Webinar: PBF Energy’s Path Forward Amid Regulatory Complexity

Webinar: PBF Energy’s Path Forward Amid Regulatory Complexity

Join Reorg on Thursday, Sept. 30, at 12 p.m. ET as we discuss PBF Energy’s background, recent financial results and the regulatory challenges it faces in the latest installment of our webinar series. Our coverage team will provide an overview of PBF Energy’s business and the continuing effects of the Covid-19 pandemic, which led to more than $1 billion of 2020 FCF burn. While the company’s cash burn rate has improved upon entering 2021, PBF Energy has encountered increased Renewable Fuel Standard, or RFS, compliance costs due to dramatically higher market prices of RFS-related renewable identification number, or RIN, credits....

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New Developments in Bankruptcy and Restructuring | 9/22/2021 |

New Developments in Bankruptcy and Restructuring | 9/22/2021 |

Fall is here, and with it comes a slew of new developments in bankruptcy and restructuring. Recently in oil & gas, oilfield services company Key Energy announced the sale of substantially all of its fluid management and saltwater disposal well assets in Texas and New Mexico, effectively completing the company’s exit from that line of business in those states. In addition, lenders to Yak Access, a supplier of access mats to oil & gas companies in North America, have reportedly organized amid concerns over the company’s liquidity position, earnings trajectory and possible expansion into the power markets. Later this month, experts from our...

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Americas Podcast: Johnson & Johnson “Texas Two Step” and Yak Access Creditors Organize

Americas Podcast: Johnson & Johnson “Texas Two Step” and Yak Access Creditors Organize

Featuring a discussion on Johnson & Johnson’s response to a group of talc plaintiffs’ motion for an injunction from a New Jersey state court preventing the company from pursuing a “Texas two-step” chapter 11 strategy to shed its talc liabilities, as well as the company Yak Access, whose creditors have began to organize, and Cornerstone Chemical, our Americas Core Credit podcast dives deep into the most prominent distressed debt, performing credit and high-yield news from the week.  On Johnson & Johnson, the plaintiffs alleged that a Texas divisional merger that allocates all the companies talc liabilities to a spinoff without...

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High Yield Bond Data on European Private and Public Credits

High Yield Bond Data on European Private and Public Credits

The importance of high yield bond data for financial advisors in Europe spans both the private and public sectors. High yield bond spreads can be used to assess the market as well as evaluate the general state of the economy, but investing in high yield bonds comes with a variety of risks. These risks include default risk, interest rate risk, economic risk, liquidity risk and more, which is why it is extremely important to conduct extensive research and data analysis before investing in these bonds. Aggredium by Reorg provides fundamental data through a searchable database featuring high-speed scraping and updating...

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Papa John’s Secured Debt Allowance Analysis

Papa John’s Secured Debt Allowance Analysis

Analyzing the Papa John’s secured debt, our Americas Covenants team took a look at the company’s new unsecured notes, leverage-based restricted payments and investment baskets accessible at issuance with 2.5x, 2.75x headroom. After launching $400M of senior unsecured notes due 2029, the company is expecting to repay in full their existing term loan and revolving credit facilities.  Also, with plans to amend their credit facility, Papa John’s secured debt allowance is likely to increase. The amendments to their credit agreement will increase revolving commitments from $400M to $600M and extend the maturity for an additional five-year term. Click through for...

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Americas Core Credit Podcast: Purdue Chapter 11; Fraudulent Transfer Claims and Third-Party Claims

Americas Core Credit Podcast: Purdue Chapter 11; Fraudulent Transfer Claims and Third-Party Claims

Each episode of Reorg’s weekly podcast series features a look back at highlights and top stories from the week in review and a preview of what's to come in the week ahead, followed by a deep dive on issues and companies in the distressed and high-yield space. For this week’s deep dive, Reorg’s Karen Leung and David Zubkis discuss the $4.6 billion settlement with the Sackler family in the Purdue chapter 11 cases and explore the releases of fraudulent transfer claims and third-party claims against the Sacklers. Purdue has been taking up a lot of headlines and with the opioid...

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