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US CLO credit Air Methods Corporation files for bankruptcy
6 months ago
Air Methods Corporation, a widely held name in the US CLO market, filed for Chapter 11 this morning reporting USD 1bn to USD 10bn in liabilities. -
Creditors look to block asset stripping in loan docs
1 year ago
Loan managers are using their increased negotiating leverage amid tighter credit conditions to push back on private equity sponsors’ ability to asset strip portfolio companies -
Cineworld buys ticket for DIP facility with chapter 11 filing
1 year ago
Cineworld filed for Chapter 11 in the US Bankruptcy Court For The Southern District Of Texas on Wednesday, less than a month after the UK-based cinema operator announced Chapter 11 was among the options it was considering to “achieve its restructuring objectives” -
B- share of CLO portfolios rated by S&P hits all-time high after 30 downgrades in a month
1 year ago
The share of CLO portfolio assets rated B- by S&P hit an all-time high of 29% after 30 loans were downgraded in August -
Euro CLOs demonstrate "considerable resiliency" to upcoming CLO maturity wall, says S&P
1 year ago
Managers and investors should keep an eye on upcoming CLO maturity wall with “potential adverse effects” amid tighter financing conditions and the impact that could have on CLO performance and ratings -
CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
1 year ago
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default -
Hidden loan tail risks and mounting single B exposure could pose problem for CLOs: Barclays
2 years ago
A solid rally for leveraged loans this week - against returning weakness in bonds - has put focus back on the market, which seemingly has little tail risk priced in. But short term support factors and a dwindling triple C bucket mask the quality skew, warn Barclays strategists in a note today - which could spell downgrades for single-B minus rated loans -
Fitch cuts US leveraged loan default rate projection
2 years ago
US leveraged loan default rate is anticipated to be just 1.5% by year-end 2022, according to a new report from Fitch Ratings. That’s down from the rating agencies’ original 2.5%-3.5% projection -
Fitch lowers US loan default rates for 2021 and 2022
3 years ago
The rating agency has $200.9 billion of ‘market concern loans’ on its radar, saying these have declined in volume for the 12th month straight but are still up 16% from pre-pandemic. -
S&P lowers default rate forecast for US loan index
3 years ago
S&P Global Ratings has revised down its leveraged loan default rate forecast for the end of the year, based on the S&P/LSTA Leveraged Loan Index, from 3.5% to 2.75% -
CLOs hold €250 million of defaulted French events organiser Comexposium
3 years ago
CLOs hold €246.1 million of French events organiser Comexposium, which entered safeguard protection in the Commercial Court of Nanterre on Wednesday -
Garrett Motion stalls with CLOs holding $608 million of bankrupt firm's debt
3 years ago
Garrett Motion enters chapter 11 proceedings with a stalking horse offer from private equity firm KPS Capital Partners, which has agreed to buy substantially all of the firm’s assets for around $2.1 billion. CLOs hold around $680 million of Garrett's term loans -
iQor files for chapter 11 with CLOs holding $260 millon
3 years ago
17 CLO managers hold $263.1 million term loans of customer services provider iQor, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas today -
CLOs stuck with $100 million of bankrupt TNT Crane's debt
3 years ago
14 CLO managers hold $92.5 million debt of TNT Crane & Rigging, which filed for chapter 11 protection in the US Bankruptcy Court For The District Of Delaware yesterday -
Fieldwood slips into second bankruptcy as CLOs hold $314 million
3 years ago
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years -
CLOs hold $600 million of bankrupt retailer Tailored Brands
3 years ago
Tailored Brands has become the latest US retailer to file for Chapter 11 as a result of the coronavirus-induced pandemic. 37 US CLO managers hold $588.9 million in term loans of the Houston-headquartered firm, -
Scale of coronavirus-linked defaults divides credit market
3 years ago
As governments and central banks around the world plough money into the economy in response to the coronavirus pandemic, the loan and CLO markets are nevertheless bracing themselves for a corporate downgrade wave to turn into a default cycle -
Akorn falls into bankruptcy with $321 million planted in CLOs
3 years ago
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday -
If history repeats itself, the best CLO play could be to hold equities
4 years ago
After a futile scramble for liquidity, LyondellBasel filed for bankruptcy in the early morning hours of 6 January 2009. Bad luck for CLO managers that were holding the loan? Not at all -
CLOs process Internap bankruptcy as they hold $212 million
4 years ago
CLOs hold $212 million of the debt of Internap Technologies, which filed for Chapter 11 in the Bankruptcy Court for the Southern District of New York on on Tuesday -
CLOs feel flat after housing $335 million of bankrupt RentPath
4 years ago
CLOs house $334.5 million of the debt of RentPath Holdings, which filed for Chapter 11 in the US Bankruptcy Court for the District of Delaware on Wednesday -
Spectre of low loan recoveries fails to spook CLO market
4 years ago
CLO managers and equity investors are optimistic despite recent reports which suggest that future US loan recovery rates will be lower than during the financial crisis. -
CLO managers process Fusion bankruptcy implications
4 years ago
12 CLO managers hold $185.2 million exposure to the debt of the cloud services company, which filed for Chapter 11 bankruptcy -
US clothing brand default leaves CLOs exposed
5 years ago
As many as 100 CLOs are among the holders of debt issued by FullBeauty, which defaulted on 31 October on an interest payment to its $345 million second lien loans -
Kicking the tyres: CLOs survive examination as bankruptcies tick higher
5 years ago
US CLOs are weathering the turbulence triggered by a couple of bankruptcies in the broadly syndicated loan universe, namely US retailer Sears and American Tire Distributors. Those bankruptcies, filed on 15 and 4 October, respectively, have failed to dent CLO structures
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