Permira Debt Managers to Exit Davies Group

Permira Debt Managers to Exit Davies Group

The U.K.-based Davies Group provides professional services and technology solutions, including claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation and change management for the insurance industry. Reorg's EMEA Middle Market team reported in mid-March that the Davies Group’s incumbent lender Permira Debt Managers is exiting its position amid BC Partners’ acquisition of the company, sources told Reorg. Blackstone Credit provided a £950 million debt package to support the transaction. Permira Debt Managers did not participate in the acquisition financing but is getting repaid, sources said. Click through to read the most recent update.

Read More
Lycra’s Bondholder Group Looking for More Transparency in Ruyi-Huayang Joint Venture

Lycra’s Bondholder Group Looking for More Transparency in Ruyi-Huayang Joint Venture

After a joint venture between Shandong Ruyi Technology Group and Huayang New Material Technology Group, a group of Lycra bondholders are looking for more clarity due to the suspected use of Lycra’s intellectual property and potential technology transfer for a construction project between Ruyi and Huayang. Lycra suspects that their branding and technology is going to be leveraged for the project without authorization. These complications came after Huayang and Ruyi signed a framework agreement to institute fiber material manufacturing facilities including one for Lycra that could produce 60,000 tonnes of spandex per year by December 2021.  Additionally, as part of...

Read More

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...

Read More
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...

Read More
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...

Read More
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...

Read More
1 27 28 29 30 31 33
Thank you for signing up
for Reorg on the Record!