Bankruptcy & Restructuring >>>
The Bloomberg Business Bankruptcy Index, a gauge of Chapter 11 petitions from companies with debt of more than $100 million, rose 5.5 percent in June to a reading of 71.35 from May and it fell 43 percent from June 2012. Seven Chapter 11 cases in June involved debt of $100 million or more; the two largest cases were TMT USA and Exide. Click here to view.
Guest Commentary by Allan Ellinger In 2010 and 2011, retail was among the top five defaulting sectors, according to a March 2013 report published by analysts at Fitch. Last year, this segment of the economy appeared to be doing better: It did not make it into top five defaulting sectors of the rating agency’s U.S. high yield default index. Click here to continue reading the full commentary. _____________________________________________________ [...]
Take a risk free 30 day trial to Bloomberg’s Bankruptcy newsletter - click here.
Losses on junk-bond ETFs are outpacing the broader U.S. high-yield market by the most in three years, signaling a deepening slump for debt that traded at record-high prices less than a month ago. Click Here for More
To take a free 30 day trial to our market leading bankruptcy newsletter click here
Wall Street banks are expanding holdings of speculative-grade bonds as prices fall from record highs with investors retreating from ETFs. Click Here For More
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 [...]
For more information on Bloomberg Brief Bankruptcy or to take a free trial click here.