Magna International Acquisition of Veoneer

Magna International Acquisition of Veoneer

Announced on July 22, 2021, the Magna International acquisition of Veoneer has entered into a definitive agreement where Magna will acquire Veoneer in an all-cash transaction. The equity value of this transaction is estimated at $3.8 billion and an enterprise value of $3.3 billion, plus the transaction is expected to close near the end of 2021. There are a few conditions for this transaction including approval from Veoneer stockholders, regulatory approvals and other customary matters. AMF, Cevian, AP4 and Alecta have all either entered into agreements or have indicated that they will support the deal. Combined. each one of these companies owns approximately 40% of Veoneer’s...

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2021 Mid-Year Chapter 11 Review – First Day

2021 Mid-Year Chapter 11 Review – First Day

In a presentation moderated by the ABI's Bill Rochelle, our First Day team will provide an overview of their midyear review, detailing chapter 11 filings data and trends during the first half 2021. They will provide industry-level insight across various sectors and highlight key takeaways. Background to the First Day by Reorg Midyear Review 2021 Coming off a record-setting year of chapter 11 filings in 2020 as the Covid-19 pandemic swept the globe and impacted multiple industries, the first half of 2021 trended well below historical averages, with a low point in May. Compared to the busiest second and third quarters of...

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Analyze and Forecast Cash Flow with Aggredium

Analyze and Forecast Cash Flow with Aggredium

To analyze and forecast cash flow, you normally need to manually aggregate data points including cash flow from operations, cash flow from investing, and cash flow from financing. These data points are fundamental for both private and public sub-investment grade companies and they may be difficult to find without a proper aggregation tool. Accrual accounting and cash accounting, plus a company’s operations/net sales ratio, free cash flow, and comprehensive free cash flow coverage are all necessary statistics and figures used in determining your ability to analyze and forecast cash flow. Recently, Reorg acquired Aggredium which provides our subscribers with fundamental...

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PROMESA, Limetree Bay, Washington Prime and more (Americas Podcast)

On this week’s Americas Core Credit podcast our team discusses a variety of sub-investment grade credits including PROMESA, Limetree Bay, Washington Prime Group, Pipeline Foods and more. On PROMESA, our experts discuss Puerto Rico’s preview of the settlement with UCC as well as Judge Swain’s preliminary ruling and DS objections. We also discuss Limetree Bay’s chapter 11 filing which occurred on the same day as the EPA complaint, Judge Iscur’s conditional approval of Washington Prime’s disclosure statement subject to inclusion of a secondary toggle, plus KERP bonuses in LSC communications overruled on appeal and Pipeline Foods’ first day hearing. Listen...

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Reorg’s expansion into the municipal market uncovers opportunities…

Reorg’s expansion into the municipal market uncovers opportunities…

Written by Seth Brumby in New York | Reorg’s expansion into the municipal market continues to uncover opportunities while forecasting major credit events. Readers took a keen interest in coverage of Limetree Bay, a distressed situation that grew out of municipal coverage of the U.S. Virgin Islands. The Reorg municipal and Americas editorial teams joined resources over the past few weeks, producing a series of scoops on advisor mandates that foreshadowed the refinery’s eventual chapter 11 filing this week in the Southern District of Texas. Advisor mandates have long been an important leading indicator of an impending transaction. With that in...

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Municipal Credit Trends Webinar, Retirement Communities

Municipal Credit Trends Webinar, Retirement Communities

Featuring a discussion on municipal credit trends across the continuing care retirement community industry in the Americas, our municipals experts Patrick Mohan and Seth Brumby will be conducting a webinar on Thursday, July 22 at 11:00a.m. EST. The industry has seen a wide range of outcomes, including Vicar’s Landing’s recent borrowing of $84.3 million in connection with the expansion of its Ponte Vedra Beach community, the chapter 11 filings of The Harborside and The Buckingham, and defaulted credits that are still exploring options like Glen Hope Harbor and American Eagle.  The team will also discuss how Covid-19 has affected the industry,...

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