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Detroit’s bond payments are “crushing” the city by hindering spending on public safety and are among the first liabilities that need to be addressed, emergency financial manager Kevyn Orr said. Click here to continue reading.
An investigative report on Ally Financial Inc.’s relationship with its bankrupt mortgage arm, Residential Capital LLC, may affect settlement talks between the companies and creditors who blame Ally for $25 billion in potential claims. The court-ordered report, due today, will examine allegations that Ally exerted so much influence over ResCap that the auto lender can be forced to pay [...]
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The introduction of new FDIC regulations has slowed the tightening of spreads on Triple A rated tranches of U.S. CLOs backed by widely syndicated loans. Once investors digest the changes and recent supply is absorbed, the market may tighten to its lowest since 2008. CLICK HERE FOR MORE
Rotech Healthcare Inc., a provider of home respiratory products, filed for bankruptcy saying its plan to cut debt by about half and reorganize is supported by a majority of its noteholders. Click here to continue reading. _____________________________________________________________ Bloomberg Brief Bankruptcy & Restructuring To take a risk free 30 day trial click here. Ready to subscribe? Save 35% today off [...]
Conexant Systems Inc was acquired in April 2011 by Golden Gate Capital for $282. million for $282.2 million and will be sold to an affiliate of Soros Fund Management in exchange for debt under a prepackaged Chapter 11 reorganization begun early Thursday morning in Delaware. Click here to continue reading
The deteriorating finances of the largest leveraged buyout in history is exposing the increasingly diverging interests of its private-equity owners led by KKR & C0. and TPG Capital and the secured lenders who helped finance the $48 billion deal in 2007. Click here to continue reading
