Product News


Tracking lender activity and deal flow with Reorg’s FY23 European Direct Lender Rankings
Thu Feb 1, 2024 9:48 pm Product News

Reorg has published its inaugural European Direct Lender Rankings!

These league tables rank European direct lender activity in 2023 across factors including:

  • Region and sub-region
  • Loan size
  • Sector (software, business services, healthcare and life sciences and more)

Additionally, the report explores overall deal flow in 2023 and lender activity in ESG-related deals.

You can access the full report, which includes analysis and industry commentary from Reorg’s experts here.

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Analyzing GHG emissions with ESGx
Thu Feb 1, 2024 2:11 am Product News

Download the full report here.

Shifts in regulations, as well as investor demand for more transparency and heightened accountability when dealing with climate-related disclosures, have driven an increase in green house gas emissions (GHG) reporting. Reorg’s latest study, Greenhouse Gas Emissions Reporting in the Private Markets explores how private companies perform in comparison to the latest trends in the global ESG market.

Included in the whitepaper are:

  • Overview of Scope 1, 2 and 3 emissions
  • Analysis of WELLI and LLI indexes, centered on scope 1 and 2 emissions across:
    • Distribution by Global Industry Classification Standard Sector (GICS)
    • GHG emissions intensity
    • Distribution of company emissions by GICS sector
  • Outliers
  • GHG reduction targets and science-based targets

To dive deeper into the data, download the white paper today and explore ESGx by Reorg, which provides standardized ESG and sustainability reporting for the leveraged finance and private assets markets.

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Reorg’s 2023 US Advisory League Tables reveal a 70% increase in engagements
Fri Jan 12, 2024 8:57 am Product News

The latest edition of Reorg’s U.S. Advisor ranking are now available for download!

Using primary and proprietary data from Credit Cloud, Reorg’s advisor league tables examine Legal Advisors, Financial Advisors and Investment Bankers from a variety of angles. We rank these market-leading advisors on the basis of their involvement in the credit and restructuring markets. This report provides fresh perspectives and insight related to the costs of chapter 11 cases and the earnings of the cases’ advisors using court orders approving the fees of legal and financial advisors and investment bankers on a final basis.

Some highlights from the full 2023 analysis include:

Financial Advisors: There were approximately 600 financial advisor engagements announced in 2023, about half of which were secured by the top 20 financial advisory firms, led by FTI with 57, Alvarez & Marsal with 46 and Province with 32. Restricting the data to only debtor-side engagements, Alvarez & Marsal leads the group with 36, followed by FTI with 26 and AlixPartners with 20.

Investment Banks: Of roughly 450 investment banker engagements in 2023, the top 20 firms made up nearly 90% of the total, including Houlihan Lokey at the top with 54 engagements, Evercore with 38 and PJT with 32. Restricting the results to debtor-side engagements only, Jefferies leads the group with 23 retentions, followed by Houlihan Lokey with 22 and PJT and Evercore each with 20.

Legal Advisors: Kirkland & Ellis topped Reorg’s Legal Advisor rankings in 2023 with 80 engagements, followed by Latham & Watkins with 52, and Gibson Dunn with 48. Looking at debtor-side engagements only, Kirkland leads with 58, followed by Latham with 26 and Young Conaway with 24. The results are derived from advisor data available on Reorg’s Credit Cloud, which identified more than 2,100 legal advisor engagements reported in 2023, with about 650 engagements (30% of the total) secured by the period’s top 20 law firms.

Download the full report HERE.

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Introducing CreditAI by Reorg™
Tue Nov 14, 2023 1:51 pm Product News

Exciting news! Reorg has launched its latest AI-powered innovation, CreditAI, which transforms the way credit information is accessed and distilled. Using natural language queries across hundreds of thousands of intelligence articles, subscribers can use CreditAI by Reorg to simplify complex scenarios and click through to the underlying Reorg Intel used to source responses.

