🌟 Incredible session with Reorgs own Hugh Minch at the 2024 U.S. CLO Conference!

Missed it? Swing by our booth for a recap and dive into the future of CLOs. Let's keep the conversation going!

#CLOConference2024 #ReorgAtCLO

A downturn in electric vehicle sales has kicked in the first quarter, with inventories building up at the dealership level and OEMs scaling back production ambitions.

Read more: ow.ly/4tcB50RnQi5
#sectorinsights

Reorg's latest legal analysis looks at the Singapore Court's recent guidance around the nature, scope and content of directors' duty to consider the interest of creditors.
ow.ly/2BWC50RnYTh

Altice France has a mountain to climb to reach its revised target of reducing net leverage to below 4x. While the company’s €4 billion plus of expected sale proceeds provides it with options, the path to the revised target is not clearcut.

Read more: ow.ly/yBrq50RnPK7

🚨Last Chance to Register - ow.ly/7bgE50RnPet

📅 Join Reorg on Friday, April 26, at 2 p.m. BST / 3 p.m. CET as we delve into key takeaways from Zambia’s Common Framework debt restructuring and explore the rise of value recovery instruments. 💼

Following Road King’s recent allusion to a potential LME, Reorg's analysis explores sources of offshore liquidity which include assets in 75%-owned toll road operator, Road King Expressway, and ongoing sales of its completed Hong Kong residential projects.
ow.ly/eM5I50Rl5k8

OQ Chemicals’ term loans have rallied back into the low 90s after three hedge funds, including Strategic Value Partners, or SVP, started buying into the debt, sources said.

Read more: ow.ly/31nC50RlZyM
#restructuring

Champion REIT’s $300M Due’28s OAS remains high at 250-300 bps, even as the spreads of its peers have narrowed by ~50bps since the start of 2024.
ow.ly/tmp350RloaU
#performingcredit

Seth Brumby talks with Michelle Handy from First Eagle about middle market direct lending, evolving deal terms, and expectations for increased deal volume and a year-end rate cut.

Spotify - ow.ly/Xj4y50Rlosn
Apple Podcasts - ow.ly/BJm950Rloso

In this article, we explore liability management options available to Altice France, including their ability to undertake a coercive debt push down or priming transaction while pitting creditors against each other.

Read more: ow.ly/8mUX50RiSVK
#restructuring

Reorg first reported on Apr. 4 that IIFL Finance has sold a pool of real estate non-performing loans totalling INR 19 billion to Phoenix ARC for INR 15 billion.
reorg.com/phoenix-arc-ac…

💡Reorg Webinar: Sovereign Debt Restructuring: Exploring the Common Framework’s Growing Pains and the Rise of Value Recovery Instruments
🗓️Date & Time: Friday, April 26, 2 p.m. BST / 3 p.m. CET
🔗Register Now: ow.ly/SxQr50Rggfy

Reorg exclusively reported the terms for INR 7.5 bn non-convertible debentures that India Cements plans to issue to meet its capex and working capital requirements. The company has mandated Nomura and Bank of America as lead arrangers.
ow.ly/5rer50Rgp7c
#performingcredit

Reorg exclusively reported on Apr. 8 that Continuum Green Energy promoters are trying to raise a debt of around $200 million to partly purchase Morgan Stanley Infrastructure Partner’s stake in the company and has mandated Deutsche Bank for the debt raise.
ow.ly/UMt650RgoHH

Seth Brumby of Reorg and David Dowden from MacKay Shields discuss high yield municipal bonds, Building America Bonds redemption, and changes in taxable bonds for municipal investors.

🎙️Spotify - ow.ly/8Xs350Rggx3
🎙️Apple Podcasts - ow.ly/sWbG50Rggx4

Altice France’s recent “drop downs” have cast a spotlight on this controversial liability management technique that has rarely been used in Europe until now.

Read more: ow.ly/g8ZQ50Rb6xw
#distresseddebt #restructuring

This week, Tom Shandell from Investcorp discusses CLO triple-C concentrations post-Altice France downgrade, identifying at-risk CLOs and concerning credits amidst rising lender-on-lender violence

🎙️Spotify - ow.ly/cVAU50RapFl
🎙️Apple podcasts: ow.ly/aXPK50RapFn

🎥 Broadcasting Live: 'Adverse Economic Headwinds and Looming Maturity Walls: Will European Debt Collectors Get a Taste of Their Own Medicine?”

Request a replay of the webinar by contacting [email protected].

Plastic packaging group Kloeckner Pentaplast has a short window to deliver on an ambitious business plan and become a viable issuer for primary market participants, ahead of a €1.6 billion-equivalent maturity wall in March 2026.
Read more: ow.ly/ZTfJ50R7hFG
#distresseddebt

Last week, Reorg and Kobre & Kim held a deep dive into InterCement and its expected exit from Brazil and Argentina, as well as the legal challenges, opportunities and potential outcomes for offshore creditors. Access the replay here: ow.ly/88J250R63V5