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Reorg Radio
Americas Core Credit: Legal Takeaways: Hertz Guarantee Claims Bifurcation (Feb. 5, 2021)
Feb 5, 2021
24:19
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The podcast discusses highlights from last week and a deep dive into Hertz's proposed guarantee claims bifurcation. Topics include Belk's Chapter 11 filing, Neiman Marcus bankruptcy's asset acquisition, AMBAC's Rule 2004 motion in Puerto Rico, Hertz's European restructuring, and recovery processes for EuroNotes.
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Quick takeaways
- Hertz is proposing guarantee claims bifurcation as part of its bankruptcy proceedings.
- AMBAC is seeking discovery into valuable assets of Puerto Rico to ensure fair compensation for creditors in the debt restructuring process.
Deep dives
Belk plans Chapter 11 filing and reveals details of RSA plan
Belk is planning to file for Chapter 11 bankruptcy and has disclosed its RSA plan which includes raising $225 million of new money through a new loan. Existing equity holders would be diluted and own 50.1% of the equity upon emergence. Recoveries for first-lien lenders range from 55.1% to 88.1% depending on their share in the new money financing.
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