Reorg on the Record: 2022 starts with a flurry of high-yield bonds and leveraged loan deals…(01/19/22)

Reorg on the Record: 2022 starts with a flurry of high-yield bonds and leveraged loan deals…(01/19/22)

Written by Julie Miecamp, Managing Editor, Europe || For junk-rated debt investors the new year has started with a flurry of high-yield bonds and leveraged loan deals from repeat issuers. As market conditions in Europe remain benign due to government and central bank support, investors have been buying into well-known single B credits. Distressed debt investors have a dearth of new opportunities to consider, although some have been busy with existing negotiations. Creditors rejected a draft plan submitted by Spanish real estate servicing company Haya Real Estate before Christmas. The deal aimed at tackling the company’s 2022 maturities. Debtholders worried that...

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Reorg on the Record: Purdue, PBF Energy, Synaptics, and more topical credits… (01/12/22)

Reorg on the Record: Purdue, PBF Energy, Synaptics, and more topical credits… (01/12/22)

Written by Julian Bulaon, Legal Analyst, Americas Covenants || To kick off the new year, Reorg’s Americas team has prepared in-depth analyses on a number of highly topical names, including PBF Energy, SmileDirectClub and Synaptics Inc. Specifically, we discuss how regulatory considerations and drafting nuances in debt documents may expand each company’s ability to address current and future liabilities. In PBF, we quantified the impact on the company’s financials from recent proposed renewable fuel volume targets issued by the Environmental Protection Agency. We also looked at SmileDirectClub’s cash burn and concluded that the company could seek to address its shortening liquidity runway...

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Case Summary: TenFour Chapter 11 Filing and Financial Analysis

Case Summary: TenFour Chapter 11 Filing and Financial Analysis

Morristown, N.J.-based Alliant Technologies, which does business as TenFour, a provider of turnkey, subscription-based networking, communications and security services for businesses, filed for chapter 11 protection. The bankruptcy filing is planned to effectuate a sale of substantially all of its assets, with Acuative Corporation as stalking horse. Mark Cantaluppi, the CEO of debtor Technology Keiretsu LLC, which serves as parent of the other debtors, says the debtors “now stand on the threshold” of consummating a going concern sale “designed to maximize recoveries for creditors, continue uninterrupted service to the Debtor’s’ customers, and preserve employment for TenFour’s workforce.” Get the full bankruptcy...

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Leveraged Loans Continue Path Toward Becoming IOUs

Leveraged Loans Continue Path Toward Becoming IOUs

For years, sponsors have tried (most often, successfully) to chip away at lender protections in credit agreements. With so much money flowing into the leveraged loan market, the skyrocketing demand has created an increasingly borrower-friendly environment and resulted in many credit agreements looking more like IOUs than highly negotiated contracts that seek to balance the interests of borrowers and lenders. In the article linked below (available to LSTA subscribers), we discuss certain new terms and mechanics being seen in sponsored, private credit agreements reviewed by Reorg Covenants Prime and briefly review other terms that may at one time have been...

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Court Opinion Review: Post-Reorg Windfalls, the Sanchez Strategy, the Limetree Bay Sale Process, Interlocutory Appeal Issues and ‘Independent’ Future Claims Representatives

Court Opinion Review: Post-Reorg Windfalls, the Sanchez Strategy, the Limetree Bay Sale Process, Interlocutory Appeal Issues and ‘Independent’ Future Claims Representatives

Reorg’s Court Opinion Review provides an update on recent noteworthy bankruptcy and creditors’ rights opinions, decision and issues across courts. In this special coverage, you will find a review of: The trend of post-reorg stock buybacks and payouts to plan investors Some clever post-reorg maneuvering in the Sanchez energy case A contested sale process in Limetree Bay Energy Quick hits on the trouble with the appellate finality rule in bankruptcy and the new class of ‘independent’ future claims representatives in the Texas two-step cases Read the full story: https://reorg.com/bankruptcy-industry-updates/ A note to subscribers: check out Reorg’s new post-reorg coverage!

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Reorg on the Record: Rising inflation and continuing supply-chain slowdowns… (12/15/21)

Reorg on the Record: Rising inflation and continuing supply-chain slowdowns… (12/15/21)

Written by Peter Washkowitz, Head of Americas Covenants || Although the year is quickly coming to an end, and soon no creatures will be stirring, not even mice, Reorg continues apace, covering all things credit from performing and high-yield, to distressed and post-reorganization. As the new year approaches and Covid-19 shows little sign of slowing, rising inflation and continuing supply-chain slowdowns seem poised to ring in the new year with continued volatility and unpredictability. When 2021 began, most market participants were cautiously optimistic that Covid-19-related market volatility would subside and stability would return as the vaccine rollout expanded around the...

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