Expert Views: Celsius Court Rules Customers Relinquished Ownership of Crypto in Earn Accounts
Reorg Blog
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5d ago
Editor’s Note: Below is the latest in Reorg’s Expert Views series: an article written by Timothy Karcher, Vincent Indelicato and Daniel Desatnik of Proskauer Rose LLP. Request trial access of Reorg’s coverage of Celsius’ bankruptcy. In resolving a “gating issue” in Celsius’ chapter 11 cases, the United States Bankruptcy Court for the Southern District of New York determined that Celsius, and not the customers/account holders, owns the cryptocurrency assets deposited in Earn accounts. Rather than owning their deposited crypto, Earn account customers are left with an unsecured claim in Celsius ..read more
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Reorg on the Record: Asia sees first China real estate HY issue since late 2021…
Reorg Blog
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5d ago
After a year of multiple defaults in China’s real estate sector, with the country’s ‘Three Red Lines’ policy, frozen escrow accounts, and opaque restructuring processes all contributing to substantial losses in Asian high-yield markets, 2023 has kicked off with two signature deals that suggest a better year could lie ahead. Dalian Wanda Commercial Management on Jan. 12 priced a $400 million two-year bond yielding 12.375%, taken by many as the reopening of the debt capital markets for high-quality performing China property names. The issue was 3.7x oversubscribed, attracting the likes of Fideli ..read more
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Darby Green, VP, Product, Strategy & Innovation at Reorg published on Forbes.com
Reorg Blog
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5d ago
5 Ways ML And SME Collaboration Can Accelerate Innovation This article orginally appeared on forbes.comWhen it comes to legal tech, the concept of AI has gained acceptance as initial concerns about “robot lawyers” replacing skilled litigators, or strategic negotiators have largely waned over the years. Key factors in a machine learning (ML) based solution’s overall success include the diligence followed in its development and the oversight employed by the humans who build and train it. As a disclosure, my own company, Reorg, uses ML to power our suite of credit intelligence, data and analytics ..read more
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European Leveraged Finance Trends – How Covenants Evolved in 2022
Reorg Blog
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5d ago
Join Reorg’s senior legal analysts Brian Conway, Ian Chin and Bart Capeci on Wednesday, Feb. 8 as we discuss the latest trends in leveraged loan and high-yield bond covenants.Our expert team will provide an overview of: How the market for bond and loan covenants responded to the turbulence of 2022;How investors pushed back on aggressive terms;The outlook for 2023; andHow borrowers will use the terms of existing documentation to manage their liabilities. Attendees can submit questions during the webinar or email them in advance HERE. Details are below: When: Wednesday, Feb. 8, at 2 p.m. GMT / 9 ..read more
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Matalan’s Legal and Waterfall Analysis
Reorg Blog
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5d ago
The restructuring of U.K. retailer Matalan proposed by its first lien lenders will be implemented consensually, sources told Reorg. The first lien group will utilize the distressed disposal provisions (clause 14.2) contained in the intercreditor agreement, or ICA, to implement the transaction, which is due to close Jan. 26. These clauses allow the security agent to release liabilities, guarantees and security provided the relevant criteria for a distressed disposal are met and any value protection safeguards are satisfied. Consequently, they are important contractual tools in helping to facili ..read more
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Predicting the Probability of Default
Reorg Blog
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5d ago
While innovative, disruptive technologies like ChatGPT are able to provide answers based on previous events, it lacks the forward-thinking ability credit professionals need to make fast, strategic business decisions. (Question Provided to ChatGPT) As incidences of bankruptcy and restructuring rise, access to future-oriented technologies are more important than ever. Reorg’s Restructuring Risk Index (RRRITM) moves beyond data integration by providing a scoring mechanism to predict the likelihood that U.S. publicly traded companies enter restructuring. Source: Reorg, Credit Cloud RRRI is powered ..read more
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High Yield Industry Update: Analyzing debt exposure
Reorg Blog
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2w ago
Reorg's recent high yield industry update included an analysis of companies’ exposure to floating-rate debt and near-term maturing debt, which indicates a high concentration of rising rate risk in a number of consumer and technology sectors. Sectors identified as having higher exposure that may potentially result in higher interest costs include: Consumer durables and apparelRetailingHealthcare equipment and suppliesSoftware and services This analysis was developed using Credit Cloud, newest data offering for leveraged finance and restructuring. Through Credit Cloud, Reorg has analyzed details ..read more
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EMEA Middle Market 2022 Wrap
Reorg Blog
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2w ago
Reorg's EMEA Middle Market team has published a Mid Market wrap that highlights debt capital markets, direct lending, debt and leverage data and more through 2022. This year, disruptions in the debt capital market helped shine a brighter light on the expanding potential for private debt. Despite economic headwinds and uncertainty for M&A, direct lenders have sustained dealmaking, adapting and seizing opportunities such as large cap deals, public-to-private transactions, refinancings and add-ons. “Direct lenders can provide higher visibility and certainty of execution without any caveats. S ..read more
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Reorg on the Record: Entering 2023 after a tumultuous year
Reorg Blog
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1M ago
If you’re not already receiving Reorg on the Record, sign up here: https://reorg.com/resources/reorg-on-the-record/ Credit market participants enter 2023 after a tumultuous year that saw junk bond yields increase to almost 9% as the market continues adjusting to a higher rate environment. Reorg has invested in tools that will enable clients to analyze performing and distressed markets. OurCLO data set provides access to CLO information from almost 200 managers, which clients can use to screen for lending opportunities. For the cinema industry, drama is building off-screen, with ..read more
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Reorg Webinar: The Perfect Storm? Facing the Year Ahead in Asian Credit and Restructuring
Reorg Blog
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1M ago
What lies ahead in 2023 in Asian restructuring and where are the opportunities for investors? Asia’s high-yield market in 2022 was hit by multiple defaults in China’s real estate sector. “Three Red Lines”, frozen escrow accounts, follow-on LMEs, and opaque onshore restructuring processes, all contributed to substantial losses in Asian high-yield markets. But the world’s second-largest economy is now emerging from a three-year Covid lockdown, with the government hinting at business-friendly policies, and greater support for the property market. Will it stem fund outflows from the region? Will h ..read more
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