Reorg Blog

When Reorg first broke news in April 2020 on Hin Leong Trading, we had no idea the extent of what we were about to cover. Hin Leong had hired Rajah & Tann and PwC as respective legal and financial advisors and had a debt stack “likely at least $2 billion.” Within five days, a routine restructuring story had tipped upside down. Reorg obtained affidavits showing that Hin Leong’s $800 million futures losses were not in its financials, the debt stack had ballooned to $3.85 billion from $1.7 billion in five months, and Ocean Tankers had filed for moratorium protection. Fifteen months on, Reorg continues to break news...

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...

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...

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...

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...