Thames Water is entering the final stretch of its debt restructuring process, more than two years after troubles first emerged. Read it here in The Brink. https://t.co/worVKXVNhS ...

Debt investors have been so badly bruised by a recent string of fractious restructurings in Europe that they’ve started actively avoiding the continent’s riskiest credits https://t.co/kw503CulZV ...

Brazilian waste firm Ambipar hires BR Partners for debt restructuring, sources say https://t.co/AF1WBlQcwm ...

deleveraging. In a deleveraging, people cut spending, incomes fall, credit disappears, asset prices drop, banks get squeezed, the stock market crashes, social tensions rise, and the whole thing starts to feed on itself the other way. As incomes fall and debt repayments rise, borrowers get squeezed.no longer creditw worthy, credit dries up and borrowers can no longer borrow enough money to make their debt repayments. Scrambling to fill this hole, borrowers are forced to sell assets. The rush to sell assets f ...

Waste-management company Ambipar Participações e Empreendimentos is close to hiring Brazil advisory boutique Seneca Evercore to work on a debt restructuring, according to people familiar with the matter https://t.co/P8lXnM5v8X ...

Chinese provinces have in recent weeks blown past an annual cap on borrowing meant to restructure their hidden debt https://t.co/hdoPsRjcv0 ...

Brazilian waste-management company Ambipar Participações e Empreendimentos is in advanced talks with law firm Cleary Gottlieb Steen & Hamilton for a debt restructuring mandate https://t.co/KovKrLzajE ...

Core Viewpoint - Quantum Corporation has entered into a definitive agreement to restructure its outstanding term debt, indicating a strategic move to improve its financial position and manage liabilities effectively [1] Debt Restructuring - The company has restructured its term debt held by Dialectic Technology SPV LLC and other lenders, which may enhance its liquidity and operational flexibility [1] - Quantum amended its existing term loan credit and security agreement with current lenders, suggesting a proactive approach to debt management [1]

Core Viewpoint - Saks Global is facing significant financial challenges, including a high debt load and liquidity issues, despite recent restructuring efforts and a new capital infusion. Financial Performance - Interest expenses to cover the debt load are projected to be approximately $400 million over the next 12 months, alongside payments due to vendors and for new merchandise [1] - The company is expected to report a $500 million deficit in free operating cash flow this year, influenced by nonrecurring expenses related to capital structure transactions and higher interest expenses [1] - Saks Global's restructured debt has been rated "CCC" with a negative outlook by Standard & Poor's, indicating ongoing financial instability [3] Debt and Financing - Saks exchanged $2.2 billion in bonds for $762.5 million in special purpose vehicle notes, $1.4 billion second-out notes, and $441 million third-out notes, all maturing in 2029 [2] - The company continues to rely heavily on its $1.8 billion asset-backed lending facility, with concerns about potential defaults if significant improvements are not made [6] Operational Challenges - The integration of systems from Saks Global and Neiman Marcus has faced issues, leading to $110 million to $180 million in canceled orders for the holiday season [8] - There are concerns about the company's ability to stabilize operations and drive sales, which are critical for meeting financial obligations [6][12] Vendor Relations - Vendors express skepticism about Saks Global's financial stability, with some holding back inventory shipments until payments are made [10][11] - The company is working to improve relationships with brand partners, but there is a cautious atmosphere as vendors await more consistent financial performance [9][15] Market Position - Saks Global's sales model includes a significant portion of consignment inventory, which limits margin opportunities and increases reliance on direct purchases from brands [14] - The company must achieve positive growth in the fourth quarter to avoid severe difficulties in 2026, as many luxury brands have shifted to a consignment model [13]

Default rates of bonds and leveraged loans are becoming harder to predict as more companies restructure their debt, according to Citi. That’s making it more difficult for investors to accurately assess risk in the market https://t.co/ONkVqqvhiI ...