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CLO managers deploy big guns in battle to get on ad hoc committees
5 days ago
As lender-on-lender violence increases, CLO managers are being forced to dedicate staff time to protecting their interests when a loan looks to be troubled -
Franchise Group piles on the pain for CLO managers
2 months ago
Retail conglomerate Franchise Group is the latest name to cause a headache for CLO managers, with a downgrade to triple C and loans trading in the 50s -
Altice isn’t just a European CLO problem
5 months ago
The latest BofA research estimates that US CLO OC test breaches could jump to as high as 17% if all Altice entiites are downgraded -
Electronic controls company Robertshaw is latest CLO name to default
7 months ago
Robertshaw, held by 134 CLOs with a total exposure of USD 151m, has filed for Chapter 11 bankruptcy -
CLO market’s favourite sector struggles as wages rise and leverage bites
10 months ago
The most important sector for the US CLO market is showing increasing signs of trouble. According to CLO-i data, healthcare and pharmaceuticals represents the largest exposure for US CLOs. -
US CLO credit Air Methods Corporation files for bankruptcy
11 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. -
Lumen Tech downgrade leads to estimate that 9% of CLOs could breach OC tests
1 year ago
One of the most widely held names in US CLOs was downgraded in August. S&P carried out a two-notch downgrade of Lumen Technologies on 16 August from B to CCC+ -
Recent US bankruptcies show non-DIP lenders wiped out
1 year ago
A trio of recent US bankruptcies is testing the CLO market's recovery assumptions, according to Debtwire’s Restructuring Database of recent court filings. -
CLOs hit by bankruptcy of Envision as zero recovery predicted for first lien loans
1 year ago
Envision has joined the growing number of companies to have filed for Chapter 11 bankruptcy. The emergency medical services company, which has been owned by KKR since 2018, announced on 15 May that it was entering a restructuring support agreement. -
Stress ticks up in CLOs as downgrades take triple C loans to over 5% of market
1 year ago
The percentage of the leveraged loan market rated triple C passed 5% in April and further expected downgrades are likely to push the figure over 7.5% in the coming months -
Defaults rise yet fears of low recoveries hurt even more
1 year ago
Defaults and Chapter 11 filings are picking up this year amid tougher economic conditions for borrowers -
Lights go out for Heritage Power with 120 CLOs left in the dark
1 year ago
US based power plant operator Heritage Power filed for chapter 11 bankruptcy in the bankruptcy court of Texas on Tuesday night, impacting $124.45 million of assets held by 120 US CLOs. -
Serta Simmons makes its bed again with default leaving CLOs with a restless night
1 year ago
$172.5 million of CLO assets defaulted on Monday after Serta Simmons Bedding filed for chapter 11 bankruptcy. -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
Fitch raises low end of its default forecasts for US leveraged loans and high yield
1 year ago
Fitch Ratings has increased the low end of its US leveraged loan and high yield default forecast ranges to reflect growing macroeconomic headwinds -
Belstar partners with Apollo to launch global corporate and structured credit fund
1 year ago
Belstar Management Company has launched a credit fund to invest across global liquid and private credit - including both corporate and structured credit -
Structured credit pair among 61 to earn promotion at Carlyle
1 year ago
Carlyle has promoted two members of its US CLO team among 61 new partners and managing directors -
Plenty more US CLOs in the CCC as buckets pass 5%, finds S&P
1 year ago
US CLO triple C baskets have nudged to 5.02% in November from 4.4% the prior month -
Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale -
Nerves of steel needed for CLOs as Phoenix Services files for chapter 11
1 year ago
CLOs hold $341.54 million of steel service provider Phoenix Services Topco which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware yesterday -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
2 years ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
Cineworld buys ticket for DIP facility with chapter 11 filing
2 years 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” -
Lumileds trips chapter 11 fuse, causing CLOs to suffer another default
2 years ago
CLOs hold $596 million debt of lighting manufacturer Lumileds, which filed for Chapter 11 protection in the United States Bankruptcy Court Southern District Of New York on Monday -
CLO x-rays reveal chapter 11-diagnosed borrower
2 years ago
18 CLO managers hold $380.2 million debt of medical imaging and non-destructive testing product provider Carestream Health, which on Tuesday filed for chapter 11 bankruptcy protection in the US Court for the District of Delaware. The firm entered into a restructuring support agreement to slash its debt by around $470 million -
CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
2 years 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
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