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The first half of 2023 was rife with restructurings, warranting continued, close examination of advisor hires as well as their final fees earned.

The midyear Reorg Advisor League Tables: Americas analyze Legal Advisors, Financial Advisors and Investment Bankers across:

• Retention analyses: The retention tables include pre- and postpetition advisors, across both debtor and nondebtor engagements, and provide a comprehenve overview of the total number of new engagements initiated by each advisor in the first half of 2023.
• Fee analyses: The fee league tables show total final fees approved – and therefore earned – for each advisor in the first half of 2023; this covers how much was ultimately authorized in payments by the courts, and is guided by the date of the order granting final fee approval in chapter 11 cases.

This report utilized primary and proprietary data from Credit Cloud to analyze activities among Legal Advisors, Financial Advisors and Investment Bankers from Jan. 1 through June 30.

Credit Cloud enables you to generate insights, such as the comparisons in Reorg’s Advisor League Tables, by aggregating data across data sets. Credit Cloud also offers proprietary information, including Advisor Fees, Restructuring Terms and Reorg’s Restructuring Risk Index (RRRI™).

Download the report to access more than 30 tables assessing top advisors.

Actors across the advisory and investment banking communities utilize Reorg’s Court Filings data as a resource to get an edge on business development research, build out comparison data across restructurings and more.

“Filing Type” filters allow users to easily pull relevant documents such as Retention Applications, Final Fee Orders, DIP documents, etc., without having to dig through the mass of filings on a single docket. 

These features in tandem with dynamic search functionality to hone in on any of the more specific filings. The top search bar enables full text search, while the Docket Caption box supports focued research on titles and captions.

Easily download the filings and search across the dataset at no additional cost to smoothly compile information on what your peers are charging, what’s market for DIPs, 363 sales and any other critical comparisons. 

If you’d like to learn more about Reorg’s solutions, subscribe to our weekly newsletter Reorg on the Record or request a trial

Today, June 30, marks the reporting deadline for Sustainable Finance Disclosure Regulation, or SFDR, which requires asset managers, investors and other financial market participants to disclose their integration of sustainability risks and consideration of adverse sustainability impacts for their investment decisions.

Ahead of this deadline, the ESGx by Reorg team has successfully delivered reporting on more than 100 individual funds and expects to continue publishing additional funds through the due date. As a trusted regulatory reporting partner, we’re excited to continue delivering this critical information to our customers with our transparent, auditable data and cutting-edge reporting technology.

Given the successful delivery of the first SFDR PASI Statements, ESGx by Reorg is excited to launch Task Force on Climate-Related Financial Disclosures, or TCFD, reporting with our market participant working group as the regulation threshold lowers to 5 billion in AUM next year.

With the advent of these new measures to increase transparency regarding sustainable finance practices, ESGx by Reorg is continuing to evolve reporting to meet emerging needs in the United States and United Kingdom.

To learn more about SFDR, watch our recent webinar on SFDR Articles 6, 8, and 9, visit the ESGx webpage, and subscribe to Reorg on the Record to access a selection of the latest topical updates from Reorg’s global team, straight to your inbox.

And if you’d like to connect directly with a member of our team to learn more about how ESGx by Reorg can streamline your reporting, request a trial.

Earlier this week, the Reorg team hosted a live, in-person panel event in New York! The event, titled From Issuance to Workout: Opportunities and Risks in Times of Volatility, featured two panels covering the most topical items in the leveraged finance and distressed credit markets.

Following an introduction by Sarah Gefter, Reorg’s Managing Director – Americas Credit, the first panel took the stage.

This panel, moderated by Reorg’s SVP & Head of Research – HY, covered “Issuer Funding Trends in the Current Credit Climate” included the following experts:

• Chris Bonner | Head of Leveraged Capital Markets – Goldman Sachs
• Jane Lawrence | Portfolio Manager – Sound Point
• Michael Nechamkin | Chief Investment Officer – Octagon
• Brian Ziemer | Senior Vice President – Antares Capital

The conversation explored the following questions:

• What are the key factors causing a shift to unitranche issuance in the types of deals that are typically funded in the broadly syndicated loans and/or high-yield bond market?
• Is this a sustaining trend? If so, why? If not, what are key steps investors in BSL and/or bond markets are taking to claw back issuer business.
• And finally, what is the role syndicates are playing in the evolving financing structures, and how are they adapting?

The second panel covered “Distress in Times of Volatility” and was moderated by Adelene Lee, SVP & Managing Editor, Americas Core Credit, and included the following expert speakers:

• Ana Alfonso | Partner, Business Reorganization & Restructuring – Willkie Farr & Gallagher LLP
• Christopher Dunlop | Managing Director, Capital Markets – Houlihan Lokey
• Ari Lefkovits | Managing Director – Lazard
• Giac Picco | Managing Director – KKR
• Phil Saliba | Managing Director, Head of Restructuring Capital Markets – Deutsche Bank

Following a tumultuous year, the panel explored some of the most important questions restructuring professionals are facing in the current market:

• What impact has market volatility had on distressed companies’ options?
• Where are distressed debt funds deploying capital, and where are the sweet spots?
•  Is creditor-on-creditor violence set to continue? How has this changed market relationships and dynamics between lenders and borrowers? And are lenders more able to employ more restrictive covenant language?
• What are the long-term implications of bank bailouts on the market and distressed opportunities?

The content was followed by an open cocktail and networking reception, where the team was thrilled to connect more with our incredible roster of speakers, and clients from over 50 organizations!

