Bankruptcy & Restructuring >>>
Freescale Semiconductor plans to repay its second-most expensive debt as the cost of doing so drops in December, said Steven Goel, the company’s treasurer. Click HERE for more.
Toll Brothers is postponing a rise to investment grade by borrowing $1.7 billion to make an acquisition and refinance debt due next year. Click HERE for more.
Investors are demonstrating their eagerness to own dollar junk bonds by pushing yields to the least relative to high-grade debt since before the credit crisis. Click HERE for more.
Credit markets remained open to lower-rated high-yield borrowers in the third quarter, helping drive down the number of Chapter 11 petitions filed by U.S. businesses. Easier credit conditions in the commercial real estate debt markets also helped reduce the number of real estate bankruptcies. For bankruptcy practitioners, the most notable filing of the third quarter likely was Detroit’s historic [...]
Penn Virginia may sell assets to pay down a revolving line of credit as it seeks to cut indebtedness and gain positive free cash flow by 2016. Click HERE for more.
The Tennessee Consolidated Retirement System has allocated only 13 percent of the $1.5 billion approved for junk-rated debt this year as its chief investment officer takes a guarded approach to the asset class. Click HERE for more.
Park Cities Bank’s holding company, North Texas Bancshares Inc., filed for bankruptcy, citing soured commercial real-estate loans and declining natural gas prices. Click here to continue reading.
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The Texas Municipal Retirement System is investing $250 million in bank loans as it shifts money from equities and bonds. Click HERE for more.