AS Adventure Restructuring Analysis, Next Big Equity Play?

AS Adventure Restructuring Analysis, Next Big Equity Play?

As the AS Adventure restructuring process continues hedge funds are starting to look at the company as the next big equity play. When the pandemic hit, the Benelux-based outdoor sports clothing and equipment retailer was fearful for their liquidity, but their restructuring process has been fruitful, making the restructured loans interesting for investors. The company's June ‘21 recurring EBITDA is up more than 60% when compared to their levels in June ‘19 and their base-case implied equity value is estimated at €210M with LTV of 49%. As part of the AS Adventure restructuring, 50% of the company’s equity was stapled...

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JBF Industries Debt Analysis, CFM ARC Bid Announced as Successful

JBF Industries Debt Analysis, CFM ARC Bid Announced as Successful

Analyzing the JBF Industries debt, our Asia Core Credit team provided an update on the bid process for the company's NPLs. Under the Swiss challenge method CFM ARC has been announced as the successful bidder. Initiated by BOB Capital Markets Ltd., a process advisor appointed by a Bank of Baroda-led consortium of lenders, the Swiss challenge auction showed no competing bids for the NPLs and Reliance Industries is backing an all-cash offer for the JBF Industries debt. There were a few options for CFM based on the JBF recovery probability as well as their competing bids, but since there were no competing bids the NPLs will...

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Litigation, Regulatory and Chapter 11 Restructuring Trends

Litigation, Regulatory and Chapter 11 Restructuring Trends

The ever-growing subscriber base for Reorg in the Americas has long enjoyed premium content, including our coverage of legal and financial analysis as well as reporting of performing, stressed and distressed credits. Part of our “secret sauce” is Reorg’s trifecta approach, which combines experienced reporting with the expertise of seasoned financial analysts and lawyers. This results in more than the sum of its parts, as it provides customers with an unmatched holistic perspective. In recent months, the Americas team has been busy covering the litigation, regulatory and chapter 11 restructuring spaces. Chapter 11 filing frequency in the beginning of the...

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Intralot Debt Analysis, 2024 €500 million 5.25% Senior Notes

Intralot Debt Analysis, 2024 €500 million 5.25% Senior Notes

Analyzing the Intralot debt and their 2024 €500 million 5.25% senior notes, our EMEA Covenants team discusses the Northlight and Bardin Hill entities who met on Monday, August 2, 2021 in front of a New York Court in order to challenge the exchange on the company's debt that has been proposed. The noteholders claim that the 2021 debt exchange violates terms of the 2024 notes and are calling the Intralot debt exchange a ‘Sweetheart Deal’. Reorg’s review of the 2024 notes indenture covenants, published in January by EMEA Covenants, highlighted that the proposed transaction could face litigation. Reorg analyzed the group’s ability to circumvent 2024 noteholder opposition...

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Reorg continues to break news on Hin Leong

Reorg continues to break news on Hin Leong

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...

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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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