CreditSights News & Blog

The J. Crew Blocker: Panacea or Red Herring? Covenant Review

The J. Crew Blocker: Panacea or Red Herring?

The Bottom Line:™ During the syndication of leveraged loans, lenders often ask for the inclusion…

Sara LawalArticle published date: February 8, 2024

US/EMEA Special Situations: McDermott’s marathon Restructuring Plan hearing starts in High Court, with Reficar pushing back on $1.3bn claim wipe-out; liquidity problems an issue as advisory bill tops $150mn LevFin InsightsSpecial Situations

US/EMEA Special Situations: McDermott’s marathon Restructuring Plan hearing starts in High Court, with Reficar pushing back on $1.3bn claim wipe-out; liquidity problems an issue as advisory bill tops $150mn

A bid by engineering giant McDermott International to avoid paying ~$2bn in arbitration claims via a UK…

Siobhan HodsonArticle published date: February 8, 2024

US Bankruptcy: WeWork notifies court of mounting liquidity woes, provides update on landlord talks LevFin InsightsSpecial Situations

US Bankruptcy: WeWork notifies court of mounting liquidity woes, provides update on landlord talks

WeWork provided Judge John Sherwood with an update on its landlord negotiations and notified the court of…

Siobhan HodsonArticle published date: February 5, 2024

EMEA Special Situations: What next for Adler’s victorious 2029 bondholders? LevFin InsightsSpecial Situations

EMEA Special Situations: What next for Adler’s victorious 2029 bondholders?

LFI has spoken to a number of leading UK restructuring lawyers to ask what happens…

Siobhan HodsonArticle published date: January 31, 2024

US Bankruptcy: Incora CFO grilled by Kobre Kim over the LME transaction Special SituationsLevFin Insights

US Bankruptcy: Incora CFO grilled by Kobre Kim over the LME transaction

Tensions ran high in the Southern District of Texas courtroom this afternoon as Incora CFO Raymond Carney faced…

Siobhan HodsonArticle published date: January 31, 2024

Bestwall: The Texas Two-Step Gets Political CreditSightsSpecial Situations

Bestwall: The Texas Two-Step Gets Political

Executive Summary This note explores how Bestwall LLC, a Georgia Pacific subsidiary with over 64,000…

Siobhan HodsonArticle published date: January 25, 2024

US Special Situations: Lumen Technologies debt jumps as markets react to amended TSA with a broader group of creditors LevFin InsightsSpecial Situations

US Special Situations: Lumen Technologies debt jumps as markets react to amended TSA with a broader group of creditors

Debt backing Lumen Technologies has been active this morning, with its secured debt jumping while its unsecured…

Siobhan HodsonArticle published date: January 25, 2024

At Dish Network, a bondholder vs. shareholder fight is brewing Axios

At Dish Network, a bondholder vs. shareholder fight is brewing

There is no doubt that, as financing becomes harder for stressed issuers to access, they'll…

Georgia ShenkArticle published date: January 25, 2024

Insurers Rake In Profits as Customers Pay Soaring Premiums Wall Street Journal

Insurers Rake In Profits as Customers Pay Soaring Premiums

The pain for home- and auto-insurance customers is quickly becoming investors’ gain. Insurance giants’ shares…

Georgia ShenkArticle published date: January 25, 2024

EMEA Insight: Too small for the limelight, too risky for most, Europe’s lower mid-market is wide open for business in 2024 LevFin InsightsSpecial Situations

EMEA Insight: Too small for the limelight, too risky for most, Europe’s lower mid-market is wide open for business in 2024

Direct lenders in Europe’s lower middle market are sitting pretty going into 2024. While their…

Siobhan HodsonArticle published date: January 18, 2024

U.S. Secondary: DISH Bonds Plunge in Huge Volume as EchoStar Evaluates Strategic Alternatives and Carves Out Wireless Spectrum Asset Transfer to Subsidiary to Enhance Liquidity Transactions LevFin InsightsSpecial Situations

U.S. Secondary: DISH Bonds Plunge in Huge Volume as EchoStar Evaluates Strategic Alternatives and Carves Out Wireless Spectrum Asset Transfer to Subsidiary to Enhance Liquidity Transactions

Debt backing DISH Network was significantly lower in high-volume trading this morning after EchoStar announced that it…

