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Bankruptcy & Restructuring

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: 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

Huffard: Shipping Sector on Course for Recovery Amid Decline in New Supply

January 31, 2014

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,