Reorg on the Record: Supply chain problems halting the market’s bull run…| 10/20/21

Reorg on the Record: Supply chain problems halting the market’s bull run…| 10/20/21

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...

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Intralot Restructuring; Novel Redemption Facility Structure

Intralot Restructuring; Novel Redemption Facility Structure

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...

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Litigation Coverage: Moby Accuses Bondholder, Morgan Stanley of Trying to Scuttle Restructuring

Litigation Coverage: Moby Accuses Bondholder, Morgan Stanley of Trying to Scuttle Restructuring

With more than 25 updates on Italian ferry operator Moby so far this year, our European coverage team has been looking closely at the stressed credit. The big news at the end of September, was that Moby SpA was suing Antonello Di Meo, Morgan Stanley and Morgan Stanley employees Massimo Piazzi and Dov Hillel Drazin in the Southern District of New York for “attempting to illegally acquire control” of the company and its Italian concordato restructuring proceeding by purchasing a controlling stake in Moby’s bonds at a “substantial discount using inside information.”  (more…)

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Reorg Webinar Series: Enforcement Mechanisms for Keepwell Notes

Reorg Webinar Series: Enforcement Mechanisms for Keepwell Notes

Recent developments around stressed Chinese companies including property developer China Evergrande Group have again brought to the fore mechanisms for enforcing keepwell deeds for offshore notes issued by the companies. In this webinar, Shasha Dai from Reorg will host a panel discussion with Fergus Saurin and Jacqueline Tang from Kirkland & Ellis and Junqi Wang and Chandice Wang from DeHeng Law Office (Shanghai) to discuss the latest developments, their implications for creditors and considerations around enforcing keepwell deeds. Register now.

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Jenn Jutakeo Speaks to BBC News about the unfolding Evergrande debt crisis

Reorg's Head of Credit Research, Jenn Jutakeo was pleased to join BBC News to discuss the Evergrande debt crisis during the Asia Business Report segment, saying: "All eyes will be on [Evergrande] today, but the real question is what will it look like if they address foreign creditors before onshore, when they still have quite a bit of onshore debt to address".  

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European Leveraged Loan Primary Market Trends | 9/29/2021

European Leveraged Loan Primary Market Trends | 9/29/2021

After the summer hiatus, the European leveraged loan primary market has come back to life with a steady flow of deals. 2021 has been a strong year so far and, with a strong pipeline in place, the record-breaking pace is looking likely to continue through to the year end. With more and more bank/bond structures, the convergence of bank and bond covenants has continued apace. Strong demand from investors has emboldened borrowers to push for, and in most cases achieve, increasing flexibility under their credit documentation. Although we have seen some successful pushback from investors resulting in terms being flexed...

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