Reorg Blog

Written by Peter Washkowitz, Senior Director and Head of Americas Covenants || The dog days of summer did not slow down activity in the bankruptcy and restructuring world. In the United States, August came to a close with a mix of real estate, healthcare and consumer services companies filing chapter 11, including Tix Corp., Brown Industries, Regional Housing & Community Services Corp., Advanced Tissue and New England Sports Village. After the reduction of revolving commitments under its asset-backed lending facility in the wake of a pipeline leak at the Inglewood Oil Field, E&B Natural Resources may seek a replacement for...

Hogan Lovells reflects on the impact of the landmark decision in respect of the Virgin Active restructuring in three inter-conditional Part 26A plans on 21 May 2021. The Virgin Active restructuring plans represented the first fully contested cross class cram down for the new Part 26A process, since its introduction almost exactly one year ago. The plans saw five out of seven creditor classes in each of the plans subject to cram-down, delivering a comprehensive restructuring of its real estate liabilities as part of a plan that saw material new money injected by sponsors, and Lenders extending. DeepOcean and Smile...

Providing an updated ION Geophysical tear sheet in addition to a detailed covenants analysis, our Americas Covenants team dove deep into the company’s exchange offer and rights offering pursuant where the company exchanged an aggregate principal amount of $113.5 million for a combination of cash, stock and new 8.000% second lien convertible notes due 2025. These exchanges resulted in changes to the ION Geophysical capital structure and leverage metrics and despite the April 2021 exchange, approximately $7 million of Old 2L Notes remained outstanding as of June 2021. Our updated ION Geophysical tear sheet and covenants analysis includes a deep...

Providing subscribers with intelligence, analysis and news on middle market distressed debt and high-yield situations, our EMEA and Americas reporters and analysts work tirelessly to stay up to speed on situations involving up to €250 million or $500 million in funded debt. Our workflow tools enable financial and legal professionals to perform in-depth searches on companies of interest, dockets, new filings and proprietary Reorg content. In addition, insightful coverage from our uniquely structured team combines reporting with legal and financial analysis offering a holistic perspective on the information you need to stay competitive in the middle market distressed debt and...

More than a half-year into the Biden administration and the new Congress, it is a good time to reflect on what’s been going on in Congress and among loan market legislation and regulation in the area of financial services. In a nutshell, not much has happened so far, something bad did not happen, and we can ruminate about what might happen over the coming months. Unlike in the aftermath of the great financial crisis, banks and other financial services companies did very well through the pandemic (after a brief, but significant downturn).  Accordingly, Congress has not spent much of its...

In terms of new coverage, our Americas Municipals coverage team initiated on a number of names, including three CCRC-related situations as well as a pair of related assisted living facilities, a Staten Island-based hospital, a Maryland transportation situation, a Kansas convention center and a Maryland-based student housing project.  Lifespace Communities (Edgemere) (CCRC): Dallas-based continuing care retirement facility Edgemere is in default on its $107 million-plus bond debt and is in the process of negotiating a forbearance agreement with its bondholders, after retaining FTI Consulting and Sidley Austin as advisors. We’ve previously reported on Edgemere’s parent company, Lifespace Communities, which owns...