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Incurrence Covenants for High Yield Bonds

Senior Debt Covenants (Maintenance and Financial Covenants) and Protections A covenant is a vow - positive covenants or covenants of a positive nature (do not commit fraud, file your financial statements no later than 60 days after the end of a fiscal quarter) commit an obligor to do something. Negative covenants

Options for Distressed Debtors: Selling the Corporate and Bankruptcy

In a previous post, we discussed refinancing and restructuring options for a corporate. Sometimes, the restructuring and refinancing options do not appease creditors and they may look for a sale. For the more senior creditors, assuming that the company is only slightly underwater, they do not care that much about the

The Restructuring Process for the Distressed Company

Stakeholders in Financial Distress and the Distressed Landscape When a company is distressed and runs into difficulties being able to meet debt service, restructuring is required with options ranging from a refinancing to liquidation of assets. Now it has been upheld in a court of law across various developed legal systems that

Restructuring Group in Investment Banking

Introduction to Restructuring Advisory Restructuring (or "RX") is the product group in the investment bank that deals with stressed, distressed and bankrupt debtors. Generally, this means corporate debt, but on occasion we have seen governments go bankrupt - from the municipal level to countries such as Greece or Argentina. Restructuring is an

Debt Refinancing Options for Issuers

The finance world is awash with debt. Corporates and governments regularly issue debt in order to fund operations and capital initiatives. However, debt can often become a problem for many reasons. Many circumstances can cause a debtor or borrower difficulties in servicing debt. We will start from the more benign to the more