Reorg Blog

Pending merger transactions between Navistar International Corp. (NAV) and Traton SE (TRATF) are beginning to be reviewed by Brazil’s Administrative Council for Economic Defense, or CADE. 35 companies named as market participants began receiving questionnaires on March 30 and with responses requested by April 14, CADE hopes to gain some further information on how the potential merger would impact the vehicle industries that each company plays a role in including light trucks, semi-heavy trucks, heavy trucks, road buses, city buses and more. Although NAV and TRATF filed paperwork in December 2020, CADE felt it was important to investigate the amended...

After a conference call with investors on March 26, Yuzhou Management has assured its group of investors that their cash flow and balance sheets remain strong even though the company predicted a 94% year-over-year decline for their 2020 fiscal year. The company’s offshore notes fell deeply on the morning of the call creating obvious concern for investors, but management reassured investors by explaining that short sellers were dispersing false information. However, Youzhou can not comment further on the status of this information until their annual results are officially released on March 30.  The Covid-19 pandemic resulted in low selling prices...

Featuring a discussion on a force majeure dispute following the Texas winter storm, CBL Property’s amended RSA, Seadrill Partners’ disclosure statement approval and a deep dive into Argentine oil company YPF’s state of play after their liability management exercise, our Americas Core Credit weekly podcast breaks down the most important stories from the week of March 22nd, 2021.  In terms of the force majeure dispute following Texas winter storm Uri, our team discussed the applicability of these clauses in power hedging agreements and how they could dictate legal strategies taken by Texas electricity generation projects facing high bills from financial institution...