PODCAST: Debtwire’s legal team tackles Caesars’ and EFH’s outstanding plan confirmation impediments, Ultra Petroleum’s classification contest and more

Debtwire’s Head of Legal Analysis Jack Tracy, along with Legal Analysts Richard Goldman and Joshua Friedman, yesterday (12 January) sat down for the debut episode of their new podcast series to discuss some of the most notable issues concerning today’s highest-profile Chapter 11 cases. During their conversation, the legal team tackled Caesars Entertainment Operating Co’s…

PODCAST: EPL Oil & Gas noteholder advisors address Energy XXI’s restructuring obstacles and strategies

In the wake of Energy XXI’s 30 December emergence from Chapter 11, WilmerHale bankruptcy and financial restructuring co-chair Phil Anker, Loughlin Management Partners managing directors Aaron Kibbey and John Sordillo, and H.J. Gruy and Associates executive vice president Robert Rasor joined Debtwire legal analyst Richard Goldman for an in-depth discussion of the litigation tactics these…

USVI junk bond sale can’t clear the market; investors seek more security

The United States Virgin Islands (USVI) has again delayed its USD 221m bond sale amid low interest, as investors seek greater security, said Andre Wright, the USVI’s external advisor at Standard International Group. Underwriter Morgan Stanley got orders for USD 150m in bonds, about USD 125m of the almost USD 150m in seniors and USD 25m of…

Mozambique debt negotiations conditional on progress of new IMF programme and audit as 18 Jan coupon deadline looms

On an autumnal London October afternoon, the Government of Mozambique’s 2023 bondholders shuddered during a meeting arranged by Lazard and White & Case – Mozambique’s financial and legal advisers – after  being told to engage in potential restructuring talks. The bonds collapsed over 20 points after the meeting concluded. As requested a Global Group of Mozambique Bondholders (GGMB)…

LEGAL ANALYSIS: Unitranche financing’s streamlined structure raises in-court restructuring concerns

Debtwire Legal Analyst Richard Goldman today published a special report examining unitranche financing and the potential pitfalls that unitranche lenders may face in the event that borrowers commence in-court restructuring proceedings or seek to sell assets pursuant to Bankruptcy Code section 363.  In the special report, Richard analyzes key elements that distinguish unitranche financing from…

Tourneau sponsor engages investment banker to sell luxury watchmaker

Tourneau’s sponsor Leonard Green & Partners engaged Houlihan Lokey to sell the luxury watchmaker, said two sources close to the situation. The sales process, which has been ongoing for three months, has so far failed to gain traction in light of the decline of the watch exports industry, the two sources said. The company’s EBITDA…

Sears hit with cash-in-advance requests from some vendors

Sears Holdings earnings outlook, following another quarterly loss, remains bleak, and a host of suppliers are now requesting cash in advance before they agree to ship or are opting instead to avoid shipments altogether, according to three sources familiar with the matter. Rocky vendor relations for Sears are nothing new, given the borrower’s unrelenting cash…

PODCAST: Retail restructuring experts discuss current market trends, best practices and 2017 outlook

Gibson Dunn restructuring co-head Robert Klyman, Berkeley Research Group managing director Steve Coulombe and former Toys “R” Us SVP Corporate Finance and Treasurer Chetan Bhandari recently joined Debtwire legal analyst Richard Goldman for an in-depth discussion on the state of the distressed retail market.  During their conversation, the panelists provided key insights and practical viewpoints…

Distress differs across FirstEnergy municipal debt

The backing for FirstEnergy subsidiaries’ unsecured municipal debt is more diverse than the secured debt, according to a hedge fund manager and a company spokesperson, leading to disparate prices among unsecured debt. The importance of the difference between the debt has come to the forefront after First Energy President Charles E. Jones raised the specter…

J.Crew moving IP to unrestricted Cayman subsidiary

J.Crew management is executing a plan to transfer the company’s intellectual property to an unrestricted Cayman Islands subsidiary, according to four sources familiar with the matter. The Madewell segment is not part of the transfer and will stay in its current box, two of the sources added. The move is a likely prelude to an…

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