CreditSights News & Blog

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

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

U.S. Bankruptcy: WeWork Nets First Day Approval, Seeks to Protect Customer Identities; Landlords Attempt to Depose CEO LevFin Insights

U.S. Bankruptcy: WeWork Nets First Day Approval, Seeks to Protect Customer Identities; Landlords Attempt to Depose CEO

WeWork won interim approval from Judge John Sherwood of the New Jersey Bankruptcy Court for all…

Siobhan HodsonArticle published date: November 8, 2023

U.S. Market Commentary: Surprise to Downside on October CPI is ‘Very Welcome Development’ for Fed Policymakers, Per CreditSights ‘US Chart of the Day: CPI Heatmap October 2023’ LevFin Insights

U.S. Market Commentary: Surprise to Downside on October CPI is ‘Very Welcome Development’ for Fed Policymakers, Per CreditSights ‘US Chart of the Day: CPI Heatmap October 2023’

The following is an excerpt from today's report from LFI partner publication CreditSights titled "US Chart of…

Siobhan HodsonArticle published date: November 14, 2023

Lumen: Updated Views on TSA CreditSightsSpecial Situations

Lumen: Updated Views on TSA

This report contains a summary of the pending LME transactions, its impact (if the transactions…

Siobhan HodsonArticle published date: November 6, 2023

U.S. Trendlines: New-Issue Private Credit Covenants Strengthen in YTD, with Cov-Lite Share Down Covenant Review

U.S. Trendlines: New-Issue Private Credit Covenants Strengthen in YTD, with Cov-Lite Share Down

Covenant protections for new-issue private credit loans (PCs) have improved in 2023 amid tighter lending…

Siobhan HodsonArticle published date: November 9, 2023

U.S. Special Situations: SVP Lenders Tap Counsel LevFin InsightsSpecial Situations

U.S. Special Situations: SVP Lenders Tap Counsel

SVP Worldwide’s term loan lenders have been consulting with counsel from Paul Hastings amid concerns the…

Siobhan HodsonArticle published date: October 30, 2023

Make Wholes and More: Third Circuit Considers Hertz CreditSightsSpecial Situations

Make Wholes and More: Third Circuit Considers Hertz

Introductory Note On May 2, 2023, we issued a note entitled Make-Wholes in Bankruptcy: A General…

Siobhan HodsonArticle published date: October 26, 2023

U.S. Insight: Amneal Pins TL Extension Effort on Enhanced Collateral Package LevFin Insights

U.S. Insight: Amneal Pins TL Extension Effort on Enhanced Collateral Package

Amneal Pharmaceuticals’ proposed $2.544 billion term loan extension hinges on a novel approach giving extending…

Siobhan HodsonArticle published date: October 26, 2023

Up-Tiering Liquidity Management Transactions, Recoveries and Broader Context: A Thought Experiment Covenant Review

Up-Tiering Liquidity Management Transactions, Recoveries and Broader Context: A Thought Experiment

Securing “Serta” protections—which fortify affected lenders’ voting rights—has become a focus for lenders over the…

Siobhan HodsonArticle published date: October 16, 2023

Supreme Court Grapples with Third-Party Releases CreditSightsSpecial Situations

Supreme Court Grapples with Third-Party Releases

Executive Summary The U.S. Supreme Court heard oral arguments this morning in a case arising…

Siobhan HodsonArticle published date: December 4, 2023

Bayer holds call with bond investors after raft of bad news Reuters

Bayer holds call with bond investors after raft of bad news

Bayer held a call with investors on Monday after a raft of bad news led…

Georgia ShenkArticle published date: November 23, 2023

M&S Back In Fashion With Credit Upgrade The Times

M&S Back In Fashion With Credit Upgrade

Marks & Spencer’s credit rating has been upgraded from “junk” to “investment grade” as the…

Georgia ShenkArticle published date: November 26, 2023

RTX taps bond market to repay loan backing $10 billion share buyback Bloomberg

RTX taps bond market to repay loan backing $10 billion share buyback

RTX sold $6 billion of bonds to help repay a short-term loan.

Siobhan HodsonArticle published date: November 6, 2023

Investors turn risk-on for some junk debt but not all Reuters

Investors turn risk-on for some junk debt but not all

Investors are showing more willingenss to dip their toes into junk-rated bonds.

Siobhan HodsonArticle published date: November 7, 2023

WeWork’s multibillion rescue couldn’t save it from office bust Bloomberg

WeWork’s multibillion rescue couldn’t save it from office bust

Costly leases proved too much even after the coworking firm secured debt relief.

Siobhan HodsonArticle published date: November 6, 2023

Deutsche Bank sweetens deal to seal zombie bond tweaks Bloomberg Law

Deutsche Bank sweetens deal to seal zombie bond tweaks

Investors voted to alter the rate used to calculate coupon payments to the SOFR.

Siobhan HodsonArticle published date: November 6, 2023

New Swiss rules set to spur $20 billion junior bond overhaul Bloomberg

New Swiss rules set to spur $20 billion junior bond overhaul

Insurance companies in Switzerland are set to repay billions in mostly discounted old-style bonds.

Siobhan HodsonArticle published date: November 2, 2023

WeWork landlords could see steep losses on any rejected leases in bankruptcy MarketWatch

WeWork landlords could see steep losses on any rejected leases in bankruptcy

Filing for bankruptcy may allow WeWork to cherry pick office leases.

Siobhan HodsonArticle published date: November 2, 2023

RTX plans to refinance loan that bankrolled $10 billion buyback Bloomberg

RTX plans to refinance loan that bankrolled $10 billion buyback

RTX plans to refinance a short-term loan.

Siobhan HodsonArticle published date: October 30, 2023

How China’s property crisis has unfolded, from Evergrande to Country Garden Financial Times

How China’s property crisis has unfolded, from Evergrande to Country Garden

Thousands of unfinished homes and a swath of debt restructurings show the turmoil among developers.

Siobhan HodsonArticle published date: October 23, 2023