Litigation, Regulatory and Chapter 11 Restructuring Trends

Litigation, Regulatory and Chapter 11 Restructuring Trends

The ever-growing subscriber base for Reorg in the Americas has long enjoyed premium content, including our coverage of legal and financial analysis as well as reporting of performing, stressed and distressed credits. Part of our “secret sauce” is Reorg’s trifecta approach, which combines experienced reporting with the expertise of seasoned financial analysts and lawyers. This results in more than the sum of its parts, as it provides customers with an unmatched holistic perspective. In recent months, the Americas team has been busy covering the litigation, regulatory and chapter 11 restructuring spaces. Chapter 11 filing frequency in the beginning of the...

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Intralot Debt Analysis, 2024 €500 million 5.25% Senior Notes

Intralot Debt Analysis, 2024 €500 million 5.25% Senior Notes

Analyzing the Intralot debt and their 2024 €500 million 5.25% senior notes, our EMEA Covenants team discusses the Northlight and Bardin Hill entities who met on Monday, August 2, 2021 in front of a New York Court in order to challenge the exchange on the company's debt that has been proposed. The noteholders claim that the 2021 debt exchange violates terms of the 2024 notes and are calling the Intralot debt exchange a ‘Sweetheart Deal’. Reorg’s review of the 2024 notes indenture covenants, published in January by EMEA Covenants, highlighted that the proposed transaction could face litigation. Reorg analyzed the group’s ability to circumvent 2024 noteholder opposition...

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Reorg continues to break news on Hin Leong

Reorg continues to break news on Hin Leong

When Reorg first broke news in April 2020 on Hin Leong Trading, we had no idea the extent of what we were about to cover. Hin Leong had hired Rajah & Tann and PwC as respective legal and financial advisors and had a debt stack “likely at least $2 billion.” Within five days, a routine restructuring story had tipped upside down. Reorg obtained affidavits showing that Hin Leong’s $800 million futures losses were not in its financials, the debt stack had ballooned to $3.85 billion from $1.7 billion in five months, and Ocean Tankers had filed for moratorium protection. Fifteen months on, Reorg continues to break news...

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Magna International Acquisition of Veoneer

Magna International Acquisition of Veoneer

Announced on July 22, 2021, the Magna International acquisition of Veoneer has entered into a definitive agreement where Magna will acquire Veoneer in an all-cash transaction. The equity value of this transaction is estimated at $3.8 billion and an enterprise value of $3.3 billion, plus the transaction is expected to close near the end of 2021. There are a few conditions for this transaction including approval from Veoneer stockholders, regulatory approvals and other customary matters. AMF, Cevian, AP4 and Alecta have all either entered into agreements or have indicated that they will support the deal. Combined. each one of these companies owns approximately 40% of Veoneer’s...

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2021 Mid-Year Chapter 11 Review – First Day

2021 Mid-Year Chapter 11 Review – First Day

In a presentation moderated by the ABI's Bill Rochelle, our First Day team will provide an overview of their midyear review, detailing chapter 11 filings data and trends during the first half 2021. They will provide industry-level insight across various sectors and highlight key takeaways. Background to the First Day by Reorg Midyear Review 2021 Coming off a record-setting year of chapter 11 filings in 2020 as the Covid-19 pandemic swept the globe and impacted multiple industries, the first half of 2021 trended well below historical averages, with a low point in May. Compared to the busiest second and third quarters of...

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Analyze and Forecast Cash Flow with Aggredium

Analyze and Forecast Cash Flow with Aggredium

To analyze and forecast cash flow, you normally need to manually aggregate data points including cash flow from operations, cash flow from investing, and cash flow from financing. These data points are fundamental for both private and public sub-investment grade companies and they may be difficult to find without a proper aggregation tool. Accrual accounting and cash accounting, plus a company’s operations/net sales ratio, free cash flow, and comprehensive free cash flow coverage are all necessary statistics and figures used in determining your ability to analyze and forecast cash flow. Recently, Reorg acquired Aggredium which provides our subscribers with fundamental...

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