Reorg Blog

Will the new French accelerated safeguard proceedings, in force from Oct. 1, make France a more creditor-friendly restructuring jurisdiction?  The new French restructuring tool has introduced cross-class cramdown and a new post-money privilege. Join Reorg and our panelists as we evaluate how the French restructuring tool could be used in practice and also examine how the French courts could improve disclosure and transparency. In this webinar we'll also discuss whether the new French restructuring tool has made France a more creditor friendly jurisdiction. We will evaluate the introduction of cross class cram down and the new post petition privilege. Our panel...

In the world of corporate restructuring analysis, understanding the financial jeopardy that a company, credit or corporation may be experiencing can make or break your next business deal. There is an abundance of intelligence and data that must be collected during the analysis process, and gathering all of it may take hours of work from an entire team of professionals. The Reorg Platform was built specifically for investment managers, investment bankers, lawyers, professional services and corporations to help them make more informed decisions for themselves and their clients. Here are 5 ways in which our platform can assist you and your team...

Showcasing the speed, accuracy and reliability of our Americas Core Credit team’s coverage, our recent update discussing the Johnson & Johnson talc liabilities and the new LTL Management bankruptcy case, posted for subscribers yesterday, is ahead of the curve. Our team started covering the potential litigation strategy months ago and since J&J filed its new talc subsidiary (LTL) we've had wall-to-wall coverage. In addition, our team provided a number of breaking alerts from the first day hearing yesterday plus we provided subscribers with a detailed summary of the entire hearing last night. Read our detailed LTL Management chapter 11 case conclusion analysis here and...

Our Asia Core Credit team dialed into a conference call Modern Land bondholders the company's management, and reported that the company has identified more than 90% of holders of its $250 million due Oct. 25 notes for its proposed consent solicitation, and that the company’s cash on hand stood at a paltry $100 million. Management of China-based property developer Modern Land told bondholders on a conference call today, Oct. 12, that the company has identified the holders of more than 90% in principal amount of the $250 million 12.85% senior notes due Oct. 25, 2021 for its proposed consent solicitation to extend...

Written by Robert Schach, Editor, Distressed Debt & Restructuing || The last couple of weeks seem to be an inflection point for the European leveraged finance market, with persistent supply chain problems, inflationary pressure and runaway energy costs finally halting the market’s bull run since the end of lockdown in Spring. Several new deals have slipped below par in secondary and, while primary issuance continues, deal flow seems to be slowing down. The rising caution is reflected in fund flows, with high-yield funds recording outflows for the last two weeks. That suggests the easy refinancing conditions, which have characterized the primary...

Intralot's recent restructuring of its two tranches of equally ranking unsecured notes due 2021 and 2024 used a consensual out-of-court implementation method to bypass the 90% amendment threshold in its 2021 notes’ indenture. The Intralot restructuring, which completed in early August, highlights the weakness in bargaining power of temporally subordinated noteholders, when an earlier maturing but pari ranking note negotiates a restructuring with an issuer.  Although the company announced that it was open to negotiation and was speaking to a group of the temporally subordinated 2024 noteholders, sources Reorg spoke to in the 2024 noteholder group claimed that the company...