Reorg Blog

Join Reorg’s senior legal analysts Brian Conway, Ian Chin and Bart Capeci on Wednesday, Feb. 8 as we discuss the latest trends in leveraged loan and high-yield bond covenants.Our expert team will provide an overview of: How the market for bond and loan covenants responded to the turbulence of 2022;How investors pushed back on aggressive terms;The outlook for 2023; andHow borrowers will use the terms of existing documentation to manage their liabilities. Attendees can submit questions during the webinar or email them in advance HERE. Details are below: When: Wednesday, Feb. 8, at 2 p.m. GMT / 9 a.m. ET.Registration:...

After a year of multiple defaults in China’s real estate sector, with the country’s ‘Three Red Lines’ policy, frozen escrow accounts, and opaque restructuring processes all contributing to substantial losses in Asian high-yield markets, 2023 has kicked off with two signature deals that suggest a better year could lie ahead. Dalian Wanda Commercial Management on Jan. 12 priced a $400 million two-year bond yielding 12.375%, taken by many as the reopening of the debt capital markets for high-quality performing China property names. The issue was 3.7x oversubscribed, attracting the likes of Fidelity, PIMCO, Blackrock and PAG as subscribers, and marked...

Editor’s Note: Below is the latest in Reorg’s Expert Views series: an article written by Timothy Karcher, Vincent Indelicato and Daniel Desatnik of Proskauer Rose LLP. Request trial access of Reorg’s coverage of Celsius’ bankruptcy. In resolving a “gating issue” in Celsius’ chapter 11 cases, the United States Bankruptcy Court for the Southern District of New York determined that Celsius, and not the customers/account holders, owns the cryptocurrency assets deposited in Earn accounts. Rather than owning their deposited crypto, Earn account customers are left with an unsecured claim in Celsius’ chapter 11 cases, fixed as of the petition date. The...

When analyzing a credit, building a comprehensive and accurate capital structure can be one of the largest challenges when staying on top of complex, evolving situations like Carnival. Developed by Reorg's financial analysts with industry professionals needs at the forefront, Reorg's 3,200+ capitalization tables with 20,000 historical debt instruments are huge time-savers. Our capital structures provide an excellent overview of a company’s debt structure and key terms. They cleanly lay out a credit’s principal debt amounts by tranche based on priority, and an up-to-date market value column with pricing feeds through daily for bonds and loans. Professionals can quickly see a company’s...

Reorg tracks nearly every aspect of medium and large sized chapter 11 bankruptcies, from our editorial content covering case developments in real time to our robust data offerings tracking important case details over time. In particular, our Advisor Fee data set, found exclusively on Credit Cloud, captures an enormous amount of data on advisor engagements and fees.In this story we aggregate and share some of our advisor fee data for the first time, highlighting trends in financial advisor and investment banker engagements in medium to large chapter 11 cases (generally $100 million in liabilities or more). Specifically, the data captures...