Reorg on the Record: Risk-on or risk-off, Reorg continues its mission…

Written by Kent Collier, Founder & CEO || Today marks the 100th edition of Reorg on the Record. We started publishing this weekly digest in the months leading up to the onset of the pandemic. A lot has happened in those two years and candidly, at least to me, it feels like a decade.

The environment today feels quite different from March, April and May of 2020. Cases such as Whiting Petroleum, J.Crew, Avianca and many others dominated Reorg’s docket feed and no one knew what a meme stock was (gentle reminder: Gamestop was going through a proxy battle at that time…).

Reorg is also different – we introduced a number of powerful datasets including our DIP, Restructuring and CLO Databases, we bought Aggredium to help power the research processes of high yield and loan market participants and we extended our editorial coverage to cover more salient topics for our subscribers such as primary coverage, litigation overviews, post-reorg analysis and launched our America’s Municipal product offering.

That said, one thing I am ever grateful for is the resilience and steadfastness of the nearly 300 people that work at Reorg. Between March 1, 2020 and today, Reorg has written approximately 70,000 stories. From breaking news to deep dive covenant analysis on new issuance, these stories help our subscribers stay informed of everything going on in the credit markets. Irrespective of market conditions, risk-on or risk-off, Reorg will continue its mission to empower our subscribers with the information that matters and bring transparency to the global credit markets.

Our global teams are delivering the most in-depth data, analysis and reporting on thousands of credits that are either stressed, distressed, performing, going through restructuring or post-reorg. Below is a glimpse into our editorial offering:

Asia: Sri Lanka Sovereign Debt
The Democratic Socialist Republic of Sri Lanka’s benchmark 7.55% $1.5 billion notes due March 2030, are indicated at 49/50.25, up from 48.75/50.25 on Jan. 14. The 2030 notes, which are widely held and traded in Asia, have been indicated at the level of 52.5/56, since Reorg initiated coverage in May 2020. » Continue Reading

EMEA: European Primary Market
The volume of issuance in the European primary market in January 2022 almost halved compared to January last year and, of those companies who came to market, only a third traded up above their issue price. Market jitters spread across the European primary market in the last two weeks of January, causing issuers who did come to market to price wider than initial price guidance and some to rejig or shelve their issuance plans. » Continue Reading

Americas: Mallinckrodt
A month after the close of a hotly contested trial, Judge John Dorsey confirmed Mallinckrodt’s fourth amended plan in an opinion released on Thursday night, Feb. 3. The decision is a victory for the Mallinckrodt debtors and other plan supporters, who defended the plan against a volley of objections challenging its compliance with the confirmation requirements set out in section 1129 of the Bankruptcy Code. » Continue Reading

Americas: Puerto Rico
In a telephone interview with Reorg, outgoing PROMESA oversight board Executive Director Natalie Jaresko stressed that her remaining two months in the post will “absolutely” include taking the commonwealth plan of adjustment effective, a major milestone in Puerto Rico’s broad restructuring that the oversight board is solidly targeting for March 15. » Continue Reading

EMEA: Orpea Groupe
Investors are monitoring Orpea Groupe after the French care home operator appointed Grant Thornton and Alvarez & Marsal to conduct an internal review following a string of allegations including mistreatment of residents and potential labor law violations, sources told Reorg. Since the allegations, Orpea’s share price has plummeted. » Continue Reading

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