Bankruptcy & Restructuring >>>
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 Aleksandrs Rozens. Click here to continue reading.
European corporates have launched 4.4 billion euros equivalent of covenant-light loans in the U.S. market year to date, adding to 1.1 billion euros signed since Jan. 1. Click HERE for more.
United Continental Holdings plans to fund the delivery of 36 aircraft from Boeing this year with a combination of enhanced equipment trust certificates and borrowings from banks, said Treasurer Gerald Laderman. Click HERE for more.
The shipping industry has emerged from the most “frantic” part of its crisis thanks to an improving global economy, a drop in new ship construction and an influx of investment from hedge funds and private equity investors, Flip Huffard, senior managing director of restructuring and reorganization at Blackstone Group LP, said in an interview with Bloomberg Brief’s Aleksandrs Rozens. Click here to view [...]
More speculative-grade U.S. loans are trading above par than at any time since May, JPMorgan data show. Click HERE for more.
Linn Energy, the company that bought Berry Petroleum for $4.3 billion, may repay debt it incurred from the deal that’s due this summer with its line of credit, said CFO Kolja Rockov. Click HERE for more.
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Federal-Mogul, the auto-parts supplier controlled by billionaire investor Carl Icahn, expects to refinance a $1.6 billion term loan before it matures in December, said CFO Rajesh Shah. Click HERE for more.
Pilgrim’s Pride has paid down or plans to repay a total $410 million of term loans as soon as April, said Treasurer Gustavo Biscardi. Click HERE for more.