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šŸ’„Statute on Statute ViolencešŸ’„

šŸ’„Statute on Statute ViolencešŸ’„

Petersen Health Care brings the heat, JOANN finally files, Skillz/Selina/Petmate Updates + much more.

Mar 24, 2024
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šŸ’„Statute on Statute ViolencešŸ’„
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Source: Getty Images

šŸ‘ Winners of the Week šŸ‘

1. Restructuring Professionals?!? Last week S&P Global Ratings (ā€œS&Pā€) issued a report showing that the overall YTD pace of global defaults has reached a level not seen since ā€˜09 with 29 defaults (including 17 in the US and eight in Europe). As far as the US is concerned, S&P highlighted that (i) it’s consumer-facing industries that are struggling the most in the US (e.g., healthcare, media & entertainment, consumer products, and retail), (ii) duh, ā€œ[d]istressed exchanges have become a regular part of the corporate credit landscape as more entities use them to manage their debt load and avoid traditional bankruptcy. This may lead to repeat defaulters…,ā€ (iii) duuuuh, the maturity wall is getting kicked out of ā€˜25, and (iv) it expects the speculative-grade default rate to rise to 4.75% by December ā€˜24 (which is down from S&P’s prior projection of 5% by September ā€˜24). In other words, as evidenced by Petmate this week, there’s a lot of defaults getting handled out-of-court or via LME deals (though, take a deep sniff, and you just may get a whiff of some more in-court activity brewing, especially on the heels of the Enviva Inc., JOANN Inc., and SC Healthcare Holding LLC-Petersen-Health filings).

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