Octus Radio

The Americas Core Credit team at Reorg takes a look back at the past week and previews what's to come in the week ahead, and director of credit research Mark Fischer reviews first quarter earnings results. If you are not a Reorg subscriber, request access here: go.reorg-research.com/Podcast-Trial.

Each episode of EMEA Core Credit by Reorg biweekly podcast series features a deep dive on issues and companies in the distressed and high-yield space. This week, the team takes a look at Rubis' new SSNs, Covid-19 adjusted EBITDA and a test case for U.K. insurers post-lockdown. If you are not a Reorg subscriber, request access here: go.reorg-research.com/Podcast-Trial.

Benoit Lavigne and Matthew Dunlap, debt finance partners at Morrison & Foerster, provide insights into navigating financial covenants during tough times. They highlight creative flexibilities lenders can use to boost liquidity amidst economic stress. The duo discusses the evolution of limited condition acquisitions and the strategic planning required for compliance. They delve into debt strategies and the shifting dynamics of interest payments due to market uncertainties, all while contextualizing these challenges in light of the COVID-19 pandemic.

Mark Fischer, a director of credit research with expertise in distressed companies, and Sean Daly, a legal analyst specializing in bankruptcy issues, delve into navigating Chapter 11 amid financial strains. They analyze J. Crew and Neiman Marcus's bankruptcy strategies, highlighting challenges exacerbated by COVID-19. The duo discusses Puerto Rico's revised fiscal plan and the impacts on pensioners versus bondholders. They also explore broader trends in significant bankruptcy cases and the struggles facing the coal industry, emphasizing the delicate balance between creditors and debtors.

The podcast discusses recent covenant changes in mid-market financing, strategies for handling liquidity crises, challenges in accessing government relief, complexities in amending credit agreements, dynamics between lenders and borrowers, negotiating leverage, and exploring covenant issues with government relief programs for middle market companies.

The Americas Core Credit team at Reorg takes a look back at the past week and previews what's to come in the week ahead, and Karol Denniston, partner at Squire Patton Boggs discusses how companies and municipalities can manage liquidity pre-and post-bankruptcy petition. If you are not a Reorg subscriber, request access here: go.reorg-research.com/Podcast-Trial.

The EMEA Core Credit by Reorg team takes a look at Merlin Entertainments' new bond, the options open to Codere during its 30-day grace period and the latest developments with Lycra. If you are not a Reorg subscriber, request access here: go.reorg-research.com/Podcast-Trial

Hertz and Avis discuss their capital structures, securitization, and the impact of coronavirus on their business. Loosely drafted debt covenants allow them to raise liquidity. Challenges faced due to declining car prices and the need for credit enhancement. Loopholes in debt documents enable securing additional debt.

The Americas Core Credit team at Reorg takes a look back at the past week and previews what's to come in the week ahead, and LatAm team lead Kyle Owusu and reporter Santiago del Carril join covenant analyst Lev Breydo to discuss Digicel’s exchange offer and Argentina’s debt negotiations. If you are not a Reorg subscriber, request access here: go.reorg-research.com/Podcast-Trial.

In this special edition of the EMEA Core Credit by Reorg podcast, the team looks at the challenges facing aviation services company Swissport as it struggles with restrictions placed on the aviation industry during the Covid-19 pandemic. If you are not a Reorg subscriber, request access here: go.reorg-research.com/Podcast-Trial