Reorg Blog

Written by Shasha Dai, Managing Editor, China || You are ready to put your house on the market but don’t see eye to eye with the appraiser on the value of your property - or worse yet, you couldn’t afford an appraisal report. This is the same situation many Chinese high-yield issuers find themselves these days. At a time when they need to tap the bond market for fresh capital to refinance existing debt, they are at odds with credit rating agencies over their rating methodology or have had their ratings withdrawn for unspecified commercial reasons. Yunnan Provincial Investment Group,...

The U.K.-based Davies Group provides professional services and technology solutions, including claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation and change management for the insurance industry. Reorg's EMEA Middle Market team reported in mid-March that the Davies Group’s incumbent lender Permira Debt Managers is exiting its position amid BC Partners’ acquisition of the company, sources told Reorg. Blackstone Credit provided a £950 million debt package to support the transaction. Permira Debt Managers did not participate in the acquisition financing but is getting repaid, sources said. Click through to read the most recent update.

After a joint venture between Shandong Ruyi Technology Group and Huayang New Material Technology Group, a group of Lycra bondholders are looking for more clarity due to the suspected use of Lycra’s intellectual property and potential technology transfer for a construction project between Ruyi and Huayang. Lycra suspects that their branding and technology is going to be leveraged for the project without authorization. These complications came after Huayang and Ruyi signed a framework agreement to institute fiber material manufacturing facilities including one for Lycra that could produce 60,000 tonnes of spandex per year by December 2021.  Additionally, as part of...

Our unique editorial team, “the Reorg trifecta”, combines financial and legal analysis with reporting to provide a unique and holistic view of the most important business development across the world. Since the start of 2021, our Asia Core Credit team has published more than 30 updates on Languang Sichuan Development, most recently focusing on the refuted but persistent rumor that the company is contemplating exiting its Shanghai headquarters and relocating back to its native Chengdu. The company reiterated that Shanghai and Chengdu constitute its dual headquarters, and that Shanghai has played an important role in accessing capital, investment and talent.  Click through...