The restructuring pipeline is poised to spillover this coming Fall season on account of several companies nearing their respective bursting points.
Toys R Us erupted in volatility at the start of September.
Debtwire had the scoop on management and company advisors circulating
rescue and/or DIP financing proposals to restricted funds. Meanwhile, Taj bondholders have mobilized as global game theories are running wild.
The situation at
PaperWorks is also getting exceptionally dicey.
Debtwire recently had the exclusive on the borrower
hiring advisors after 2Q17 earnings underwhelmed.
In a cross border showdown,
Algeco Scotsman bondholders
sent a letter to the company’s board of directors expressing concerns over the “self-dealing” nature of the company’s transaction to sell its
William Scotsman unit to an entity minority-owned by Algeco sponsor TDR Capital. Debtwire’s exclusive on the letter hit the tape a day after reporting that bondholders were
scrutinizing the company’s transaction history.
Debtwire continues to stay ahead of the curve in
Avaya coverage, exclusively reporting that the first liens plan to step up pressure to
turn off advisory fees to crossholders. The argument is a precursor to an upcoming deficiency claim battle. Hours after the story hit,
objections were filed in kind.
In a deep dive run through the iHeart complex, Debtwire last week reported that legacy noteholders are raising litigation options as recovery threats increase during ongoing exchange transaction delays.
Signs of weakness
Debtwire has been shining a light on a host of stressed credits where more dire financial straits could be in store.
Windstream, for one, may suffer
negative after-effects from management’s previous financial engineering maneuvers.
Academy Sports loans sank as the market braced for
Harvey fallout and the Houston-based retailer delayed the release of 2Q17 earnings. But trading retraced losses after the CFO resigned and the company reported an
EBITDA increase.
The Millennium Labs TL dipped further into distressed territory as testing volumes have trickled away.
Deal action
Debtwire’s scoop game in the origination world has been in high gear of late, kicking up exclusives on upcoming financings and m&a machinations.
Preliminary work on a
Trimark USA buyout financing deal is being assembled with
pro forma leverage topping 6x.
The Evans Analytical Group (EAG Laboratories) auction process has attracted bids from several private equity firms willing to value their respective bids along double-digit EBITDA multiples.
Formerly bankrupt
Atlas Resources, now known as
Titan Energy, has engaged
an advisor to sell its coalbed methane (CBM) assets.
Educational assessment services provider
Prometric has
hired a bank to explore sale options.
Performance
The final throes of 2Q17 earnings season are upon us, and Debtwire’s been racking up the exclusives on privately-held borrowers.
