Reorg Blog

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...

Download the full report now! Reorg Data Shows 2023 Featured a Marked Change in Restructuring Trends Since 2022 Introduction There has been a measurable uptick in restructuring activity in Western Europe over the last 11 months of 2023 compared with 2022, according to data collected by Reorg in the EMEA Restructuring Database (RXD), available on Credit Cloud. Key Takeaways More Restructuring Deals in 2023 - During 2022, 29 debtors completed financial restructurings, compared with 47 that have completed so far in 2023 marking a large increase - there are currently still 34 ongoing restructurings in Western Europe as of Dec. 4, 2023.Half...

Register for the webinar here. Join Reorg and Proskauer on Monday, Jan. 22, at 12 p.m. ET for a discussion on the latest trends in private credit restructurings. According to Proskauer’s Private Credit Default Index, the default rate for private credit issuers declined to 1.41% in the third quarter of 2023. However, according to a number of market participants, the private credit default rate will likely trend higher in 2024. Defaults in 2023, according to Proskauer, differed based on company size. For businesses generating more than $25 million of EBITDA, default rates picked up sequentially, but for those businesses generating...

Download the full report now! Daily Rates and Online Businesses Support Growth in Global Gaming Companies in Third Quarter While Retail Decelerates, Leverage Declines Across Most Borrowers, Interest Coverage Holds up Reorg is launching a quarterly global report focused on the gaming sector, highlighting key data points and developments relevant to high-yield and leveraged loan issuers. To see the report in a print-friendly format, click HERE. A relative value discussion will follow. Despite subdued consumer confidence, the global sub-investment grade gaming market continues to demonstrate resilience, posting continued growth in the third quarter. However, a closer look reveals emerging signs...

Register Now! Reorg will host another episode of our deep-dive webinar series on Jan. 10, 2024. BVI Medical, a U.S.-headquartered manufacturer of eye surgery products, is struggling with an overlevered  balance sheet and persistent cashburn, which has caused its liquidity to dwindle, while its maturities are edging closer. As a result, the group looks likely to need additional support from sponsor TPG Capital to fortify liquidity and create a sustainable capital structure. Join our team of experts for a deep dive into the causes of BVI’s underperformance, how the sponsor might deal with the group’s capital structure and what the...