What the Pros Say (Make-whole, Macro, Retail)

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Makewhole. Chapman & Cutler LLP's Michael Friedman, Larry Halperin and Aaron Krieger summarize the recent decision in In re: Ultra Petroleum Corp., et al.  

Market. On the heels of two newsletters, Howard Marks from Oaktree Capital Management has more to say. What's he say about distress? Spoiler alert: there ain't much to do as it relates to companies with an actual future. 

Retail. AlixPartners LLP's Kent Percy, Luke Ericson, Mark Barnett, and Alvaro Corletto Costa have authored a retail bankruptcy study wherein they note that "almost half of all retailers that have filed for bankruptcy have ultimately liquidated." This is clearly why reorganized retailers, e.g., True Religion earlier this week, tout with such flair the fact that they still exist. Case and point: “'We have a situation that has becoming increasingly rare in the space over the last year—a retailer that is reorganizing,' True Religion’s attorney Laura Davis Jones said in court." Hallelujah! More celebration here.