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Reorg Radio
Americas Core Credit: Webinar Replay - Covenants 101: Value Leakage (Oct. 29, 2021)
Nov 1, 2021
01:03:16
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Topics discussed in this podcast include value leakage in credit agreements, transfers to non-guarantors restricted subsidiaries vs transfers to unrestricted subsidiaries, the significance of proceeds baskets, and ways to address value leakage in retail companies.
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Quick takeaways
- Value leakage in debt documents can occur through dividends, transfers to restricted subsidiaries, and transfers to unrestricted subsidiaries.
- Companies like PetSmart, J.Crew, Claire's, and Neiman have engaged in previous transactions involving value leakage.
Deep dives
CZU Plan Confirmed with Backstop Commitment
Judge David Jones confirmed the CZU plan of unionization and approved the debtor's backstop commitment letter with certain lenders. The plan aims to resolve CZU's debt load and streamline their capital structure.
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