This podcast discusses bankruptcy filings of Bed Bath & Beyond and Party City, importance of buying assets and cash flows, demographic trends, and inspiring global health charity.
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Quick takeaways
Bed Bath & Beyond and Party City are both preparing for bankruptcy filings, with Bed Bath & Beyond planning to liquidate inventory and monetize brands.
Joel Holsinger emphasizes the importance of positive impact investing and predicts a recession, suggesting a shift to purpose-driven funds.
Deep dives
Bed Bath and Beyond and Party City prepare for Chapter 11 filings
Bed Bath and Beyond plans to file for Chapter 11, including potential liquidation of inventory, monetization of brands, and sale of subsidiary buy-by-baby. Party City is also preparing for a bankruptcy filing. Bed Bath and Beyond disclosed negative adjusted EBITDA and a drop in net sales for its third fiscal quarter. Both companies are advised by legal and financial firms.
Non-acral solutions files for Chapter 11
Non-acral solutions, a provider of marine operational support services, has filed for voluntary Chapter 11 bankruptcy. The company cited a brutal downturn in the offshore industry and stacked certain vessels to reduce costs. Debtors reported aggregated funded debt obligations of about $741 million.
Surtissuance faces lawsuit challenges
Surtissuance Betting and its lenders are facing a renewed suit challenging the company's 2020 up-tier exchange transaction. Certain lenders sued to prohibit Surtissuance from proceeding with the transaction, claiming it violated their rights. The suit follows a decision from a U.S. District Judge allowing similar claims to proceed, but the outcome of the suit remains uncertain.
Joel Holsinger discusses impact investing and rate predictions
Joel Holsinger, co-head of Alternative Credit at Ares Management, emphasizes the importance of positive impact investing. He highlights the need to focus on improving things rather than negative screening. Holsinger also shares his predictions for interest rates, expecting a recession and suggesting a shift to purpose-driven funds.
Our weekly recap and preview for next week features Bed Bath & Beyond, Party City, Nautical Solutions and Serta Simmons.
This week we feature a replay from The Reorg Primary View series, where Joel Holsinger, co-head of alternative credit at Ares Management, and Reorg’s James Holloway discuss the importance of buying assets and cash flows, yield curves and purpose-driven investing.
#highyieldbonds #leveragedloans
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