Mayer Brown strengthens its restructuring practice with the additions of Adam Paul and Louis-Chiappetta [Mayer Brown; Aug. 2, 2019/Aug. 26, 2019]
The Wall Street Journal reports on a new uptick in oil and gas bankruptcies as new concerns arise in the industry [WSJ; August 30, 2019]
U.S. economy adds only 130,000 jobs in August,
Brazil’s Odebrecht Files for Bankruptcy in U.S. [WSJ; August 26, 2019]
Ditech plan rejected as judge finds that company can’t sell mortgage-servicing rights and reverse-mortgage business free and clear of consumer claims [Bloomberg; August 28, 2019]
Bloomberg reports on slowing U.S. growth as trade wars weigh on businesses [Yahoo News, Bloomberg; July 26, 2019]
Windstream’s dispute with its REIT spinoff Uniti heats up, as Windstream seeks to recharacterize its $650 million-per-year lease agreement with Uniti as a disguised financing [Law360; July 25, 2019]
Virginia congressman’s bill on small business bankruptcy reform
Could the US already be in a recession? [USA Today; June 25, 2019]
Puerto Rico’s Financial Oversight and Management Board proposes bankruptcy plan framework that would cut debt payments by half over the next 30 years [CNBC; June 16, 2019]
As part of proposed agreement between CFPB, attorneys general from 43 states and defunct for-profit
Bipartisan proposal for new small business provisions in Bankruptcy Code [American Bankruptcy Institute Journal; May 2019]
Latest memo from Oaktree’s Howard Marks on why this time market cycle isn’t different [OakTree; June 12, 2019]
Is the “vast” liquidity in the market a mirage? Bloomberg chimes in [Bloomberg; June 13, 2019]
Over the past several years in the US, commentators have noted the resurgence of covenant lite deals, including increasingly in the middle market and direct lending space. When (as?) the credit cycle turns, naysayers worry that these structures may impact lender recoveries, as borrowers lack incentive to start restructuring discussions with their lenders until it
CNBC yesterday reported on new warnings from Morgan Stanley analysts about the potential for a near-term recession (CNBC: Morgan Stanley says Economy on Recession Watch), including economic indicators that many in the restructuring and bankruptcy industry are closely tracking.
Relevant data points discussed include slowing manufacturing activity, notable dips in the U.S. services