Financial Services. Ocwen Financial Corp. got pummeled this week with fresh allegations.
Healthcare. Suddenly the space is looking increasingly distressed - and this doesn't even take into account Adeptus Health Inc. or Halt Medical Inc. (see case summaries in "Cases").
Pharma/Hedge Fund Hotels. We enjoyed this summary of Bill Ackman's involvement in Valeant. And this piece discussing Marc Cohodes' short-strategy vis-a-vis Concordia International.
Private Equity. These guys are making bigger and bolder moves into tech - though there is a "mixed record" there (citing Avaya, for instance)(firewall).
Fast Forward. With Agent Provocateur (amusing write-up below, if we do say so ourselves) going bankrupt and L Brands (Victoria's Secret) reporting dogsh*t numbers last quarter, we figured we'd look at the lingerie space for a hot second and we found a lot of action. And it ain't good for the incumbents. It'll be interesting to see if Aerie's omnichannel strategy pays off - bold move to double down on physical stores these days - when Amazon looms right around the corner.
Rewind I: Groupon. As we foreshadowed might happen, Groupon dropped this bomb on Good Friday while markets were closed - a banal and cynical PR trick to try and avoid a bad news cycle.
Rewind II: Sun Capital Partners. We have been beating up onSun Capital Partners as its retail portfolio just gets uglier and uglier (see now Marsh Supermarkets, which has apparently hired Hilco to explore strategic options, and Vince, which got itself a recent downgrade). Perhaps CVC Capital Partners and Leonard Green & Partners have gotten the memo; the two PE firms appear to be exploring a sale of BJ's Wholesale Club which, in turn, probably means that any plans of an IPO are on hold.
Alberta, Canada.Steps needed to weather the oil downturn. In the US, some claim that oil-related job loss is bottoming.
Coal. Restructuring professionals have made millions in Arch Coal, Alpha Natural Resources, and Peabody Energy. But there's real pain out there in coal country - pain that Trump has promised to assuage by bringing back jobs. With that in mind, "Blood on the Mountain" looks like required viewing. This preview is compelling: we urge you to watch it. Even if others are more realistic about those job prospects.
Fast Forward: Nuverra discloses restructuring talks, UCI International DS approved and marching towards confirmation, Stone Energy launches solicitation and filing in early December, JCrew hires Lazard, Homer City forbearance extended to 11/21, Paragon Offshore back to drawing board with cram-up attempt thwarted, Energy XXI announces PSA.
Rewind I: An in-depth discussion of the Nasty Galcollapse.
Rewind II: Steinway Musical Instruments. Is apparently not a restructuring target yet. The company received an equity cure from Paulson & Co., pushing any potential restructuring activity deeper into 2017. 4th Quarter sales will be critical to avoid covenant pressure in '17.
Stone Energy - the company announces plans for a prepackaged bankruptcy which, from our vantage point, will be one among a grouping of next-wave oil-and-gas-related prepackaged/prearranged chapter 11s to file this quarter (perhaps starting as early as this week).
Distressed Debt Market - "They raised the money and now they have few places to put it." - an assessment of the overall state of distressed debt when low rates persist and bonds trade up. Marc Lasry, however, talks capital deployment in energy.
