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Reorg Radio
2023 Restructuring Wrap; Petrofac Looks to Boost Balance Sheet; Primary Highlights
Dec 5, 2023
18:30
Snipd AI
This week's podcast discusses key restructuring trends of 2023, Petrofac's balance sheet strengthening efforts, and highlights from the primary market. Topics include consensual deals, debt for equity exchanges, and specific debt situations. Petrofac's declining equity and debt, cash-raising options, and investor impact are explored. The rush to the primary market and laboratory business challenges are also discussed.
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Quick takeaways
- Debt-for-equity deals and new money deals with an equalization feature saw an increase in 2023 compared to 2022, indicating a shift in restructuring strategies.
- Petrofac's liquidity challenges, low margins, and debt repayment concerns have impacted its equity and bond prices, raising doubts about its financial stability.
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Key Insights on Restructuring Trends in 2023
During 2023, half of the restructuring deals concluded consensually. English restructuring techniques, such as schemes and CVAs, remained the most popular choice for non-consensual deals in Western Europe. Debt-for-equity deals and new money deals with an equalization feature saw an increase in 2023 compared to 2022. There was a shift towards debt-for-equity swaps happening outside of court, with fewer in-court equalizations. Additionally, the use of amended extend transactions in non-consensual deals grew from 17% in 2022 to 40% in 2023.
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