Distressed

CORE Entertainment Downgraded for the Second Time this Year

In a report published this week, Standard & Poor’s and Moody’s investors Service each downgraded CORE’s corporate profile two notches after the company entered a 30-day grace period for missing an interest payment on the second-lien facility.

Wilamowsky Joins Chapman & Cutler's Restructuring Group

Steven Wilamowsky has joined Chapman & Cutler the firm as a partner in the firm’s litigation, bankruptcy and restructuring department.

S&P: Defaults Thru Mid-June Nearly Doubled from 2014

Standard & Poor’s global corporate default total reached 50 for the year last week, the highest total through mid-June since 2009 and only 10 defaults shy of matching the entire year’s total for 2014.

LightSquared Launches $1.75B Ch.11 Exit Loan

The loan will be for exit financing as well as refinancing an existing debtor-in-possession loan, according to reports and KDP Investment Advisors. A lender’s meeting through bookrunner is scheduled for Wednesday through bookrunner Credit Suisse.

Yellen Wary of Reach-for-Yield Behavior Amid Low Interest Rates

Federal Reserve Board Chair Janet Yellen said Wednesday she is seeing some riskier lending taking place because of the Fed's zero interest rate policy (including leveraged loans), but noted that the boost in leverage and credit that typically accompany a financial bubble have not yet materialized.

U.S. Bond Defaults Give Rise to Distressed Rates

U.S. high-yield bond defaults jumped significantly in the first quarter, fueling a slight rise to 2.3% of the trailing 12-month global speculative-grade corporate default rate to the start of 2015, according to a monthly default report from Moody’s Investors Service.

Longview Nears Closing on Ch.11 Exit Plan

Commitments are due Monday for a $275 million bankruptcy-exit loans proposal that Longview Power is syndicating through Morgan Stanley and private equity sponsor Kohlberg, Kravis & Roberts.

B3’ Negative and Lower Count Hits 2-Year Peak

In a report compiling the companies rated ‘B3’ with negative outlooks or lower in its ratings, Moody’s said the list of 184 firms is the highest level the quarterly list has seen in the last two years. That was a net addition of 10 companies from the December 2014 list

Price Talk Emerges on Longview's $275M Bankruptcy Exit

Longview Power met with lenders Wednesday, and set price talk on its $275 million loans proposal through bookrunners Morgan Stanley and KKR at L+ 625-650. T he electricity generator is seeking a term loan and a revolver to exit a Chapter 11 bankruptcy it filed in August 2013.

U.S., Global Defaults Rise Slightly in February

Radio Shack's bankruptcy isn't the only reason; corporate troubles in Latin America also had an impact, according to Moody's Investors Service.

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