at what we might see in the financial restructuring arena in 2023.

(Source: Reorg’s Credit Cloud on Dec 31, 2022)

Read the full article written by Reorg’s Shan Qureshi or catch up on other recent intelligence articles published by Reorg.

For full access to Reorg’s platform of news, analysis and data built for financial and legal professionals, request a trial.

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EMEA Middle Market 2022 Wrap

Reorg’s EMEA Middle Market team has published a Mid Market wrap that highlights debt capital markets, direct lending, debt and leverage data and more through 2022.

This year, disruptions in the debt capital market helped shine a brighter light on the expanding potential for private debt. Despite economic headwinds and uncertainty for M&A, direct lenders have sustained dealmaking, adapting and seizing opportunities such as large cap deals, public-to-private transactions, refinancings and add-ons.

“Direct lenders can provide higher visibility and certainty of execution without any caveats. Sponsors are now prioritizing such certainty over other elements that in the past were considered more important.” Leticia Ruenes, managing director and head of Spain at Pemberton, said.

Dry powder available for the asset class has increased 4% year over year amounting to $198.5 billion as of Wednesday, Dec. 14, according to research from Preqin. In 2023, market participants said they expect a slow start and an increase of activity from the second quarter mainly driven by leveraged buyouts.

Key Trends in 2022

One trend from 2022 is the amount of club deals that have arisen to satisfy the increasing average deal size, which is more than $1 billion for reported deals in 2022, according to Preqin. Rather than individual funds being sole underwriters, some sponsors are preferring optionality and a diversification of lenders because of the difficult economic climate.

In the first half of the year, various large direct lenders took a higher amount of debt financing deals and benefited from large cap borrowers’ inability to use a shut leveraged loan market due to macro uncertainties including the war in Ukraine.

In the second half of the year, club deals have allowed direct lenders to remain active, even as capacity declined due to heavy deployment at the start of the year and funds showed caution in a more challenging macro environment.

“Club deals are becoming more and more the norm in Europe and we have experienced this trend in our last recent transactions.” Luis Mayans, partner and deputy head, private debt for Europe at CDPQ, said. “There is an acceptance among lenders that club deals are the way forward.”

He cautioned that in a less certain market “some lenders, which would have done €500 million to €600 million deals six months ago, are now taking tickets a third of that size.”

A club deal structure isn’t yet a practice that all European funds are prepared to embrace. “Europe is about 10 years behind the U.S. in terms of club deals,” Stuart Hawkins, managing director in private credit at Ardian, said.

Access our EMEA Mid Market Debt Origination tracker, a monthly tracker capturing debt and leverage data from Reorg’s coverage, by requesting a trial.

To keep up to date on the EMEA credit market, subscribe to our weekly podcast and check our events page regularly for upcoming EMEA webinars.

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Year in Review — Americas Webinars 2022

Throughout the year, Reorg hosts webinars bringing together industry professionals to discuss themes in the performing, distressed, restructuring and post-reorg credit markets. Reorg’s webinars cover topical credits and industry updates. They’re produced by our reporters and analysts with selected external guests.

Americas Webinars from 2022:

  1. Primary in the Eye of the Storm: Challenges and Opportunities in Leveraged Finance in a Downturn
  2. Hot Topics in Crypto Winter
  3. Winter Came for Covid-Era Darlings? – Distress in Crypto and Tech
  4. Bausch’s Remedies for Potential Patent Defeat & Creditor Angst Over B+L Spin
  5. Puerto Rico’s Restructuring Endgame and Beyond
  6. Revlon – Chapter 11 Cases and Creditor Disputes
  7. CLO Considerations for Distressed Investors
  8. Diebold Nixdorf: Can Significant Unencumbered Assets Overcome Massive Maturity Wall?
  9. Talen Energy Chapter 11 Filing
  10. The Texas Two-Step: LTL J&J Chapter 11 and Likely Future Filings
  11. Samarco – Testing Brazil’s Bankruptcy Reform
  12. Loan Market Trends in 2021 from Americas Covenants
  13. No Surprises Act Rollout: Implementation and Litigation Challenges Ahead

If you would like to be panelist on our upcoming webinars, please contact marketing@reorg.com, and if you would like to be notified for the upcoming webinars, sign up for Reorg on the Record.