Thank you to all of our event participants and attendees for making it an incredible evening of learning, connection, and fun!

If you’d like to stay in the loop on future Reorg events, please visit our Events & Webinars page. And if you’d like to learn more about Reorg, request a demo today.

Breaking down the intricacies of complex or long-term situations over time can be an elaborate or daunting task. But Reorg’s robust and well-organized financial analyses can easily help you and your team get up to speed on even the most rapidly developing situations.

For example, our coverage of Revlon’s restructuring over the past several years includes regularly updated financial tear sheets, covenants tear sheets, exchange models, waterfall models, Excel uploads of management projections and plan treatment models, including (but not limited to) the following:

• In 2020 Reorg published exchange models after the BrandCo transaction;
• In 2021 Reorg published a waterfall model illustrating BrandCo and RemainCo lenders’ recoveries;
• Earlier this year, Reorg published a plan treatment model illustrating treatment and proposed recoveries for BrandCo and RemainCo lenders, rights offering participants and backstop parties; and
• Finally, just after Revlon emerged from chapter 11 this month, Reorg developed and published an analysis of Revlon’s exit term loan.

If you’d like to explore all of the Revlon coverage in between, or learn more about the financial analysis we have available on the next topical restructuring you work on, request a trial

We’re excited to share that our new Americas high yield and performing credit coverage is live!

Available within Americas Core Credit, we are providing additional intelligence, analytics and research coverage of primary and secondary performing credit across the healthcare, retail, technology, energy and food products sectors.

Coverage intiations since the launch earlier this month include:

Healthcare & Life Sciences (Kyle Owusu, CFA, JD)

• DaVita – DVA
• Select Medical – SEM
• Tenet – THC
• Charles River – CRL
• Avantor – AVTR
• IQVia – IQV

Food Products (Jacob Bloom)

• US Foods – USFD
• United Natural Foods – UNFI
• B&G Foods – BGS
• Lamb Weston Holdings – LW
• Post Holdings – POST

Retail & Consumer Products (Justin Spuma)

• Coty – COTY
• Sally Beauty – SBH
• Asbury Automotive – ABG

Technology (Menghi Zhang, CFA)

• PTC Inc – PTC

Energy (Scott Greenstein)

• EnLink Midstream – ENLC
• Equitrans Midstreams – EQM

To keep on top of all the new coverage initiations we’ll be making in the coming weeks and months, request a trial. And, if you’d like to catch up on our coverage for the first quarter of 2023, check out this recent article.

Reorg is combining the extensive coverage of Aggredium and FinDox Analytics, and leveraging the best features of both platforms to create an even more powerful solution: Fundamentals by Reorg. As we work to finalize and roll out this solution we’ll keep you posted on new content and capabilities you’ll have access to.

This expanded platform provides the largest set of fundamental financial data on both private and public subinvestment grade companies in Europe and the U.S., and leverage the best features of both platforms, including:

• Best-in-class library of 2,500+ financial models on private and public sub-investment-grade loan and bond issuers in Europe and the U.S.
• Customizable data, tailored to your workflows through an Excel-add in and REST API.
• Public and private issuers’ calls via proprietary transcripts across the Reorg model universe and beyond.
• Real-time flash alerts.

To learn more about our expanded Fundamental data, request a trial today. And, if you’d like to keep in touch about our product updates and enhancements, follow us on LinkedIn and subscribe to Reorg on the Record, our weekly newsletter.

Reorg’s Court Filings data is a leading resource for docket tracking and includes all chapter 11 filings dating back to 2015 with at least $10 million in liabilities, plus hundreds of adversary proceedings, district court dockets, pre-bankruptcy litigations and appellate cases.

• Filings Type Filter: Reorg has developed a first-of-its-kind proprietary docket-entry classification system that uses data science to categorize nearly 100 types of pleadings both at a higher level (such as motions and orders) and at an underlying subject-matter level (such as backstop or exit financing) 
• Judge Filter: Find pleadings heard by – and orders and opinions written by – federal district court and bankruptcy court judges. 
• Jurisdiction Filter: Narrow your results to specific courts or collections of courts to find mandatory and persuasive authority for the standard of practice in those jurisdictions.
• Law Firm Filter: Search across Court Filings to find pleadings authored by specific firms or group of firms to find examples of briefs or quickly access cases involving those firms.
• Link to Intel: Look for the words “Reorg Intelligence” below a specific pleading to quickly access Reorg’s analysts’ summaries and analysis of that pleading and save valuable time. 

If you’d like to further explore Reorg’s Court filings data, request a trial today.

While innovative, disruptive technologies like ChatGPT are able to provide answers based on previous events, it lacks the forward-thinking ability credit professionals need to make fast, strategic business decisions.

As incidences of bankruptcy and restructuring rise, access to future-oriented technologies are more important than ever. Reorg’s Restructuring Risk Index (RRRI^TM) moves beyond data integration by providing a scoring mechanism to predict the likelihood that U.S. publicly traded companies enter restructuring.

RRRI is powered with data on over 2,000 public companies, continuous analysis of hundreds of company financial statements and documents, qualitative industry expertise from Reorg internal experts and cutting-edge data science technology. By providing users with proprietary numerical indicator, from 0-100, that reflects the probability of any U.S. public company filing for bankruptcy, restructuring professionals can dynamically analyze and forecast future restructuring situations.

RRRI is available exclusively through Credit Cloud. To learn more, request a trial.