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Distressed

Cov-Lite Breaking Record (LCD News)

September 23, 2019 | File Under: , ,

A new record: 79.6% of the $1.8 trillion in US #leveragedloan outstandings is cov-lite. That's about $940B. The bulk of that ls riskier debt, from issuers rated B and B- pic.twitter.com/cwjDI9sUvR — Leveraged Loans (@lcdnews) September 20, 2019

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Restructuring the next wave of cov-lite debt (JDSupra)

July 17, 2019 | File Under: , , ,

“89% of European HY bond deals in 2018 provided for cost savings and/or synergies to be included in EBITDA or pro-forma adjustments.” “85% of all leveraged loans in the UK were cov-lite by the end of 2018.” by White & Case

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Blood Moons, Animal Spirits and Hunting Knives

H2 2019 Europe Update

Investor trepidation towards Europe in today’s markets is understandable.  Regional macro data remain anemic.  Europe continues to produce weak data, Euro-Area economic sentiment saw its worst losing streak in a decade and low interest rates are set to continue throughout the medium term.  Meanwhile, the Fed has raised rates nine times since December 2015, taking […]

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Italy’s Carige faces April deadline to fill 630 mln euro capital gap (Reuters)

March 1, 2019 | File Under: , , ,

“Temporary administrators of Banca Carige said they had to find a buyer by April for the Italian bank, after unveiling a 630 million euro ($718 million) capital shortfall” – Valentina Za

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Fate of Leveraged Loans Won’t Be Decided by ‘Cov-Lite’ Alone (Bloomberg)

February 22, 2019 | File Under: , , ,

“Recovery rates likely lower in Europe but widely dispersed. Focus on absence of maintenance tests is ‘simplistic’”  – by Ruth McGavin

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Greek jeweller Folli unveils restructuring plan, CEO steps down (Reuters)

December 19, 2018 | File Under: , ,

“Greek jewellery maker Folli Follie will seek creditor approval for a planned overhaul of the business, it said on Tuesday after announcing the resignation of the troubled company’s CEO.”

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Polish banks under pressure as GetBack scandal casts long shadow (Euromoney)

October 16, 2018 | File Under: , , ,

“Six months after Polish debt collector GetBack went into default, shockwaves from the event continue to shake the country’s financial sector.”

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Croatia’s cash-strapped Uljanik Group has one month to find solution. (SeeNews)

September 20, 2018 | File Under: , ,

The situation in Croatia’s financially constrained shipbuilding group Uljanik is dramatic as the company finances are reaching a low point, the chairman of its management board, Gianni Rossanda, said.  Uljanik has a month to find a solution.

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Too many life insurers still caught in interest-rate trap (Handelsblatt)

September 17, 2018 | File Under: , , ,

According to a recent report by the finance ministry, 34 life insurers – about 40 percent of the country’s total – are under special scrutiny by BaFin, Germany’s financial supervisory authority.

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House of Fraser settles landlords’ legal challenge (Retail Gazette)

August 6, 2018 | File Under: , , , ,
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