Request a trial here.

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Fri Dec 23, 2022 4:11 pm Distressed Debt  High Yield Bonds

In this column, Reorg editors and reporters take turns writing about trends in high yield, distressed debt, restructuring and bankruptcy in major Asian markets including China, South Asia and Southeast Asia. Any opinions or other views expressed in this column are the author’s own and do not necessarily reflect the opinions or views of Reorg or its owners. Send any question or concern you may have to asiaeditorial@reorg.com.


Metals-to-mining company Vedanta Resources Ltd. (VRL) needs to come up with a quick, smart and sustainable solution to tackle its large and closely spaced debt maturities, estimated at about $4 billion for the next fiscal year. Bondholders have been pressuring VRL since July 2021, demanding that it pare its debt using dividends from Indian opcos which have benefited from the rally in zinc and aluminium prices.

But Vedanta is well known for structuring astute last-minute deals to keep its refinancing game on, and is yet again keeping investors on edge, as they await the big reveal on its plans to meet debt obligations which are rapidly closing in. The difference this time is that investors have begun questioning Vedanta’s ability to make timely decisions, and to understand and manage the complex deal negotiations needed to arrange funding from multiple sources at the same time as it deals with high-level management changes.

Significantly, the company has been missing windows available to de-lever using dividends.

In July 2021, without discussions with its bondholders, Vedanta sought to raise the debt cap from $3.6 billion to $5 billion at step-down subsidiaries Twinstar Holdings Ltd. and Welter Trading so that it could raise additional debt for refinancing. Bondholders pushed back on the proposal, which would have led to dilution of collateral, and instead the company cut its debt using dividends.

The $1.7 billion dividend received last fiscal year, upstreamed from Vedanta’s Indian listco Vedanta Ltd. (VDL), did go towards debt servicing, including interest payments. But debt was not ultimately pared as Vedanta simultaneously took on additional debt to purchase a further 14.6% stake in VDL through a voluntary open offer, to plug dividend leakage to public shareholders.

The company has stated that it has reduced debt due in fiscal year 2023 by $1.4 billion. But to boost investor confidence it needs to announce a chunky dividend to pare its debt sufficiently in one go to avoid any near-term repayment stress. That would simultaneously prove management’s credibility and its intent to de-lever. Vedanta’s management, though, still seem keen to reserve the dividend strategy for a later date, and are instead focused on raising bank loans to meet refinancing needs.

The problem with that strategy is that the company’s reputation among lenders took a beating after its corporate family and senior unsecured bond ratings were downgraded by Moody’s on Oct. 31. Again, Vedanta has to take the blame for digressing from its deleveraging plans at the last minute, after it decided not to proceed with a tender offer in October for its $400 million 8% bonds due April 2023 and $500 million 7.125% bonds due May 2023.

Moody’s in an Aug. 3 report had flagged a downgrade risk if Vedanta Resources was unable to arrange long-term funds to refinance its bonds due 2023 by Oct. 31, and the company told multiple investors it was considering a tender offer for the due 2023s by mid to end-October. Instead, it decided to use around $250 million in low-cost loans from state-owned banks to repay upcoming bank debt, resulting in an immediate downgrade from Moody’s.

The damage post the downgrade might have been more limited had Vedanta not gone ahead and discontinued its ratings engagement with Moody’s. This has resulted in bank lenders conducting additional due diligence, causing delays in closures of needed loan financings.

The tender offer required $300 million to $400 million, which could have easily come from dividends and prevented a hit on both Vedanta’s credit rating and its perception in the market. The events should teach Vedanta’s management that a strategy of constantly cutting corners is penny wise but pound foolish.

The need to present a consistent and sustainable strategy to investors is more important against the backdrop of recent high-profile changes in Vedanta’s finance team. In April 2021, Vedanta’s CFO GR Arun Kumar left, after eight years with the group during which he led deals including the merger of Vedanta Ltd. and Cairn India. More recently, in November, Vedanta appointed Anupam Jindal as its new treasury head. Jindal previously served as CFO at Sterlite Technologies Ltd. Jindal replaces Divya Goyal who had been Head, Treasury and Corporate Finance at the group, as reported.