Siobhan HodsonArticle published date: January 10, 2024

U.S. Market Commentary: Distressed Exchanges May Be on Tap and New Spectrum-Backed Deal Expected after Substantial Assets Shift in Dish/EchoStar, Says CreditSights/Covenant Review in Joint Research LevFin InsightsSpecial Situations

U.S. Market Commentary: Distressed Exchanges May Be on Tap and New Spectrum-Backed Deal Expected after Substantial Assets Shift in Dish/EchoStar, Says CreditSights/Covenant Review in Joint Research

LFI partner publications CreditSights and Covenant Review today authored a joint report to describe the Dish/EchoStar transaction announced today, discuss what…

Siobhan HodsonArticle published date: January 10, 2024

U.S./EMEA A&E: NEP A&E Puts Unextended Debt Second in Line for Disposal Proceeds; Materially Improves Documentation on Extended Debt LevFin InsightsSpecial Situations

U.S./EMEA A&E: NEP A&E Puts Unextended Debt Second in Line for Disposal Proceeds; Materially Improves Documentation on Extended Debt

Lenders have until Friday to work through the A&E request for Carlyle-owned NEP as the broadcast and…

Sara LawalArticle published date: December 13, 2023

U.S./EMEA Special Situations: Covis Likely to Face a Second Round of Restructuring, Moody’s Warns in Knocking Rating Down to Caa3 from CaaK LevFin InsightsSpecial Situations

U.S./EMEA Special Situations: Covis Likely to Face a Second Round of Restructuring, Moody’s Warns in Knocking Rating Down to Caa3 from CaaK

Covis Pharma's ongoing EBITDA reductions have led to weak cash flow since the company's restructuring…

Siobhan HodsonArticle published date: December 26, 2023

U.S. Bankruptcy: Incora Judge Braces Parties for Upcoming LME Ruling; Adversary Case, UCC Settlement Stay in Limbo LevFin InsightsSpecial Situations

U.S. Bankruptcy: Incora Judge Braces Parties for Upcoming LME Ruling; Adversary Case, UCC Settlement Stay in Limbo

The settlement Incora reached earlier this week with the UCC and Carlyle, holder of an uptiered 1.25 lien…

Siobhan HodsonArticle published date: January 5, 2024

U.S. Special Situations: Robertshaw raises new $218mn first out facility alongside additional $10mn second out facility, S&P notes in downgrade to SD LevFin InsightsSpecial Situations

U.S. Special Situations: Robertshaw raises new $218mn first out facility alongside additional $10mn second out facility, S&P notes in downgrade to SD

Range Parent (dba Robertshaw) has raised a new $218 million first out facility and an additional $10…

Siobhan HodsonArticle published date: December 20, 2023

Special Feature: Disqualified Lender provisions in the Spotlight Creditor Rights Coalition

Special Feature: Disqualified Lender provisions in the Spotlight

Contributors Justin Forlenza, Sid Levinson, James Millar & Paul Silverstein take on DQ provisions...

Siobhan HodsonArticle published date: December 20, 2023

SVB: Update on Bankruptcy Progress CreditSights

SVB: Update on Bankruptcy Progress

Executive Summary In this note we provide an update on certain activity in the SVB…

Siobhan HodsonArticle published date: December 14, 2023

Lens on Loopholes Q3 2023 Update: Share of Index Loans with J. Crew / Serta / Chewy / Envision Loopholes Across the Index and a Breakdown by Sponsor Group LevFin Insights

Lens on Loopholes Q3 2023 Update: Share of Index Loans with J. Crew / Serta / Chewy / Envision Loopholes Across the Index and a Breakdown by Sponsor Group

. This report updates the share of the Credit Suisse Leveraged Loan Index with high-profile…

Siobhan HodsonArticle published date: October 11, 2023

U.S. Special Situations: Michaels Lays Foundation for Potential LME; Same-Store Sales Fall 7% in Q3’23 as EBITDA Beats Expectations–Update LevFin InsightsSpecial Situations

U.S. Special Situations: Michaels Lays Foundation for Potential LME; Same-Store Sales Fall 7% in Q3’23 as EBITDA Beats Expectations–Update

  Michaels Stores’ stoked LME concerns in the market today when, in conjunction with the…

Siobhan HodsonArticle published date: December 5, 2023