Reorg Covenants analysts Julian Bulaon and Richard Barbour discuss Iconix Brands' going-private acquisition by Lancer Capital and its debt implications. The podcast also covers a bankruptcy filing of a real estate investment trust, objections to a disclosure statement, Mallin Crop debtors' approval, and strategic moves by Iconix and Lancer Capital.
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Quick takeaways
Iconix Brands acquired by Lancer Capital in going-private deal, impacting debt docs.
Challenges faced by Evoque Data Centers include high customer churn and declining liquidity.
Deep dives
Ohio-based Shopping Center Real Estate Investment Trust Files for Chapter 11 with RSA in Place
Washington Prime Group, a Columbus, Ohio-based shopping center, filed for chapter 11 protection with $4 billion in assets and $3.5 billion in liabilities. Supported by holders of the 2018 credit facility, unsecured notes, and other facilities, the RSA outlines an equitization plan or an alternative recapitalization. The plan includes a new money equity rights offering, a comprehensive marketing process for alternative sale scenarios, and approval from Judge Marvin Isger at the hearing.
Evoque Data Centers' Financial Challenges and Turnaround Strategy
Evoque Data Centers faced challenges with high customer churn, low utilization rates, and declining liquidity during a lender call. Despite Brookfield Infrastructure's support, lenders expressed frustration over unclear turnaround efforts. The company reported decreased EBITDA and revenue, with high leverage and balance sheet cash availability. The term loan and revolver terms indicate financial constraints.
Objections to PROMESA Oversight Board's Plan of Adjustment
The PROMESA Oversight Board faced objections to its plan of adjustment from various parties, including Monoline insurers and the UCC. Concerns were raised about the fast-paced schedule for objections, lack of clarity on implementing the plan without legislation, and insufficient information for creditors in the disclosure statement. The objections highlighted critical issues, misleading information, and recovery estimates for different creditor classes.
On this week’s podcast the Americas Core Credit by Reorg team discusses highlights from this week as well as a look ahead at the upcoming week, plus this week our podcast features a discussion between Reorg Covenants analysts Julian Bulaon and Richard Barbour on Iconix Brands (https://app.reorg.com/v3#/dashboard/4703), including their recently announced going-private acquisition by Lancer Capital and the change of control implications under their debt docs.
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