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
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.
, for one, may suffer negative after-effects
from management’s previous financial engineering maneuvers.
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.
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.
The final throes of 2Q17 earnings season are upon us, and Debtwire’s been racking up the exclusives on privately-held borrowers.