Distressed

Emerging Market Negative Bias Hits Post-2010 High

The negative bias of the emerging markets has reached a post-2010 high as political turmoil and sovereign downgrades have cast shade on the credit markets of developing countries.

Momentive Gets OK to Tap DIP Financing

Momentive Performance Materials won court approval to tap up to $430 million of its $570 million in in debtor-in-possession financing.

Distressed, Bankruptcy Activity Totals $22B in Q1

Completed distressed and bankruptcy restructuring activity totaled $22 billion in the first quarter of the year, which marks a 6.8% decline from the same period in 2013

Koosharem Shops $470M Loan Offer

Staffing services firm Koosharem Corp., the parent firm of the large-scale Select Family of Staffing Cos., is proposing a $470 million loan offering that will be used to refinance existing debt as part of a pre-packaged Chapter 11 bankruptcy filing.

Caesars Offers $675M in HY for Asset Shuffle

Caesars Entertainment is on the market with an offering of $675 million in bonds to help finance a $2.2 billion asset sale from one subsidiary to another.

Guitar Center Selling $940M in HY

Guitar Center is on the market with plans to issue $940 million in a two-part junk bond deal. The music store operator is also conducting a distressed exchange.

S&P: Distressed Ratio Drops to 4.8%

The distressed ratio decreased to its lowest level since May 2011 this month and is lower than the pre-credit crisis long-term average, according to Standard & Poor’s.

Moody’s: Default Risk Remains Benign

Moody’s Investors Service reported Friday that its forecast for the U.S. speculative-grade default rate remains on a downward trend heading into the summer.

Vivarte Restructing Hits Some CLOs Harder Than Others

Managers of CLOs approaching maturity, who will be unable to wait out the restructuring, will have to sell their holdings of the company’s debt and take an immediate hit, according to Moody’s Investors Service.

Tall TASC Ahead for Defense Contractor

January’s bipartisan federal budget agreement took some of the sting out of forthcoming mandatory defense spending cuts for contractors like TASC. But a second-half 2013 revenue drain still clouds the forward view of the company’s performance, says Moody's.

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