CreditAI’s comprehensive library includes all of Reorg’s intelligence articles, covering 11,000+ companies globally. Data is refreshed in real time, and conversations are continuous and saved for up to one month.

Experience the powerful combination of generative AI and Reorg intelligence.

Explore CreditAI today.

And, to keep up with the latest from Reorg, follow us on LinkedIn and X, or sign up for out weekly newsletter Reorg on the Record.

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Asia Earnings Call Transcripts
Fri Nov 10, 2023 4:25 pm Product News

In addition to proprietary tear sheets, financial summaries, cap structures and organizational charts, Asia Core Credit now offers access to earnings call transcripts for Asia companies under coverage that publicly disclose call information.

Subscribers can receive the transcripts via a weekly round-up alert sent out on Tuesdays, also available on the Reorg platform.

To access recent round-up click here.

If you would like to be panelist on any upcoming webinars, please contact marketing@reorg.com, and if you would like to be notified for the upcoming webinars, sign up for Reorg on the Record.

To keep up on the latest coverage with Reorg, follow Reorg on LinkedIn and Twitter.

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Reorg Announces CreditAI
Fri Oct 27, 2023 2:59 pm Product News

Unlock the Power of Reorg’s Proprietary Intel and Analysis With Cutting-Edge Generative AI

NEW YORK, Oct. 10, 2023 /PRNewswire/ — Reorg, the leading global provider of credit data, analytics and intelligence, announced its latest innovation, CreditAI, an industry-first artificial intelligence model set to redefine how subscribers interact with the platform.

CreditAI by Reorg™
Subscribers will be able to experience the full power of generative AI to transform how they access and distill vital credit information.

Benefits of CreditAI:

  • Replace laborious keyword searches with plain language queries to access Reorg’s intelligence articles covering 11,000-plus companies dating back to 2018.
  • Unravel opaque and complicated situations effortlessly, extract key facts and uncover smarter actionable insights.
  • Maximize efficiency with real-time data refreshes, automatic recall of search history and direct access to sources.
  • Currently in advanced user-testing, CreditAI will be released exclusively for Reorg subscribers in November.

Sreekanth Mallikarjun, Reorg’s chief scientist and head of AI innovation, said, “CreditAI boasts a user-friendly interface and enables seamless interactive natural language search. We have harnessed state-of-the-art technologies, including industry-leading vector and memory databases in conjunction with LLMs fortified with our proprietary architecture and guardrails.”

Kent Collier, Reorg’s founder and CEO, said, “CreditAI is 100% consistent with our vision to transform the way the global markets can access and use complex information. It is our latest innovation that will enable subscribers to discover, extract and analyze the information that matters to them. CreditAI is the only generative AI of its kind in the credit industry, simplifying and optimizing workflows for our users.”


We send a weekly roundup of Reorg content ranging from breaking news to in-depth financial and legal analysis as well as the latest podcasts that you can listen to and webinars that you can register to attend. Sign up to Reorg on the Record here.

To keep up on the latest coverage with Reorg, follow Reorg on LinkedIn and Twitter.

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5 Ways ML And SME Collaboration Can Accelerate Innovation
Tue Oct 3, 2023 1:19 pm Product News

Darby Green is VP, Product, Strategy & Innovation at Reorg, a global provider of credit intelligence, data & analytics.

When it comes to legal tech, the concept of AI has gained acceptance as initial concerns about “robot lawyers” replacing skilled litigators, or strategic negotiators have largely waned over the years. Key factors in a machine learning (ML) based solution’s overall success include the diligence followed in its development and the oversight employed by the humans who build and train it. As a disclosure, my own company, Reorg, uses ML to power our suite of credit intelligence, data and analytics products which are used by financial and legal professionals at leading investment banks, law firms, hedge funds and corporations. In this article, I will lay out five ways in which partnerships between data scientists and subject matter experts (SMEs) can accelerate innovation.

