Reorg Blog

Released bi-weekly, the EMEA Core Credit podcast focuses on European, Middle Eastern and African situations and companies in the distressed and high-yield space. Each episode also features a deep dive into a particular company or issue, discussing their developments and state of affairs in their respective space. This week, Richard Woolly speaks with the EMEA Core Credit legal team to discuss developments affecting schemes of arrangement and part 26a restructuring plans.  The deep dive this week focuses on Spanish construction and engineering company, Abengoa and their restructuring agreements as well as the precedents set by MAB Leasing, a subsidiary to...

Priority Technology Holdings Inc., an integrated payment software and commercial payment services provider based out of Alpharetta, GA, began to amend their senior term loan and subordinated term loan facilities in mid-March of 2020, but these amendments may hold back the company’s ability to grow through continued acquisitions. Their two owed term loan facilities are under separate credit agreements with multiple borrowers and guarantors including Pipeline Cynergy Holdings LLC, Institutional Partner Services LLC, Payment Systems Holdings LLC and Priority Holdings LLC. Priority Technology Holdings Inc. has previously been able to grow through acquisitions of whole companies and merchant portfolios, but...

Fourth-quarter earnings season got underway in Europe under a cloud of sluggish business activity and delays in Covid-19 vaccinations across the continent. Travel and associated industries have reported tough periods - exemplified by Heathrow, once Europe’s busiest airport, saying this week that 2020 was the toughest year in its history - while companies in other sectors, including retail and automotive, posted better-than-expected results. Investors are nevertheless optimistic about the reopening of travel in the coming months with aviation and leisure debt already being lifted on positive noises from governments. Next week Jaishree Kalia, Reorg’s Managing Editor of EMEA Middle Market,...

Each episode of Reorg’s weekly podcast series, released Friday afternoons, features a look back at highlights and top stories from the previous week and a preview of what's to come in the week ahead, followed by a deep dive on issues and companies in the distressed and high-yield space. This week, Peter Washkowitz, head of Americas Covenants, takes a deep dive into the impact of equity issuances, IPOs and SPACs on companies’ flexibility under debt documents.  The deep dive talks through how proceeds from equity issuances and cash contributions flow through debt documents and how those amounts could potentially significantly...