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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Register Now | Webinar: Developments in Hong Kong-Mainland Mutual Recognition of Insolvency Proceedings

Register Now | Webinar: Developments in Hong Kong-Mainland Mutual Recognition of Insolvency Proceedings

On May 14, representatives of Mainland China and Hong Kong signed a record of meeting on mutual recognition of and assistance to bankruptcy/insolvency proceedings between the respective courts, creating a new cooperation protocol for cross-border insolvency. In this webinar, Fergus Saurin of Kirkland & Ellis and Lingqi Wang of Fangda Partners will Reorg's managing editor for onshore China, Shasha Dai, to discuss the new developments and implications for insolvency and bankruptcy law practitioners. Learn more and register here.

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Laredo Petroleum Senior Notes, No Additional Secured Debt

Laredo Petroleum Senior Notes, No Additional Secured Debt

Analyzing the new Laredo Petroleum senior notes, our Americas Covenants team takes a deep dive into the company’s low leverage ratio and their inability to incur any additional secured debt. The energy company, which focuses on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin, acquired Sabalo Energy on July 1, 2021 and entered into their sixth amendment to their credit agreement on May 7th. Based on these capital structure changes, our Americas Covenants team came to a few conclusions about the Laredo Petroleum senior notes as well as the company’s cash sweep, financial...

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Off-Balance-Sheet Bonds Add to Opaqueness of Co.’s Liabilities, But Impact on Repayment Risk Likely

Off-Balance-Sheet Bonds Add to Opaqueness of Co.’s Liabilities, But Impact on Repayment Risk Likely

Chinese real estate developers Yuzhou, Shimao and Logan have issued private bonds in recent months, and more companies have contemplated doing so. These off-balance-sheet borrowings were often raised through special purpose vehicles and not represented on the issuers’ consolidated financial statements. Some market observers view these bonds as the companies’ efforts to circumvent the government’s “three red lines” policy aimed at reining in developers' leverage ratios. While such borrowings add to the opaqueness of the companies’ liabilities, Fitch Ratings said it believes these bonds represent a relatively small portion of the debt structure and have a limited impact on the companies’ repayment risk. Nonetheless, regulators...

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Fiesta Restaurant Group to Sell Taco Cabana

  In an announcement made on July 1, 2021, Fiesta Restaurant Group has agreed to sell their Taco Cabana business to Yadav Enterprises affiliate for $85M. The proceeds of this sale, which is expected to close in Q3 2021, will mainly be used to fully repay Fiesta Restaurant Group’s outstanding direct term loan from Fortress which was entered into in November of 2020. Yadav Enterprises operates more than 300 franchises under a variety of brands including Jack in the Box, Denny’s and TGI Friday’s. In terms of liquidity for Fiesta Restaurant Group, the company has a cash balance approximately $67.6M,...

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Paccor Add-On to Fund Miko Pac Shores Up Liquidity But Resin Prices, Home Working, Recycling Trends Weigh on Outlook

Paccor Add-On to Fund Miko Pac Shores Up Liquidity But Resin Prices, Home Working, Recycling Trends Weigh on Outlook

German rigid plastic producer Paccor boosted its depleted liquidity when it raised an add-on in May to fund the acquisition of Miko Pac. The company, however, continued to burn cash in April and its profitability remains under pressure from rising raw material prices across the plastic packaging sector, exposure to food segments hit by the home-working trend and rising demand for sustainable packaging, sources told Reorg. Read more here.

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