acm partners restructuring recap - 5.31.15
TRANSCRIPT
ACM Partners Restructuring Recap
May 31, 2015
1 www.acm-partners.com
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The bankruptcy of Energy Future Holdings is becoming increasingly contentious, as unsecured creditors have alleged that the company is actively seeking to undermine alternative reorganization proposals.
With $40 billion in various tranches of debt, as well as $8 billion in evaporated equity investment, stakeholders in this case are jockeying aggressively for positioning, and movement toward consensus on a plan of reorganization has been slow and halting.
Creditors Say Energy Future Aims To Thwart Alternate Reorganization Plans
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See full story in Forbes (here)
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Investment banking firm Jefferies has climbed league tables this year as traditional bank lenders have pulled back from lending on highly leveraged deals.
Jefferies Profiting from Highly Leveraged Loans
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See full story in Reuters (here)
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Creditors of Caesars Entertainment Operating Co, which filed for bankruptcy in January, have alleged that restructuring moves by owners Apollo Global Management and TPG Capital effectively created a “good” Caesars (Caesars Entertainment Corp.) and a “bad” Caesars (Caesars Entertainment Operating Co.).
A recent ruling by U.S. District Judge Shira Scheindlin calls into question the ability to the “good” Caesars to shield itself from the liabilities of the “bad” Caesars, which may force the former company into bankruptcy as well.
Caesars’ Latest Court Loss Adds Pressure to Meet With Creditors
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See full story in Bloomberg (here)
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Just weeks after the shutdown of a money-losing oil sands project, energy company Southern Pacific has been forced by creditors into receivership.
The company, operating since January under creditor protection per the Companies’ Creditors Arrangement Act, has thus far been unable to find an interested buyer.
Lenders File to Throw Southern Pacific into Receivership
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See full story in Calgary Herald (here)
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The need for a clear framework for the orderly settling and closeout of OTC derivative contracts when a counter-party becomes insolvent was a major lesson of the Lehman Brothers bankruptcy. Attorneys at law firm Weil, Gotshal, & Manges examine whether changes to the ISDA Master Agreement go far enough in advancing that goal.
Can ISDA’s Close-out Protocol Stay the Next Lehman Brothers?
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See full story in Weil Bankruptcy Blog (here)
• David Johnson is a founding partner of ACM Partners. His advisory experience spans North America and ranges from pre-revenue startups to Fortune 500 companies.
• An active member of the Chicago business community, David currently serves on the board of directors of Gateway Foundation, an $80 million nonprofit organization focused on providing substance abuse treatment. Additionally, he is an active member in several professional associations.
• David’s writing has appeared in several industry publications, and he has lectured at the University of Chicago, Northwestern University, the University of Wisconsin-Madison, the University of Illinois-Chicago and Loyola University Chicago.
• David earned his MBA from the University of Chicago. His undergraduate studies were completed at Fairleigh Dickinson University. David can be reached at [email protected] or 312-505-7238.
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David Johnson
www.acm-partners.com
@TurnaroundDavid
• ACM Partners is a boutique financial advisory firm providing due diligence, performance improvement, restructuring and turnaround services.
• David Johnson can be contacted at:– Email: [email protected]
– Ph: 312-505-7238
• For more information visit: www.acm-partners.com.
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About ACM Partners
www.acm-partners.com