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Aug 20, 2024 | 
ionanalytics.com | Lucy Monteiro |Aline Lima |David Orbay-Graves |Ben Miller
News (Intelligence) Abra Group has reached an agreement with global investment firm Castlelake to obtain a USD 1.3bn five-year secured loan to redeem its 2028 bonds, in connection with the Gol Linhas Aereas Inteligentes Chapter 11 proceeding, according to a document seen by Debtwire and two sources close to the matter.
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Jun 13, 2024 | 
ionanalytics.com | David Orbay-Graves |Carlos Martinez
Cazoo, the UK-based online car marketplace, is seeking assurances from holders of its USD 200m 2027 SSNs that they will not enforce on cash that Cazoo’s prospective liquidators will need to fund the winding-up of the business. The company, which appointed Teneo as administrator last month, launched a consent solicitation for its bondholders on 12 June, according to a notice seen by Debtwire. The consent solicitation expires on 19 June.
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Jun 7, 2024 | 
ionanalytics.com | Santiago del Carril |David Orbay-Graves |Ben Miller
News (Intelligence) Canacol Energy’s (CCC/B-/Caa1) creditors are weighing forming a group to protect their interests and resist being primed, said two sources familiar with the matter.
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Apr 24, 2024 | 
ionanalytics.com | David Orbay-Graves |Jay Antenen |Ben Miller
An ad hoc group of Ardagh bondholders has appointed Akin as their legal advisor, according to two sources familiar with the matter. The crossholder group has exposure to secured, unsecured and PIK notes issued by the Luxembourg-headquartered packaging company. Separately, the first and a third source said Franklin Templeton – a significant holder of Ardagh’s debt – has decided to act independently of two groups that had been previously formed.
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Mar 25, 2024 | 
ionanalytics.com | Madalina Iacob |Jou Yu |David Orbay-Graves |Ben Miller
News (Intelligence) An ad-hoc group of Altice France secured debtholders is holding a call Monday afternoon New York time with legal counsel to Gibson Dunn to discuss next steps, including bringing a financial advisor into the mix, said two sources familiar with the matter. The group encompasses roughly USD 12bn worth of holders across the Altice France’s secured debt, noted one of the sources.
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Dec 20, 2023 | 
9fin.com | David Orbay-Graves |Bianca Boorer
Market WrapDavid Orbay-Graves+Bianca Boorer21 December 2023•30 min readIt’s been quite the year for distressed debt given the global political tumult and soaring interest rates. In our Restructuring Tracker we have 30 completed deals this year. For this years’ notable legal precedents head over to 9fin’s legal wrap of 2023 available here. Read all our public content for freeSign up for our newsletter to read this article nowWe won't spam. You can unsubscribe at any time.
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Sep 24, 2023 | 
9fin.com | Bianca Boorer |David Orbay-Graves
News and AnalysisBianca Boorer+David Orbay-Graves24 September 2023•7 min readSwedish property company Samhallsbyggnadsbolaget (SBB)’s bondholders were relieved by the news this morning (25 September) that it had sold 1.16% of its EduCo JV to its existing (49%) shareholder Brookfield for around SEK 242m (€20.6m). This raises hopes that 2024 and 2025 maturities can now be covered.
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Mar 29, 2023 | 
9fin.com | Emmet Mc Nally |David Orbay-Graves
Upfield (Flora Food) delivered on-target Q4 22 and FY 22 earnings yesterday evening (29 March), with revenue and EBITDA in line with expectations. Leverage came in below our estimates, and Q4 22 liquidity was such that the company could afford to repurchase a combined €250m-equivalent of their PLN-denominated and GBP-denominated TLBs in February.
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Mar 23, 2023 | 
9fin.com | David Orbay-Graves
Regulators in the UK and Europe moved fast to reaffirm their commitment to the normal investor hierarchy in bank resolution — CET1 behind AT1s, AT1s behind T2 instruments — after it emerged Credit Suisse’s takeover would zero CHF 16bn worth of AT1 bonds, despite equity owners receiving CHF 3bn.
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Jan 26, 2023 | 
9fin.com | David Orbay-Graves |Laura Thompson
The 2023 secondary market rally is showing little sign of slowing, providing fertile ground for new issuance to come to market. The iTraxx Crossover index tightened a further 15.25bps on the week, and is marked at 413bps at time of writing. Thursday’s closing print of 409.75 bps was the tightest close for the index since April last year.
