Reorg Blog

Reorg’s Court Opinion Review provides an update on recent noteworthy bankruptcy and creditors’ rights opinions, decision and issues across courts. In this special coverage, you will find a review of: The trend of post-reorg stock buybacks and payouts to plan investors Some clever post-reorg maneuvering in the Sanchez energy case A contested sale process in Limetree Bay Energy Quick hits on the trouble with the appellate finality rule in bankruptcy and the new class of ‘independent’ future claims representatives in the Texas two-step cases Read the full story: https://reorg.com/bankruptcy-industry-updates/ A note to subscribers: check out Reorg’s new post-reorg coverage!

Written by Peter Washkowitz, Head of Americas Covenants || Although the year is quickly coming to an end, and soon no creatures will be stirring, not even mice, Reorg continues apace, covering all things credit from performing and high-yield, to distressed and post-reorganization. As the new year approaches and Covid-19 shows little sign of slowing, rising inflation and continuing supply-chain slowdowns seem poised to ring in the new year with continued volatility and unpredictability. When 2021 began, most market participants were cautiously optimistic that Covid-19-related market volatility would subside and stability would return as the vaccine rollout expanded around the...

Our Asia Core Credit team has been reporting on the Indonesian flag carrier airline Garuda's restructuring since early January 2021, and as recently as Dec. 9, the team exclusively reported that AJCapital had resigned from its role as financial advisor to an ad hoc group (AHG) of holders of Garuda Indonesia’s $500 million 5.95% sukuk, and is now expected to take on that role for the carrier in an upcoming in-court supervised restructuring (PKPU). Garuda’s request to AJCapital is said to have come about as the carrier needs an experienced financial advisor to handle its onshore in-court restructuring, or PKPU processes, we reported....

What is unfolding in the China real estate industry is a dichotomy of the haves and have-nots. Weaker credits are more susceptible to negative news headlines and finding access to financing quickly evaporating. Stronger companies continue to enjoy good relationships with banks and issue new bonds. A report in November from state-funded research outfit Beijing China Index Academy revealed that certain onshore bonds issued by state-owned entities have coupon rates of 3.5% or lower, compared with industry averages of 4.4% onshore and 6.6% offshore. State-owned enterprises more readily receive support from peers, banks and government agencies. State banks are also...

Whether you're conducting Asian high-yield credit analysis for your clients or your teammates, there are thousands of source documents, case documents, tear sheets, and recovery models that you need to sort through and examine in order to provide the best service. Not only do you need to continually collect all of this data and intelligence, but you also need to stay up to speed with all of the news and insights on financial situations that are breaking on a daily and hourly basis. In order to help optimize your workflow in conducting Asian high-yield credit analysis we have developed our Asia...

Join Reorg as we discuss Latin American airline restructurings including discussions on Aeromexico, Avianca, and LATAM Airlines. These airline operators were forced to restructure in 2020 because of the COVID-19 pandemic's impact on the airline industry and since the chapter 11 cases are approaching their conclusion, our Americas Core Credit coverage team will provide an overview of each debtor's plan of reorganization, as well as a discussion of what each company's capital structure and operations will look like, post emergence. Dec 16, 2021 11:00 AM in Eastern Time (US and Canada) Presenting on the webinar will be: Edward Cerullo, Corporate Credit...