Weekly News – November 10
Meet our 2023 Sponsors
2024 Sponsorships Now Availablest?
CRC Allocators Conference:
Adam Cohen of Caspian on How We Got Here
Click on the screenshot to play the video
Wow… just wow…
WeWork wants to say goodbye to 32% of its leased portfolio
leading to some debtor on landlord violence
Lumen LME causing some major heartburn
Unions try to revive Yellow trucking
Hedge Fund Game of Thrones
Exclusive S&P Content
Looks like private credit will get a free pass until 2025
No Soup for You!
What we’re reading
More examiners in the future?
Cedar Fair CoC?
Last Thursday, Nov. 2, amusement park companies Six Flags and Cedar Fair announced a merger of equals, which the companies expect to close during the first half of 2024. The companies plan to refinance all of their existing credit facilities and disclosed in the M&A filings that the merger transaction will not trigger change of control puts under either company’s existing notes.
In this week’s report, we analyzed why the companies do not expect the merger transaction to trigger a CoC put under any of their existing notes and discussed how there may be a potential CoC issue under Cedar Fair’s notes. Although Cedar Fair has stated that CoC puts will not be triggered under its notes, the companies have obtained a commitment for a 364-day term loan that is the same principal amount as the outstanding amount of Cedar Fair notes and was described by Cedar Fair management as a “bond backstop.”
In connection with the merger announcement, Cedar Fair also announced consent solicitations for its notes. We explained how the likely reason for the consent solicitations was to add “LCA flexibility” provisions to the company’s notes, which are common provisions in modern leverage loans and high-yield notes. The consent solicitations expired yesterday and was approved by more than 90% of noteholders under each series.
We also discussed how the companies have not announced that they intend to incur non-refinancing debt in connection with the merger transaction. Yet recent leverage ratio disclosures suggest that the companies intend to incur non-refinancing debt.
While delinquencies rise, consumer defaults subdued
Beware of falling glass
Thank you for Inviting the CRC to the Beard Investing Conference
Thank you for making the
CRC Allocators Conference
CRC weighs in on Serta
The Academics Speak Up
Purdue Pharma is the gift that keeps on giving. This is our third installment on the twists and turns this case has taken through the Courts. You can read our first installment here, and our second here.
All bets came off the table when the Supreme Court decided to reshuffle the deck by taking on the appeal of the 2nd Circuit’s decision. Not only did SCOTUS take the unusual step of taking on this big ticket issue in BK cases but it also stopped the lower court’s decision in its tracks putting the breaks on the entire enchilada. We decided to consult with our expert Academic Contributors for our inaugural feature the Academics Speak Up to get their takes on the latest developments.
We are excited to bring you the varying perspectives of Prof. Tony Casey, Prof. Samir Parikh and Prof. Ralph Brubaker.
Read more on Purdue Pharma
click through to read the features from our Contributors
Read our recent coverage:
Where Are We In The Credit Cycle?
Look out for more great features from our Contributors
Have something interesting to share?
email us at [email protected]