Reorg Blog

Download now! Drying Liquidity, Looming Maturities in Tense Geopolitical Environment to Drive Restructuring Uptick in 2024 After Slow Burning 2023; More ‘Holistic’ Workouts Expected After years of “waiting for the wave,” 2024 might be the time when activity in the restructuring market may finally pick up. Wars in Ukraine and the Middle East, U.S. elections and weakening Chinese growth paint a testing picture for the world economy. Well-known challenges such as higher-for-longer interest rates, near-zero economic growth in Europe and a cost-of-living squeeze entering its third calendar year all add to the possibility of an animated year on the distressed...

Download now! Restructuring Plans Challenged; FCA Creates Hurdles for Schemes and Gibbs Here to Stay Reorg has analyzed the key restructuring and insolvency litigation from 2023 and distilled the key takeaways. Key New Guidance From 2023 Court of Appeal Examines Part 26A After Creditor Challenge: Undue Pressure, Valuation, Restructuring Surplus Considered This is the first Part 26A to go to the Court of Appeal. Under the original plan pari passu ranking creditors were given different treatment.A successful appeal will provide a precedent for equal treatment of creditors with equal rights under a plan, regardless of cross-class cramdown.Following the sanctioning of Adler’s Plan in...

Register now! Join Reorg on Wednesday, Feb. 21, as we discuss: Ukraine’s upcoming sovereign debt restructuring;Resilience in Ukraine’s economy; andThe international work to seize Russian state assets. Panelists: Magnus Scherman, senior editor, ReorgAlexander Paraschiy, research director, Concorde CapitalTetyana Nesterchuk, barrister, Fountain Court ChambersMaximilian Hess, founder, Enmetena Advisory You can find recent coverage on Ukraine credits here. Attendees can submit questions during the webinar or email them in advance here. Webinar details: When: Wednesday, Feb. 21, at 2 p.m. GMT/3 p.m. CET.Registration: To register for the webinar, click here. Please register using your business email address. If you would like to be panelist on any...

Reorg has published its inaugural European Direct Lender Rankings! These league tables rank European direct lender activity in 2023 across factors including: Region and sub-regionLoan sizeSector (software, business services, healthcare and life sciences and more) Additionally, the report explores overall deal flow in 2023 and lender activity in ESG-related deals. You can access the full report, which includes analysis and industry commentary from Reorg’s experts here.

Download the full report here. Shifts in regulations, as well as investor demand for more transparency and heightened accountability when dealing with climate-related disclosures, have driven an increase in green house gas emissions (GHG) reporting. Reorg's latest study, Greenhouse Gas Emissions Reporting in the Private Markets explores how private companies perform in comparison to the latest trends in the global ESG market. Included in the whitepaper are: Overview of Scope 1, 2 and 3 emissionsAnalysis of WELLI and LLI indexes, centered on scope 1 and 2 emissions across:Distribution by Global Industry Classification Standard Sector (GICS)GHG emissions intensityDistribution of company emissions...

Download the full report now! Patience Pays Out in Corporate Distress but Sovereign Restructurings Prove Hard to Unlock After a bruising 2022 dominated by Russia’s full-scale invasion of Ukraine, 2023 has been a lucrative year for the brave investors who ventured into distressed Ukrainian credits and certain special situations. A number of the high-profile issuers adopted a creditor-friendly approach allowing for several 40 to 45 point recoveries during the year. The 2023 macroeconomic backdrop for high-yield borrowers in CEEMEA has been challenging to say the least - particularly on interest expenses. The U.S. base rate on which CEEMEA companies typically...