Reorg Blog

Download the full report now! Patience Pays Out in Corporate Distress but Sovereign Restructurings Prove Hard to Unlock After a bruising 2022 dominated by Russia’s full-scale invasion of Ukraine, 2023 has been a lucrative year for the brave investors who ventured into distressed Ukrainian credits and certain special situations. A number of the high-profile issuers adopted a creditor-friendly approach allowing for several 40 to 45 point recoveries during the year. The 2023 macroeconomic backdrop for high-yield borrowers in CEEMEA has been challenging to say the least - particularly on interest expenses. The U.S. base rate on which CEEMEA companies typically...

Download the full report now! Schemes and Restructuring Plans in Deep Dive; What New Precedents Developed? What Is Next? Reorg has compiled the facts, notable features and court documents for all schemes of arrangement (Schemes) and Part 26A Restructuring Plans (Plans) that were before the English courts in 2023. Schemes 2023 Key Take Homes Borrowers creatively use Schemes to get around Russia-related sanctions restrictions: Nearly two years after the start of the war, Russia-related sanctions still impact the ability of restructuring debtors to deal with their sanctioned creditors. However, the Scheme process remains flexible and utilitarian enough to be used...

Register now! Panelists: Ian Chin, senior legal analystShweta Rao, senior vice president, head of legal products EMEA Bart Capeci, high-yield bond analyst  Join Reorg on Tuesday, Jan. 30, as we discuss:  Top 5 Trends in High-Yield Bonds and Leveraged Loans Quantitative Divergence, Qualitative Convergence: How Bond and Loan Covenants Were Different, Yet the SameFrequency of Covenant Pushback and the Prime Pushback Targets Outlook for Covenants in 2024  You can find recent coverage on Covenants HERE.  Attendees can submit questions during the webinar or email them in advance HERE. Webinar details: When: Tuesday, Jan. 30, at 3:00 p.m. GMT/10:00 a.m. ET. Registration: To register for...

Download the full report now! Refis Dominate 2023 Primary Issuance, LBOs Creep In; Looming 2025, 2026 Maturity Wall to Drive 2024 Volumes; PEs Keen to Deliver Returns but LBO-Driven Issuance May Still Struggle Next year, primary market activity is expected to increase in relation to this year, although volumes are likely to remain historically low with net issuance still subdued, market participants believe. The first half of this year was dominated by loan issuers terming out their maturities via amend-and-extend transactions, with some new issuance creeping back into the market after the summer. One driver for activity in 2024 will...

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...