Part 26A European Restructuring Regime

Part 26A European Restructuring Regime

At the outbreak of the Covid-19 pandemic, European lawmakers raced to modify their restructuring regime in response to the crisis. On March 20, 2020, independent research group the Conference of European Restructuring and Insolvency Law (CERIL) called on all EU member states to suspend the duty of directors to file for insolvency proceedings based on over-indebtedness and inability to pay. It also urged governments to offer interim financing to struggling businesses, “hibernation” periods for small businesses and support for entrepreneurs and their staff. In the months that followed, jurisdictions across the Continent mobilized practitioners, academics and legislators to introduce a...

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Update on the Avangrid Acquisition of PNM Resources

Providing an update on the Avangrid acquisition of PNM Resources, our M&A by Reorg team analyzed the companies’ recent discussion with the New Mexico Public Regulation Commission where a decision was made to hold hearings in mid-August. A prehearing conference has also been scheduled. To read our full analysis and takeaways from the discussion between the New Mexico Public Regulation Commission on the Avangrid acquisition of PNM Resources click through here and request a trial: https://reorg.com/pnm-agr-merger/

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Steel Partners Proposed Acquisition of Steel Connect, No CoC

Analyzing the Steel Partners proposed acquisition of Steel Connect, our Americas Covenants team dives deep into the Steel Connect OpCo debt documents and the potential for no change of control under the documents.  Steel Connect’s two subsidiaries, ModusLink Corp. and IWCO Direct Holdings currently sit with $12.5M and $25M revolvers respectively where IWCO also has a $393M term loan at its subsidiary Instant Web LLC.  Steel Partners previously owned 48.7% of Steel Connect, but in Nov. 2020, the Steel Partners proposed acquisition, which was non-binding, was sent to the board of directors at Steel Connect to buy out the rest...

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AppLovin Risk After IPO Has Essentially Unfettered Flexibility

AppLovin Risk After IPO Has Essentially Unfettered Flexibility

After completing their IPO on April 19, 2021, Applovin risk under their credit agreements has become a highly discussed topic. The software company was provided with a $1.82B term loan and a $600M revolving credit facility, both maturing in 2025 initiating our Americas Covenants team to analyze the company’s credit agreement. Our experts highlighted two covenant concepts that add to Applovin risk for investors including the aggregate basket inconsistencies and the consequences of these inconsistencies as well as the potential impact of allowing all structurally senior debt to be secured by the assets of non guarantor restricted subsidiaries. Furthermore, the...

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AJ Capital Conducting Due Diligence, Collecting Data for Sritex’s Composition Plan

AJ Capital Conducting Due Diligence, Collecting Data for Sritex’s Composition Plan

Late on May 21, Reorg followed up earlier breaking news which revealed Sritex had appointed AJ Capital as financial advisor, replacing Helios Capital, at a first creditors meeting. Continuing a series of exclusive breaking news stories around Sritex, Reorg reported that AJ Capital had told meeting attendees it was now conducting due diligence and collecting further information for the upcoming PKPU composition plan, and critically, that creditors would be divided into five groups: Offshore and onshore syndicated lenders, bilateral lenders, MTN holders, USD noteholders, and trade vendors / suppliers. Click through to read more.

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Sanchez Energy Contract Rejection, Trend of Midstream Decisions

Sanchez Energy Contract Rejection, Trend of Midstream Decisions

Analyzing the Sanchez Energy contract rejection based on a recent decision in the bankruptcy case for the privately held oil and natural gas company, our most recent Americas Core Credit podcast features Reorg legal analysts Mike Legge and Sean Daly as they discuss the first in a recent trend of midstream contract rejection decisions to move beyond hypothesizing in dicta and to actually authorize the rejection of a midstream agreement despite the presence of a covenant running with the land. Bankruptcy professionals with an interest in midstream rejection issues saw notable debtor friendly trends in 2020 case law weakening both...

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