Developing a deep relationship and maintaining constant communication with investors is vital to Vedanta, given its heavy reliance on bond debt. Investors now face the need to build new connections with key personnel at the firm due to management churn, and new incumbents need to show that they understand the company’s working over the decades.

Vedanta can steer through its debt maturities until March 2023 without a hiccup. Its trouble might begin if it is unable to close the loans with the state-owned banks as anticipated.

There are still a few steps it can take to get cash to meet its debt repayments. One is the sale of its steel business, but Vedanta has stated that it does not want to sell at this moment. Second, the company could consider selling a stake in VDL, but given the effort Vedanta Resources has taken to boost its stake in VDL to plug cash leakage, dilution of its equity holding again is unlikely to be a favored option.

For now, Vedanta needs to liaise with its banks more effectively to ensure a robust loan pipeline is in place to supplement dividends from opcos, and tackle upcoming debt maturities. Keeping its bondholders updated on its plans – and not diverging from them at the last minute – would bolster investor confidence. Metal prices are still favorable, though commodities move in cycles, and are always susceptible to external shocks.

Bearing that in mind, the company should try and make use of dividends as much as possible to bring down its debt. Most importantly, Vedanta should stop trying to cut corners and wait for a favorable window to deleverage. With few easy options on the table, the time to act is now.

–Malvika Joshi, India Editor

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Global Credit Highlights by Reorg

Reorg’s unique editorial approach combines legal and financial analysis with reporting for a holistic view on thousands of sub-investment grade credits from more than 100 countries.

Reorg’s editorial leadership has selected the following list of the most compelling and topical situations on distressed debt, restructuring, leveraged finance, and more across our global coverage universe. For any suggestions, please email us at questions@reorg.com.

In the Americas, markets ended the last week before Christmas in an unsettled state, with stocks falling and Treasury yields rising as market participants increasingly discounted the arrival of a recession in 2023 and the Federal Reserve’s aggressive rate hikes begin to take hold. Policymakers this week raised the fed funds rate by 50 bps compared with 75 bps at the previous four meetings; however, investors focused on the central bank’s “dot plot,” which indicated a terminal rate of 5.1% at the end of next year. The Fed’s action comes even as consumer prices have eased lower in each of the past two months; even so, companies in earnings reports are increasingly highlighting the effect of cost and labor inflation on financial results, as well as a growing tendency by consumers to reel in spending in the face of higher prices.

Highlights from Reorg’s Americas Core Credit team:

AMC Entertainment

AMC Entertainment Holdings Inc. lenders have organized again as the movie theater chain continues to burn a significant amount of cash and its liquidity runway comes into question. The company burned $278 million of cash in the third quarter, bringing its year-to-date free cash burn to $725 million. Reorg estimates pro forma liquidity of $767 million as of Sept. 30, down $1 billion from $1.8 billion at the beginning of the year. AMC’s LTM adjusted EBITDA through Sept. 30 of $191 million is only 25% of 2019 levels. Even if this number improves materially, AMC could still burn cash in 2023 unless box office performance exceeds expectations. Reorg’s AMC coverage.

Revlon

Revlon is in discussions with creditors to issue new reorganized common shares and warrants, whose terms must be acceptable to BrandCo lenders, to exit its bankruptcy proceedings. No strong bids have emerged – hence a sale is not a likely path for the cosmetics retailer to emerge from chapter 11, at least from where things stand now. The company is also working on a global settlement to resolve intercreditor issues. Access Reorg’s Revlon coverage.

Party City

Party City is exploring options to boost liquidity, including upsizing its first-in, last-out facility, as the party supplies store chain burns cash because of stubbornly high helium, freight and labor costs. Certain holders of Party City’s first lien notes, including Silver Point Capital and Capital Group, have organized with Davis Polk as counsel and Lazard as financial advisor. The company has received inbounds from investors that are interested in providing financing in the form of FILO. Party City is permitted to upsize its existing ABL or FILO by $200 million under the existing credit agreement, according to Americas Covenants by Reorg. Following an amendment to the ABL agreement in July, the company had $17.1 million outstanding on the FILO tranche. Reorg’s Party City coverage.