1. Enjoy greater efficiency by leveraging natural language processing.

One of the most challenging assignments faced by our team of covenant analysts at Reorg is the distillation of an Offering Memorandum (OM) into slick summaries for our legal, buyside and leveraged finance subscribers to consume. OMs are typically hundreds of pages long and filled with complex descriptions of high-yield bond terms and financial information.

Our SMEs partnered with our data scientists to develop a model that compares new OMs with all U.S. and European high-yield bond offerings since 2020 contained in Reorg’s library. This bond similarity tool is able to produce a list of bonds that are most similar to the new OM being analyzed and provide a numerical “grade” to express that similarity.

Reading through and synthesizing 400+ pages of an OM is a time-consuming task that requires concentration and fastidiousness. It could easily take an expert analyst several hours to ingest and interpret an OM. Using the natural language processing methods employed by our data science team, the bond similarity tool can locate the description of senior debt and senior secured debt notes, identify all subsections and financial covenants, extract the relevant sections and calculate a similarity score, typically within 10 minutes or less.

This helps our analysts and clients quickly surface OMs that they can rely on to understand market trends and anticipate any changes that may occur between the preliminary and final stages of bond issuance.

2. Witness the network effects of building at scale.

Models that can process large sums of data can quickly expand the scope of available information at an exponential rate. We at Reorg were able to increase our universe of OMs to nearly 1,000 in a matter of months. When the “control” dataset is smaller, it is challenging to differentiate dominant patterns from coincidental ones. Our bond library now sits in the 1,200 range, and as this denominator increases, we are able to better determine “what’s market” when it comes to specific provisions or industry trends.

For example, with the increased number of OMs available, we are able to isolate specific drafting language preferred by individual sponsor private equity firms. We can also make connections between those sponsors and the law firms they hire. As a result, once a new OM is announced, we can quickly ascertain how certain sub-sections might appear, given the sponsor and law firm attached to the deal. We can also compare those provisions to highly similar provisions in other OMs and anticipate the degree of pushback the new deal may face.

3. Improve accuracy through the exchange of knowledge.

In our case, we have recognized how crucial the role of SMEs is in developing the model to verify raw data, as they help our data scientists both understand the meaning behind our data as well as evaluate its usefulness. SMEs can suss out nuances in language and the importance of phrases that might not be readily apparent to a data scientist. For example, experts are regularly called upon to develop a list of aliases to ensure that edge cases are captured by a model.

An AI model built on higher-valued data will have more accurate results. SMEs can identify key deal provisions, consider the controlling jurisdiction of a drafter or isolate components that should be ignored. For example, our bond similarity model weights subsections that are riskier for creditors above those containing merely boilerplate language because SMEs highlighted the provisions of greater value when collaborating with data scientists.

4. Accept the upfront investment and save in the long run.

Developing data science models can be time-consuming and resource-draining. However, it is important to remember that the hours spent are a one-time cost that can soon be reimbursed by the hours saved in manual labor.

Additionally, depending on the type of model and feedback loop in action, the outputs can improve and evolve over time. Done well, the increased velocity and accuracy created by employing a data science solution should outweigh the original fixed costs associated with its inception.

5. Develop a whole greater than the sum of its parts.

A data science model built in the absence of expert oversight will be clunky and likely rife with errors. Conversely, a solution operated manually by an individual without the assistance of a technologist will be glacially slow and challenging to accomplish at scale.

An aligned, collaborative effort from both the data scientist’s tools and the SME’s perspective will overcome these difficulties and arrive at superior outcomes. By discussing the overall goals of the project at the outset, SMEs and data scientists can propose and test hypotheses that neither may have thought of alone. They can collaborate on best practices for achieving data cleanliness. They can also institute a common vocabulary and employ constant communication to ensure that objectives are aligned.

In Conclusion

Data scientists are technical experts with a deep understanding of how to develop AI solutions, while SMEs are practice-specific experts who appreciate the utilitarian applications of those solutions. The combination of these skill sets serves to generate outcomes that can improve accuracy, save time and drive innovation.

