Chapter 11 Recap: Week of Feb. 15 2021

Chapter 11 filings have picked up slightly in recent weeks, but remain down around 40% year-over-year as measured by First Day by Reorg. The drop appears to be due to what has become a perfect storm for distressed investors: government stimulus, the expectation of even more government stimulus and frothy capital markets. It’s hard to envision a marked pickup of in-court activity with high-yield offerings still booming and no end in sight from investors chasing yield (down to 3%?! for some “high-yield” issuers). One resulting wildcard, of course, is inflation and that could end up being a major narrative for...

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Greenway Health Operational Issues and Class Action Lawsuit Lead To Lower EBITDA

Greenway Health Operational Issues and Class Action Lawsuit Lead To Lower EBITDA

Anticipating a lower EBITDA and revenue in 2021 compared to 2020, Tampa, Fla.-based electronic health records vendor Greenway Health continues to face operational issues and a class-action lawsuit from the misrepresentation of the capabilities of its electronic health records product Prime Suite. The expected 2021 EBITDA is between $70 million and $80 million and their revenue is expected at about $300 million amid lower demand due to the pandemic. With $60 million of liquidity including $30 million in cash and $30 million available under its revolver, Greenway Health’s financial performance in the past year led a few lenders to consider...

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Dalian Wanda Commercial Management Corporate Bonds

Planning to issue around RMB 20 billion ($3.096 billion) to RMB 30 billion corporate bonds this year to help redeem a total of RMB 36.7 billion bond maturities in 2021 with the rest of the funding from the company’s own resources, Dalian Wanda Commercial Management aims to list on the A-share market after its privatization from the Hong Kong stock exchange in 2016. Interest-bearing debt of Dalian Wanda Commercial Management had decreased by RMB 8 billion over a year earlier to stand at RMB 175 billion as of the end of 2020, plus issuances in 2020 from bank investors subscribed...

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