Reorg Blog

With more than 25 updates on Italian ferry operator Moby so far this year, our European coverage team has been looking closely at the stressed credit. The big news at the end of September, was that Moby SpA was suing Antonello Di Meo, Morgan Stanley and Morgan Stanley employees Massimo Piazzi and Dov Hillel Drazin in the Southern District of New York for “attempting to illegally acquire control” of the company and its Italian concordato restructuring proceeding by purchasing a controlling stake in Moby’s bonds at a “substantial discount using inside information.”  (more…)

Recent developments around stressed Chinese companies including property developer China Evergrande Group have again brought to the fore mechanisms for enforcing keepwell deeds for offshore notes issued by the companies. In this webinar, Shasha Dai from Reorg will host a panel discussion with Fergus Saurin and Jacqueline Tang from Kirkland & Ellis and Junqi Wang and Chandice Wang from DeHeng Law Office (Shanghai) to discuss the latest developments, their implications for creditors and considerations around enforcing keepwell deeds. Register now.

After the summer hiatus, the European leveraged loan primary market has come back to life with a steady flow of deals. 2021 has been a strong year so far and, with a strong pipeline in place, the record-breaking pace is looking likely to continue through to the year end. With more and more bank/bond structures, the convergence of bank and bond covenants has continued apace. Strong demand from investors has emboldened borrowers to push for, and in most cases achieve, increasing flexibility under their credit documentation. Although we have seen some successful pushback from investors resulting in terms being flexed...

Join Reorg on Thursday, Sept. 30, at 12 p.m. ET as we discuss PBF Energy’s background, recent financial results and the regulatory challenges it faces in the latest installment of our webinar series. Our coverage team will provide an overview of PBF Energy’s business and the continuing effects of the Covid-19 pandemic, which led to more than $1 billion of 2020 FCF burn. While the company’s cash burn rate has improved upon entering 2021, PBF Energy has encountered increased Renewable Fuel Standard, or RFS, compliance costs due to dramatically higher market prices of RFS-related renewable identification number, or RIN, credits....

Fall is here, and with it comes a slew of new developments in bankruptcy and restructuring. Recently in oil & gas, oilfield services company Key Energy announced the sale of substantially all of its fluid management and saltwater disposal well assets in Texas and New Mexico, effectively completing the company’s exit from that line of business in those states. In addition, lenders to Yak Access, a supplier of access mats to oil & gas companies in North America, have reportedly organized amid concerns over the company’s liquidity position, earnings trajectory and possible expansion into the power markets. Later this month, experts from our...