Bankruptcy & Restructuring

Comcast Wants Network Papers From AT&T and DirecTV

September 3, 2014

AT&T Inc. and DirecTV, banking on becoming the new owners of Houston Regional Sports Network LP, don’t want to give Comcast Corp. information about their deal with two professional sports teams to buy the network. The Houston network has broadcast rights for games played by the Astros of Major League Baseball and the National

RadioShack 2019 Yields Plunge 13 Percent on Rescue Talks

August 27, 2014

RadioShack 2019 bond yields sank 13 percent to 28.756 percent Tuesday from 33.196 percent Monday on news that the retailer is in talks to get rescue financing from hedge fund Standard General. Yields of these securities reached a record high of 36.97 percent on Aug. 13, two days after doubts about its turnaround efforts were raised by UBS. They were at 18.429 percent on Jan.

Daehan Is Second Korean Business to File Chapter 15 in 2014

August 20, 2014

Daehan Shipbuilding Co. is the second business from Korea to file a Chapter 15 petition this year. Last year, no Korean companies filed Chapter 15s. Daehan, which sought court protection in New York’s southern district, listed liabilities of $500 million to $1 billion and assets of $100 million to $500 million, court papers said. Blank Rome LLP is the debtor counsel. This chart

James River 2019 Bonds Climb From Post-Filing Low

August 13, 2014

James River 2019 bond prices Monday rose from a post-Chapter 11 low of 7.71 cents recorded Friday after the coal mining company postponed an asset sale. The 2019 bond prices were down 43 percent Friday from April 7 when the company filed its petition. On Monday, these securities changed hands at 8.4 cents. This chart was taken from the Bloomberg Brief Bankruptcy & Restructuring Newsletter. To

Entegra Is 4th Largest Chapter 11 By Liabilities So Far This Year

August 6, 2014

Entegra Power Group LLC, which filed for court protection in Delaware Monday, is the fourth largest Chapter 11 petition filed by a debtor to date. The pipeline and power company listed assets of $500 million to $1 billion against liabilities of more than $1 billion. Peter Walsh is overseeing the case and Richards Layton Finger is debtor counsel. — Kurt Kester This chart was

Potential Caesars Filing Would Buoy Default Rate: Fitch Ratings

July 30, 2014

The trailing 12-month U.S. high-yield default rate would jump to 3.4 percent from 2.7 percent in June if gaming company Caesars Entertainment Operating Co. were to file for bankruptcy, according to Fitch Ratings. Fitch said in a report July 29 that $12.9 billion of the company’s bonds are included in its default index. For more information on the report: http://bit.ly/1nRpjm3 This chart was taken

U.S. High Yield Debt Spreads ‘Overvalued’ for Longest Period Ever

July 23, 2014

Yield premiums paid to investors holding U.S. high yield debt offer the least value for the longest on record, according to Martin Fridson, a money manager at Lehmann, Livian, Fridson Avisors LLC. “Overvaluation (whether extreme or non-extreme)has put together an unbroken streak of 25 months, nearly double the previous record,” Fridson said in a note first published by S&P. This article was taken from the

New Distressed Debt Hedge Fund Mandates Rise

July 16, 2014

Institutional searches for distressed debt hedge funds last quarter fell for the first time since Bloomberg began tracking the data in April 2013. The number of distressed debt hedge fund mandates had previously increased every quarter, reaching a high of 27 during the first three months of this year, representing one-fifth of all institutional searches

Energy Industry’s Default Rate Soars as Others See Drop: Fitch

July 2, 2014

  The industry default rate of the utilities, power and gas sector spiked to 30.1 percent in the first four months of the year on Energy Future Holdings Corp.’s bankruptcy filing compared with a 5.6 percent average rate between 1980 and 2013, Fitch data show. Most other industries have seen their default rates decline in 2014 vs. the 1980-13 period. This graph is from

Bove: U.S. Bank Loan Sales Echo Resolution Trust Corp.’s Bad Debt Sales of 1990s

February 18, 2014

U.S. banks are selling non-performing loan pools and they are finding buyers that include business development companies, PE firms and hedge funds, recalling debt sales conducted by the Resolution Trust Corp. in the 1990s, Richard X. Bove, vice president of equity research at Rafferty Capital Markets LLC, tells Bloomberg Brief’s