Distressed

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.

Endeavour Exchanges Debt-For-Equity in Ch.11 Filing

Houston energy firm Endeavour International filed for Chapter 11 bankruptcy protection Friday, in a move that includes a debt-for-equity swap that eliminates $568 million in debt.

RadioShack Bonds Fall Following Refinance Agreement

Investors retreated from RadioShack Corp.’s high yield bonds Monday, after the market digested details of a recapitalization agreement announced late Friday that is expected to hand over control of the nationwide retailer to two hedge funds in the coming months.

RadioShack Reaches Refinancing Agreement

Reports say RadioShack Corp. has reached an agreement with its largest hedge fund investor to refinance almost $590 million of loans to free up cash and restock inventory for the holiday shopping season.

Moody’s Raises Penney’s Outlook

Moody’s Investors Service raised J.C. Penney’s outlook to stable from negative, and affirmed the company’s ‘Caa1’ corporate family rating, stemming from the retailer’s recent closing on $400 million in senior unsecured notes to partially fund a tender offer for other existing bonds.

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Jeremy VanDerMeid

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Firm: Monroe Capital

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