Reorg Blog

Next Tuesday, March 16, 2021 at 12:00pm, our Americas Core Credit experts including senior legal analysts Ana Lucia Hurtado and Karen Leung, distressed debt legal analyst Cathy Ta, and director of emerging markets credit research Kyle Owusu will be conducting a webinar to delve into deepwater drilling contractor, Seadrill Partners and Seadrill Limited. The webinar will break down the Seadrill chapter 11 cases initiated by both subsidiaries discussing how these filings may impact the company moving forward as a whole. Our coverage team will also provide an overview of the debtors’ respective chapter 11 cases.  Watch the replay here: https://reorg.com/seadrill-webinar/...

Just as a number of large chapter 11 cases that Reorg has been following moved closer to wrapping up, fallout from Winter Storm Uri in Texas, for which the Electric Reliability Council of Texas, or ERCOT, estimates will return in losses of $55 billion, has led to at least two large in court restructurings, including Brazos Electric Power Cooperative, which sought chapter 11 protection in the Southern District of Texas on March 1, and Just Energy, which filed restructuring proceedings in Canada on March 9. The storm led to power generation facilities being knocked off line, lack of natural gas availability, and numerous other...

With the Asia Core Credit team publishing more than 20 updates on Sichuan Languang so far this year, it has certainly been "one to watch." In response to the disposal of drug maker Chengdu Dikang Pharmaceutical in July 2020, Languang denied that the sale was due to its liquidity needs. Languang has been trying to introduce shareholders and sell Dikang when appropriate since 2019. It pointed out that the timing of the announcement of the sale was a function of the natural progression of the negotiations. Please click through to read an update from Thu 03/04/2021, and request a trial to...

All Year Management affiliate Evergreen Gardens Mezz, owner of the Denizen, a luxury apartment complex in Bushwick, NY, filed for chapter 11 on Feb. 22 initiating a public sale as well as a foreclosure of the Denizen. Unfortunately for All Year, the Denizen is one of their most valuable assets and it’s financial health played a primary role in the company’s ongoing restructuring plans. These continued discussions will be focused on paving a path forward to create a plan that maximizes the value for All Year’s bondholders and stakeholders.   The Covid-19 pandemic played a major role in the Evergreen Gardens...

Financial restructuring in Asia, especially India’s restructurings, are seldom swift, but they are colorful. DHFL’s founder offers family assets to creditors from jail; Reliance Communications’ chairman Anil Ambani is chastised by a U.K. High Court justice for inadequacies, inaccuracies and “at least one clear falsehood” in evidence submitted on personal guarantees on billions of dollars of loans. Anil’s markedly more successful brother, Mukesh Ambani, and his firm Reliance Industries is currently on one side of a high-profile tussle over India retailer Future Retail. On the other is Jeff Bezos’ Amazon Inc. The protracted legal spat between Amazon and Future Retail involves a disputed Singapore arbitration process...