Reorg Blog

First Day by Reorg publishes timely alerts and expert analysis of new chapter 11 cases. The team also publishes regular special reports including the First Day Weekly and twice-yearly reports; the Midyear Review and the Year in Review. Below is an excerpt of the 2022 Year in Review whitepaper which you can download here. To request trial access to Reorg, click here. Major Industry Developments & Highlights In 2022 there was an 18% increase in filing frequency from the first half to the second half, with December being the busiest month of the year.Energy and consumer discretionary filings, which set...

Watch the replay. The first half of 2022 set a First Day record for fewest chapter 11 filings over any calendar six-month period, but chapter 11s picked up in the second half of the year, with Q4 concluding as the year’s busiest quarter and December closing out as the year's busiest month. Ignoring real estate cases, which peaked in 2021, the frequency of chapter 11 cases fell by only 1% in 2022. Despite the waning of COVID-19, companies continue to cite the pandemic as at least part of the reason for their bankruptcy filings. However, during 2022 the cause of...

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 PelzerJan. 31, 2023. Listen here. The Reorg Primary View: Debt Instruments and Soccer Teams in...

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. (Question Provided to ChatGPT) As incidences of bankruptcy and restructuring rise, access to future-oriented technologies are more important than ever. Reorg’s Restructuring Risk Index (RRRITM) moves beyond data integration by providing a scoring mechanism to predict the likelihood that U.S. publicly traded companies enter restructuring. Source: Reorg, Credit Cloud RRRI is powered with data on over 2,000 public companies, continuous analysis of hundreds of company financial statements and documents, qualitative industry...

The restructuring of U.K. retailer Matalan proposed by its first lien lenders will be implemented consensually, sources told Reorg. The first lien group will utilize the distressed disposal provisions (clause 14.2) contained in the intercreditor agreement, or ICA, to implement the transaction, which is due to close Jan. 26. These clauses allow the security agent to release liabilities, guarantees and security provided the relevant criteria for a distressed disposal are met and any value protection safeguards are satisfied. Consequently, they are important contractual tools in helping to facilitate successful restructurings. The group’s senior bondholders are resorting to their “fall back”...

Our expert team will provided an overview of: How the market for bond and loan covenants responded to the turbulence of 2022;How investors pushed back on aggressive terms;The outlook for 2023; andHow borrowers will use the terms of existing documentation to manage their liabilities. Watch the replay. See Reorg's EMEA Covenants coverage.Request a trial.