We send a weekly roundup of Reorg content ranging from breaking news to in-depth financial and legal analysis as well as the latest podcasts that you can listen to and webinars that you can register to attend. Sign up to Reorg on the Record here.

To keep up on the latest coverage with Reorg, follow Reorg on LinkedIn and Twitter.

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Advisor Insights Made Easy with Reorg’s League Tables
Thu Aug 10, 2023 3:48 pm Product News

Download the report here

The first half of 2023 was rife with restructurings, warranting continued, close examination of advisor hires as well as their final fees earned.

The midyear Reorg Advisor League Tables: Americas analyze Legal Advisors, Financial Advisors and Investment Bankers across:

  • Retention analyses: The retention tables include pre- and postpetition advisors, across both debtor and nondebtor engagements, and provide a comprehenve overview of the total number of new engagements initiated by each advisor in the first half of 2023.
  • Fee analyses: The fee league tables show total final fees approved – and therefore earned – for each advisor in the first half of 2023; this covers how much was ultimately authorized in payments by the courts, and is guided by the date of the order granting final fee approval in chapter 11 cases.
Source: Reorg

This report utilized primary and proprietary data from Credit Cloud to analyze activities among Legal Advisors, Financial Advisors and Investment Bankers from Jan. 1 through June 30.

Credit Cloud enables you to generate insights, such as the comparisons in Reorg’s Advisor League Tables, by aggregating data across data sets. Credit Cloud also offers proprietary information, including Advisor Fees, Restructuring Terms and Reorg’s Restructuring Risk Index (RRRI™).

Download the report to access more than 30 tables assessing top advisors.

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Compile critical fee information with Reorg’s Court Filings
Wed Jul 26, 2023 2:08 pm Product News

Actors across the advisory and investment banking communities utilize Reorg’s Court Filings data as a resource to get an edge on business development research, build out comparison data across restructurings and more.

“Filing Type” filters allow users to easily pull relevant documents such as Retention Applications, Final Fee Orders, DIP documents, etc., without having to dig through the mass of filings on a single docket. 

These features in tandem with dynamic search functionality to hone in on any of the more specific filings. The top search bar enables full text search, while the Docket Caption box supports focued research on titles and captions.

Easily download the filings and search across the dataset at no additional cost to smoothly compile information on what your peers are charging, what’s market for DIPs, 363 sales and any other critical comparisons. 

If you’d like to learn more about Reorg’s solutions, subscribe to our weekly newsletter Reorg on the Record or request a trial

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Sustainable Finance Disclosure Regulation deadline: How ESGx can help
Fri Jun 30, 2023 12:23 pm Product News

Today, June 30, marks the reporting deadline for Sustainable Finance Disclosure Regulation, or SFDR, which requires asset managers, investors and other financial market participants to disclose their integration of sustainability risks and consideration of adverse sustainability impacts for their investment decisions.

Ahead of this deadline, the ESGx by Reorg team has successfully delivered reporting on more than 100 individual funds and expects to continue publishing additional funds through the due date. As a trusted regulatory reporting partner, we’re excited to continue delivering this critical information to our customers with our transparent, auditable data and cutting-edge reporting technology.

Given the successful delivery of the first SFDR PASI Statements, ESGx by Reorg is excited to launch Task Force on Climate-Related Financial Disclosures, or TCFD, reporting with our market participant working group as the regulation threshold lowers to 5 billion in AUM next year.

With the advent of these new measures to increase transparency regarding sustainable finance practices, ESGx by Reorg is continuing to evolve reporting to meet emerging needs in the United States and United Kingdom.

To learn more about SFDR, watch our recent webinar on SFDR Articles 6, 8, and 9, visit the ESGx webpage, and subscribe to Reorg on the Record to access a selection of the latest topical updates from Reorg’s global team, straight to your inbox.

And if you’d like to connect directly with a member of our team to learn more about how ESGx by Reorg can streamline your reporting, request a trial.

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