Americas Podcast: Texas Winter Storm Bankruptcies

Highlighting the Texas winter storm bankruptcies, Seadrill Partners’ amended plan and the Highpoint Resources chapter 11 plan, our Americas Core Credit experts released a podcast last Friday where legal analyst Sean Daly discussed a few of the most prominent distressed debt, high-yield and bankruptcy stories from the previous week.  The Seadrill Partners debtors filed an amended plan of disclosure statement on Thursday, March 18th, out of their March 23rd disclosure statement hearing, which contains new information regarding the estimated amount of claims for each class and projected recoveries under the plan including information not expressly detailed in the previous plan...

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Languang Sichuan Development Distressed Debt Updates

Languang Sichuan Development Distressed Debt Updates

Our unique editorial team, “the Reorg trifecta”, combines financial and legal analysis with reporting to provide a unique and holistic view of the most important business development across the world. Since the start of 2021, our Asia Core Credit team has published more than 30 updates on Languang Sichuan Development, most recently focusing on the refuted but persistent rumor that the company is contemplating exiting its Shanghai headquarters and relocating back to its native Chengdu. The company reiterated that Shanghai and Chengdu constitute its dual headquarters, and that Shanghai has played an important role in accessing capital, investment and talent.  Click through...

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Reorg on the Record; Greensill, Nordic Aviation Capital and Success for Open Justice in the English Courts

Reorg on the Record; Greensill, Nordic Aviation Capital and Success for Open Justice in the English Courts

The English courts have seen a busy start to the year with a number of new precedents that will impact debtors and creditors in a post-Brexit, post-Covid world, particularly those involved in new Part 26A restructuring plans. The Part 26A tool had its pan-European effectiveness curtailed by the judgment of Justice Zacaroli in Gategroup’s restructuring plan. The Gategroup decision means that Part 26A plans will not fall under the remit of the Lugano or Hague conventions, making automatic recognition in E.U. member states more difficult. In the scheme of MAB Leasing Ltd., Justice Zacaroli held that numerous different lease obligations could be placed in the same...

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New Coverage: Thryv Holdings Term Loan Covenants Analysis

New Coverage: Thryv Holdings Term Loan Covenants Analysis

With a focus on SaaS solutions, Thryv Holdings is a small business platform that acts as a predecessor to Dex Media, which declared bankruptcy in 2016. The company went public in October 2020 and now operates through two segments, its legacy marketing segment and its SaaS segment. During an earnings call from Q3 2020, billionaire hedge fund manager, John Paulson, asked about the possibility for Thryv to split and spin off of their higher growth SaaS business in which Thryv’s management responded “...perhaps we should do it sooner than we were thinking…” However, the Thryv Holdings term loan facility was...

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EMEA Podcast: Greensill Administration, Takko Financing Issues

Released on a bi-weekly basis, the EMEA Core Credit Podcast by Reorg discusses the most prominent issues, situations and companies in the high-yield and distressed debt space. Our team of reporters, financial analysts and legal analysts provide comprehensive, real-time and up-to-date news, commentary and analysis on each issue discussing how these situations may impact their surrounding markets. Each episode of the podcast also features a deep-dive into a particularly interesting situation from the previous week. This week’s deep dive discusses U.K. working capital finance provider Greensill and German value fashion retailer Takko. Greensill Capital made headlines earlier in the month...

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Reorg Webinar Series: Deep Dive Into Seadrill Chapter 11 Cases

Reorg Webinar Series: Deep Dive Into Seadrill Chapter 11 Cases

Next Tuesday, March 16, 2021 at 12:00pm, our Americas Core Credit experts including senior legal analysts Ana Lucia Hurtado and Karen Leung, distressed debt legal analyst Cathy Ta, and director of emerging markets credit research Kyle Owusu will be conducting a webinar to delve into deepwater drilling contractor, Seadrill Partners and Seadrill Limited. The webinar will break down the Seadrill chapter 11 cases initiated by both subsidiaries discussing how these filings may impact the company moving forward as a whole. Our coverage team will also provide an overview of the debtors’ respective chapter 11 cases.  Watch the replay here: https://reorg.com/resources/webinars/seadrill-webinar/   If...

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