In Europe, the leveraged loan market sprung back to life with banks offloading high-yield debt with lumpy OIDs in companies that had previously pulled issuances. Short-seller Muddy Waters launched a campaign against German real estate group Vivion questioning some of its shareholder loans and challenging its reported occupancy rates. The company responded that the report is inaccurate and flawed but that did not stop the bonds from losing 10 points to yield almost 20%.

Highlights from Reorg’s EMEA Core Credit team:

Vivion

The United Kingdom-and-Germany-focused real estate group Vivion’s bonds dropped more than 10 points this week after hedge fund Muddy Waters announced a short position in the debt and released a research report focusing on doubts over some shareholder loans, the reported occupancy rates in Germany and a potential inflation of the value of the U.K. hotel portfolio. The company rejects the allegations as inaccurate. Access Reorg’s coverage of Vivion.

DOF ASA

DOF ASA’s three-year debt restructuring process took another turn this week when shareholders in the Norwegian offshore service company voted to sack the company’s long-time board of directors and install a new team of candidates pitched by two activist shareholders opposing the company’s restructuring plan. The new chairman told Reorg that DOF will continue to pursue its in-court reconstruction plan but added that the new directors will form their own view on how to proceed. The consortium of lenders and bondholders backing the debt-for-equity swap plan immediately sent a letter reminding the company of its agreement to implement the terms agreed in June. Access Reorg’s coverage of DOF.

Veon

Global telecoms group Veon has added a number of sweeteners to its proposed English scheme of arrangement after receiving feedback from certain investors holding its $529.3 million 5.95% notes due February 2023 and $700 million 7.25% notes due April 2023 that are being extended by eight months. Veon will enhance the proposed maturity extension with an increased amendment fee of 200 bps, up from 75 bps under the Nov. 24 proposal, payable on the maturity dates of the new 2023 notes. Veon is also offering creditors a put right, requiring Veon to buy back up to $600 million of the $1.229 billion of outstanding bond principal at 101. Access Reorg’s coverage of Veon.


Over in China, the nation is headed for another Covid-19-ravaged winter, this time after China largely lifted quarantine requirements and travel restrictions in part in response to public protests. iQIYI, China’s answer to YouTube and Netflix combined, has engaged Kirkland & Ellis and Houlihan Lokey as legal and financial advisors, respectively, to explore financial options.

Highlights from Reorg’s Asia Core Credit team:

iQIYI

This Chinese online video platform has engaged Kirkland & Ellis and Houlihan Lokey as legal and financial advisors, respectively, to explore financial options. Access Reorg’s coverage of iQIYI.

Yuhua Education

Linklaters, financial advisor to an ad hoc group of holders of Yuhua’s HKD 2.088 billion 0.9% convertible bonds due 2024, said in a statement that the ad hoc group has exercised their rights to require early redemption of the outstanding convertible bonds on Dec. 27. The group also detailed progress and terms agreed to so far during restructuring negotiations with the company. Reorg’s coverage of Yuhua Education.

New Coverage: Goodpack

Reorg on Dec. 9 initiated coverage on Singapore-headquartered container-maker Goodpack. The KKR-backed company is close to finalizing a fully committed refinancing of its U.S. term loan B debt through an Asian bank club and a fully subordinated mezzanine piece, according to sources. Reorg’s coverage of Goodpack.

To read more intelligence articles, breaking news alerts and in-depth analyses on companies across the Americas, Asia and EMEA regions, click here.

Access all of Reorg’s coverage on thousands of distressed, stressed and performing credits: request a trial.

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Following Trends in Municipal Debt
Tue Dec 13, 2022 5:57 pm Distressed Debt

Increased labor costs, supply-chain difficulties, and federal funding and reimbursements have all contributed to distress. This has pushed many municipal borrowers into the zone of distress, necessitating access to forward-looking analysis and intelligence on legal, legislative and market issues that may affect the credit quality of various municipal credits.

