EMEA Leveraged Loans Wrap 2023

EMEA Leveraged Loans Wrap 2023

Download now! 2023 Covenants Less Permissive Compared With 2022, but Slight Loosening at Year-End Gives Borrowers Cause for Optimism in 2024 Key Takeaways: A&E and refinancing transactions dominated 2023. However, a number of LBOs reinvigorated the market, and dividend recaps gave sponsors a route to extract returns where other exit options were not available.Our predictions at the start of the year have largely hit the mark. In A&E deals, covenant terms were mostly recycled, leading to improved overall covenant quality compared with 2022. There were few new money deals for investors to choose from though, leading to relatively looser terms on those...

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EMEA Distressed Debt Wrap 2023

EMEA Distressed Debt Wrap 2023

Download now! Drying Liquidity, Looming Maturities in Tense Geopolitical Environment to Drive Restructuring Uptick in 2024 After Slow Burning 2023; More ‘Holistic’ Workouts Expected After years of “waiting for the wave,” 2024 might be the time when activity in the restructuring market may finally pick up. Wars in Ukraine and the Middle East, U.S. elections and weakening Chinese growth paint a testing picture for the world economy. Well-known challenges such as higher-for-longer interest rates, near-zero economic growth in Europe and a cost-of-living squeeze entering its third calendar year all add to the possibility of an animated year on the distressed...

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EMEA Litigation Wrap 2023

EMEA Litigation Wrap 2023

Download now! Restructuring Plans Challenged; FCA Creates Hurdles for Schemes and Gibbs Here to Stay Reorg has analyzed the key restructuring and insolvency litigation from 2023 and distilled the key takeaways. Key New Guidance From 2023 Court of Appeal Examines Part 26A After Creditor Challenge: Undue Pressure, Valuation, Restructuring Surplus Considered This is the first Part 26A to go to the Court of Appeal. Under the original plan pari passu ranking creditors were given different treatment.A successful appeal will provide a precedent for equal treatment of creditors with equal rights under a plan, regardless of cross-class cramdown.Following the sanctioning of Adler’s Plan in...

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Ukraine Webinar: What’s Next for Kyiv’s Creditors?

Ukraine Webinar: What’s Next for Kyiv’s Creditors?

Register now! Join Reorg on Wednesday, Feb. 21, as we discuss: Ukraine’s upcoming sovereign debt restructuring;Resilience in Ukraine’s economy; andThe international work to seize Russian state assets. Panelists: Magnus Scherman, senior editor, ReorgAlexander Paraschiy, research director, Concorde CapitalTetyana Nesterchuk, barrister, Fountain Court ChambersMaximilian Hess, founder, Enmetena Advisory You can find recent coverage on Ukraine credits here. Attendees can submit questions during the webinar or email them in advance here. Webinar details: When: Wednesday, Feb. 21, at 2 p.m. GMT/3 p.m. CET.Registration: To register for the webinar, click here. Please register using your business email address. If you would like to be panelist on any...

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Tracking lender activity and deal flow with Reorg’s FY23 European Direct Lender Rankings

Tracking lender activity and deal flow with Reorg’s FY23 European Direct Lender Rankings

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-regionLoan sizeSector (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

Analyzing GHG emissions with ESGx

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 emissionsAnalysis of WELLI and LLI indexes, centered on scope 1 and 2 emissions across:Distribution by Global Industry Classification Standard Sector (GICS)GHG emissions intensityDistribution of company emissions...

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