Reorg Blog

Reorg's unique editorial approach combines legal and financial analysis with reporting for a holistic view on thousands of sub-investment grade credits from more than 100 countries. Reorg’s editorial leadership has selected the following list of the most compelling and topical situations on distressed debt, restructuring, leveraged finance, and more across our global coverage universe. For any suggestions, please email us at questions@reorg.com. In the Americas, markets ended the last week before Christmas in an unsettled state, with stocks falling and Treasury yields rising as market participants increasingly discounted the arrival of a recession in 2023 and the Federal Reserve’s aggressive rate...

If you're not already receiving Reorg on the Record, sign up here: https://reorg.com/resources/reorg-on-the-record/ In these last few weeks of 2022 some European companies are taking advantage of a window in the primary market to issue debt to refi 2024, 2025 maturities or finance acquisitions. In the most telegraphed recession ever, management teams have the benefit of operating with some level of visibility and want to avoid surprises, hence dealing with maturities is key. The good news for investors is that double-digit high yield is back, House of HR will likely raise its senior secured bonds at over 10% yield, Parques...

Since the second week of November, the Chinese government has released a slew of new policies and initiatives aimed at expanding access to financing for privately held real estate developers. Policy highlights include the so-called Second Arrow program to provide up to RMB 250 billion total financing and 16 measures from the central bank and the China Banking and Insurance Regulatory Commission for supporting real estate companies. Asia’s high-yield market rallied following the unveiling of the policies, with China real estate bonds leading the rise. Will the new policies end China’s real estate crisis? How much will they help lift...

Increased labor costs, supply-chain difficulties, and federal funding and reimbursements have all contributed to distress. This has pushed many municipal borrowers into the zone of distress, necessitating access to forward-looking analysis and intelligence on legal, legislative and market issues that may affect the credit quality of various municipal credits. Americas Municipals by Reorg provides coverage of over 650 higher-yield and unrated municipal borrowers, focusing on source-driven reporting and regulatory disclosures, as well as analysis of legaldocuments and financial statements. Catch up on some of Reorg's latest municipals coverage: Chester, PA's Chapter 9 BankruptcyTear Sheet: Tower HealthCare community Edgemere's bondholder plan...

Reorg's First Day team continues to follow the growing number of cryptocurrency companies in distress, including FTX, Celsius and Voyager. The newest joiner to this group, BlockFi, a Jersey City, N.J.-based provider of crypto exchange services, and several affiliates filed chapter 11 petitions today reporting $1 billion to $10 billion in both assets and liabilities. In addition to its exchange offerings, BlockFi also functions as a crypto bank, offering loan services and interest-bearing accounts to retail and institutional clients. Following the “collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,”...