Reorg Blog

A glimpse into the depth and breadth of Reorg's global coverage of high-yield, leveraged finance, stressed and distressed credits, as well as covenants, bankruptcies and post-reorganized companies.

Cabonline EBITDA, Revenue Decrease and Covenant Waiver

Distressed Debt, High Yield Bonds

Reporting a 44% year over year revenue decrease, from 1.8 billion Swedish kroner to 997 million, as well as an EBITDA of negative 11 million Swedish kroner and a very illiquid bond maturing in 2022, Nordic taxi company Cabonline’s bond has fallen to 70. The decrease in demand from travel restrictions due to the Covid-19 pandemic have taken a toll on the company, but these impacts are reportedly not as bad as other companies in the same industry because of the “public service” nature of Cabonline. Even so, the company saw a negative cash flow of SEK 52 million in...

Read More

Yida China Holdings Limited Arbitration Consent Solicitation

Financial Restructuring

After finalizing a proposal with its financial advisor to resolve a put option under $224.9M 14% notes Due 2022, exercisable on March 8, Yida China is launching a consent solicitation for a waiver of their arbitration award as well as a reduction of their coupon rate. The waiver of their arbitration award was constituted by a default clause stating that any judgment against the company that exceeds $15 million and is not paid within 90 consecutive days will allow for a waiver. Since the arbitration award against Yida China was not paid in the decided 90 days it was able...

Read More
Podcast: Abengoa Concurso Filing; MAB High Court Precedents

Podcast: Abengoa Concurso Filing; MAB High Court Precedents

Covenants Analysis, Financial Restructuring

Released bi-weekly, the EMEA Core Credit podcast focuses on European, Middle Eastern and African situations and companies in the distressed and high-yield space. Each episode also features a deep dive into a particular company or issue, discussing their developments and state of affairs in their respective space. This week, Richard Woolly speaks with the EMEA Core Credit legal team to discuss developments affecting schemes of arrangement and part 26a restructuring plans.  The deep dive this week focuses on Spanish construction and engineering company, Abengoa and their restructuring agreements as well as the precedents set by MAB Leasing, a subsidiary to...

Read More

China Fortune Land Development Principal Payment Extension

High Yield Bonds, Leveraged Finance

Vocalizing a preliminary debt settlement plan for all of its outstanding onshore bonds to certain bondholders, China Fortune Land Development (CFLD) may extend their principal payment by three to five years with no upfront cash payment or credit enhancement. In order for these extensions to occur the industrial park and property developer will need to negotiate the terms with bond holders in the coming weeks. Although the negotiations are pending, there is concern coming from bondholders about the long principal extension period and about a lack of asset disposal plans due to the absence of upfront payments or credit enhancements. ...

Read More
Priority Technology Holdings Term Loan Facilities Amendments

Priority Technology Holdings Term Loan Facilities Amendments

Covenants Analysis, Financial Restructuring

Priority Technology Holdings Inc., an integrated payment software and commercial payment services provider based out of Alpharetta, GA, began to amend their senior term loan and subordinated term loan facilities in mid-March of 2020, but these amendments may hold back the company’s ability to grow through continued acquisitions. Their two owed term loan facilities are under separate credit agreements with multiple borrowers and guarantors including Pipeline Cynergy Holdings LLC, Institutional Partner Services LLC, Payment Systems Holdings LLC and Priority Holdings LLC. Priority Technology Holdings Inc. has previously been able to grow through acquisitions of whole companies and merchant portfolios, but...

Read More
Fourth Quarter Earnings Recap: Week of Feb. 22 2021

Fourth Quarter Earnings Recap: Week of Feb. 22 2021

Bankruptcy Filings, Covenants Analysis, Distressed Debt, Financial Restructuring, High Yield Bonds, Leveraged Finance

Fourth-quarter earnings season got underway in Europe under a cloud of sluggish business activity and delays in Covid-19 vaccinations across the continent. Travel and associated industries have reported tough periods - exemplified by Heathrow, once Europe’s busiest airport, saying this week that 2020 was the toughest year in its history - while companies in other sectors, including retail and automotive, posted better-than-expected results. Investors are nevertheless optimistic about the reopening of travel in the coming months with aviation and leisure debt already being lifted on positive noises from governments. Next week Jaishree Kalia, Reorg’s Managing Editor of EMEA Middle Market,...

Read More
1 … 40 41 42 43 44
Thank you for signing up
for Reorg on the Record!