Reorg Blog

Download the report here The first half of 2023 exemplified volatility in the credit market, with notable activity in the banking, real estate, and healthcare sectors, sparking an increase in restructuring advisory activity and interest. The updated Reorg Advisor League Tables for the Americas utilize primary and proprietary data from Credit Cloud to analyze activities among Legal Advisors, Financial Advisors and Investment Bankers in the first six months of 2023 in order to benchmark their workload and approved fees. Legal advisors were well able to make their mark, outpacing restructuring activity in the whole of 2022 by several metrics. Source:...

Download the report here The first half of 2023 was rife with restructurings, warranting continued, close examination of advisor hires as well as their final fees earned. The midyear Reorg Advisor League Tables: Americas analyze Legal Advisors, Financial Advisors and Investment Bankers across: Retention analyses: The retention tables include pre- and postpetition advisors, across both debtor and nondebtor engagements, and provide a comprehenve overview of the total number of new engagements initiated by each advisor in the first half of 2023. Fee analyses: The fee league tables show total final fees approved - and therefore earned - for each advisor...

Reorg’s editorial leadership has selected the following list of the most compelling and topical situations across our global coverage universe. As part of Reorg’s global data and analytics product expansion, Fundamentals by Reorg now offers earnings transcripts of both public and private debt issuers. For further inquiries, please email questions@reorg.com. Twenty-four debtors filed for chapter 11 over the past two weeks, a list dominated by real estate names with liabilities of less than $10 million. The sector has been hard hit by rising interest rates and a sluggish recovery in occupancy as the pandemic’s “work from home” model becomes a...

Every quarter, our Americas Performing Credit Research team compiles a comprehensive primary report showcasing key highlights from the preceding quarter. Download the whitepaper. The unusual market conditions in the second quarter, discussed in more detail in the report, were not associated with any obvious across-the-board improvement in covenant quality. As deal volume picked up, the second quarter’s high-yield issuances included several sponsored LBO deals, which generally featured aggressive covenant packages. However, in a number of deals, investor pushback resulted in meaningful improvements in covenant protections for noteholders, potentially indicating a more hospitable climate for noteholders seeking to reduce risk through...

During the first half of 2023, Reorg saw 23 debtors close restructurings, considerably more than the 14 that closed deals in H2’22 and 15 in H1’22. Restructuring activity has increased in 2023, but still falls short of 2020 levels, which saw 61 restructurings close across the year. Only 35% of restructurings closed consensually, out of court, in H1’23. This compares with 43% and 60% in H1’22 and H2’22 respectively. There appears to be a trend of debtors being more likely to pursue in-court restructurings, with a correlating increase in challenge - 22% of deals attracted a challenge in H1’23, compared...

Azure Power Global Ltd. on July 26 filed an appeal with the New York Stock Exchange against the NYSE staff’s decision to delist its shares over an inordinate delay in filing of audited financial reports for fiscal year ended March 31, 2022, and thereafter with the U.S. Securities and Exchange Commission. The appeal may buy the company some time to prevent a potential event of default, or EoD, which can be triggered only post delisting, on its two public U.S. dollar bonds due to breach of information covenants.  The company has told bondholders that because of the appeal, EoD may not be triggered for...