Distressed

Four Things You Need to Know About Chapter 11 Reform

The American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 has released its long-awaited report; it includes a number of proposals that could reduce recoveries for banks and other senior lenders.

Oil Price Impact Mixed for Energy HY

Falling crude prices have taken a toll on the speculative-grade oil and gas firms as investors unload their debt. Now analysts are beginning to considering when–or if–the lower tide will begin to bear on the credit, operations and liquidity of these issuers. So far, the evidence is mixed.

RadioShack Denies Loan Covenant Breaches

The electronics retailer, which most analysts feel is in an irreversible spiral into bankruptcy, revealed that it received the notice of default from Salus Capital Partners related to a recapitalization agreement with PE rescue specialist Standard General in October.

Venables Adds Partner to Corporate Bankruptcy Practice

Jeffrey Sabin was previously co-head of the global financial restructuring group at Bingham McCutchen

Moody’s: Liquidity Improvement Encouraging

Corporate speculative-grade liquidity improved to its best mark in over 18 months, with the Moody’s Investors Service Liquidity-Stress Index easing to 3.2% in mid-November from the 3.5% level at the end of October.

S&P Forecasts Rising Defaults in Next Year

Standard & Poor’s today reported that it expects the trailing 12-month corporate default rate to rise to 2.4% by September 2015, an increase from the September 2014 level but still well below the historical long-term average.

Caesars Enters Talks With Secured Lenders

Caesars Entertainment announced today that it has entered negotiations with its first-lien bank loan holders for new terms to reduce some of the $20 billion debt throughout the company’s subsidiary operations. This action follows talks that Caesars began a month ago with bondholders of the unsecured debt holdings of its Caesars Entertainment Operating Co. (CEOC).

S&P: 3Q Downgrades Outpace Upgrades

In Standard & Poor's quarterly speculative-grade ratings report, the ratings agency noted that downgrades outnumber upgrades 57 to 46 to continue a year-long trend.

Price Talk Emerges on Essar Steel $350M Loan

Price talk has emerged for a $350 million term loan that is part of a planned $1.03 billion debt offering by Essar Steel Algoma in a recapitalization plan.

Essar Steel Launches $975M Refi Effort

Essar Steel Algoma has launched a US$975 million debt offering of loans and notes pieced together for a refinancing and recapitalization plan arranged by an Ontario superior court for the struggling Canadian integrated flat carbon steel producer.

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Lauren Basmadjian

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