Reorg Blog

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...

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...