Reorg Blog

Reorg delivers real-time news, commentary, and analysis on the high-yield and distressed debt market. Current highlights within the distressed debt space come down to the letter "C", covering the cryptocurrency, cinema, and cruise industries. Crypto: This week remained an active week for cryptocurrency bankruptcies. FTX continued to make headlines as the office of the US trustee appointed an examiner to investigate FTX's "corporate failures" and "misuse of customer funds." In addition, BlockFi joined FTX, Voyager, and Celsius by filing for bankruptcy earlier this week. To explore more of Reorg's coverage on crypto bankruptcy, check out our recent webinar and our...

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...

The FTX Group chapter 11 debtors made their first bankruptcy court appearance before Delaware Bankruptcy Judge John T. Dorsey earlier this week. Reorg's First Day team covered the hearing via our Live Blog platform. The Securities Commission of The Bahamas issued a statement regarding “certain remarks” made by the FTX Group debtors at their first day hearing on Tuesday “in connection with the motion to transfer the venue of FTX Digital Markets’ chapter 15 proceedings. James L. Bromley of Sullivan & Cromwell said this background resulted in “one of the most difficult collapses in corporate America and in the world.”...

In the latest installment of our Americas webinar series, Reorg's editorial team, in collaboration with our expert panel discussed novel issues raised in recent cryptocurrency bankruptcy filings. The discussion provided a background overview of the state of the crypto industry and reviewed the trajectory of the ongoing reorganizations of cryptocurrency exchanges Voyager Digital and Celsius Network. Also covered were legal issues relating to the valuation and ownership of cryptocurrency assets, and what’s next in crypto restructurings and regulation.  Reorg's Ellen Schneider and Mike Legge moderated a discussion with: Jeff Dorman, the chief investment officer at Arca, an asset management firm...

Reorg runs an extensive webinar program throughout the year. This presentation on the distressed outlook for Germany is the 32nd webinar globally, and the 12th looking specifically at European credits. If you are interested in participating in a Reorg hosted webinar, email us at marketing@reorg.com. On Nov. 17, Reorg hosted another episode of our deep dive webinar series, this time on the outlook for the distressed debt and restructuring market in Germany.With German corporates facing a winter of high gas prices, subdued consumer confidence and rising interest rates, the panel discussed what opportunities and challenges investors and restructuring professionals can...

Reorg was delighted to bring leveraged finance and restructuring professionals together again in London at Claridge's on November 3. Mario Oliviero welcomed guests before an exciting leveraged finance panel. Beatrice Mavroleon moderated an expert panel 'Double-Digit Yields - Is Primary the New Distressed?', including Tim Ayles from Rothschild & Co, Touboul Marc from Bain Capital, Robbie Harris from HSBC, and Jerome Ingenhoff from Alcentra. Primary markets remain shut for all but tried and tested repeat issuers, and that is unlikely to change anytime soon, the panelists agreed. It will take time for the market to fully stabilize, and for banks to start underwriting debt again under new conditions, which means it will be at least the first or second...