Reorg Blog

Throughout the year, Reorg hosts and participates in events and conferences bringing together industry professionals to discuss themes in leveraged finance and the performing, distressed, restructuring and post-reorg credit markets. Here's a recap of our upcoming events: Webinar: Hot Topics In Crypto Winter - November 2, 2022 at 12 pm ET Join our expert panel for an overview of the state of the crypto industry and the trajectory of the ongoing reorganizations of cryptocurrency exchanges Voyager Digital and Celsius Network. The panel will also discuss legal issues relating to the valuation and ownership of cryptocurrency assets, and what’s next in...

Private debt funds have been buying secondary loans, offering bifurcated debt packages, including PIKs and preferred equity to continue to deploy capital in volatile markets. While in the first half of the year, private debt funds filled in the gap left by leveraged loan and high yield bond investors to support buyouts, investors are now considering secondary market relative value, adapting deal structure and becoming pickier on sectors. As the M&A pipeline has been hit by an increasing gap in companies valuation due to the prospect of recession and inflation, direct lenders have focused their efforts on tailored opportunities. If...

Each episode of Reorg's weekly EMEA Core Credit podcast series features detailed discussion on issues and companies across the credit lifecycle. This week’s podcast includes discussion of: -U.K.-based casual dining chain Pizza Express’ waterfall model;-U.K. value retail group Matalan, its strategic sales process, the terms of its debt recapitalization;The company said on Sept. 26 that it has agreed with a majority of its first lien secured noteholders on the key terms of a comprehensive recapitalization of its debt, and the board has initiated a strategic sales process.-Luxembourg-headquartered metals and mining group Metalcorp facing default;Metalcorp’s 8.5% notes due 2026 are quoted...

In this special edition of the Reorg Americas Core Credit Podcast, the Loan Syndications and Trading Association’s (LSTA) Meredith Coffey, also a member of the Federal Reserve’s Alternative Reference Rates Committee, discusses the transition to SOFR with Reorg’s head of primary, James Holloway. The conversation comes as about $4 trillion of leveraged loans are due to transition from Libor by the end of June 2023. Reorg’s Sept. 16 article highlighted the efforts by some lenders to push back against the efforts of borrowers to switch to SOFR without according them a credit spread adjustment. Listen to the full podcast: https://soundcloud.com/reorg-radio/americas-special-edition-oct-4 Reorg is...

Since the beginning of this year, close to 200 middle-market companies with under $500 million in liabilities have filed for chapter 11, according to Reorg’s First Day database. The pace of filings picked up toward the third quarter as macroeconomic headwinds, notably inflation, rising interest rates and rising energy costs, worsened, signaling the onset of a recession. Isagenix, United Road Services and Fly Leasing are recent examples of businesses that either sought or are seeking forms of relief from their creditors; however, companies that fail in their talks with lenders will eventually be forced to join the list of chapter...