Americas Municipals by Reorg provides coverage of over 650 higher-yield and unrated municipal borrowers, focusing on source-driven reporting and regulatory disclosures, as well as analysis of legal
documents and financial statements. Catch up on some of Reorg’s latest municipals coverage:

To learn more about accessing Reorg’s Americas Municipals coverage, request a trial.

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Following BlockFi Bankruptcy Case Summary
Tue Dec 6, 2022 3:20 pm Bankruptcy Filings  Distressed Debt

Reorg’s First Day team continues to follow the growing number of cryptocurrency companies in distress, including FTX, Celsius and Voyager. The newest joiner to this group, BlockFi, a Jersey City, N.J.-based provider of crypto exchange services, and several affiliates filed chapter 11 petitions today reporting $1 billion to $10 billion in both assets and liabilities. In addition to its exchange offerings, BlockFi also functions as a crypto bank, offering loan services and interest-bearing accounts to retail and institutional clients.

Following the “collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,” says Mark Renzi of Berkeley Research Group in the company’s press release issued contemporaneously with the bankruptcy filing this morning. The debtors state that they enter bankruptcy with approximately $256.5 million of unencumbered cash and anticipate that this cash “will be sufficient to fund the costs” of the chapter 11 cases, indicating that they do not intend to seek approval of DIP financing “at this time.” As detailed below, the BlockFi debtors take pains in their first day papers to distinguish their corporate governance and operating procedures from those that have come to light in the FTX cases.

Read the full article.

The Reorg team continues to follow developments in the cryptocurrency space. Check out our recent webinar and podcast episodes. Reorg also provides updates via our live blog platform, which can be accessed through the live blog portal. To learn how to get access, request a trial.

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Three C’s: Industries in Distress
Fri Dec 2, 2022 5:00 pm Distressed Debt  Financial Restructuring

Reorg delivers real-time news, commentary, and analysis on the high-yield and distressed debt market. Current highlights within the distressed debt space come down to the letter “C”, covering the cryptocurrency, cinema, and cruise industries.

Crypto: This week remained an active week for cryptocurrency bankruptcies. FTX continued to make headlines as the office of the US trustee appointed an examiner to investigate FTX’s “corporate failures” and “misuse of customer funds.” In addition, BlockFi joined FTX, Voyager, and Celsius by filing for bankruptcy earlier this week.

To explore more of Reorg’s coverage on crypto bankruptcy, check out our recent webinar and our podcast series.

Cinemas: Major names in the world of cinema remain in distress across the world. M&A speculation for U.K.-based Cineworld continues, but does not appear imminent. U.S. theater chain AMC continues liquidity has also continued to decline, according to recent Reorg financial analysis.

To learn more about Reorg’s financial analyses, request a trial today.

Cruises: Rounding out developments within discretionary consumer spending is the cruise industry. Cruise lines such as Royal Caribbean and Carnival hope for higher 2023 bookings and prepare to make principal payments on debt, respectively.

To stay up-to-date on breaking news within these spaces, follow Reorg on LinkedIn and Twitter.

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Reorg Webinar Series: Distressed Debt & Restructuring Outlook for Germany: Harsh Winter Ahead
Fri Nov 18, 2022 3:29 pm Distressed Debt  Financial Restructuring

Reorg runs an extensive webinar program throughout the year. This presentation on the distressed outlook for Germany is the 32nd webinar globally, and the 12th looking specifically at European credits. If you are interested in participating in a Reorg hosted webinar, email us at marketing@reorg.com.

On Nov. 17, Reorg hosted another episode of our deep dive webinar series, this time on the outlook for the distressed debt and restructuring market in Germany.
With German corporates facing a winter of high gas prices, subdued consumer confidence and rising interest rates, the panel discussed what opportunities and challenges investors and restructuring professionals can expect.


Key Topics:

  • How much does the German scheme StaRUG play a role in negotiations and restructurings?
  • How are German corporates and investors adapting to the new macro environment?
  • Sorgenkinder Real Estate and Automotive.
  • Will creditors agree to more amend & extend deals or are we in for comprehensive restructurings?

You can find recent analysis and coverage on topical German credits such as:

Watch the Replay here.

Catch up on our recent EMEA webinars.

Request a trial here.

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