It's been a busy time in the distressed market, with seven debt issuers joining LCD’s Restructuring Watchlist last week, bringing the total number of entities on the list to 44.
The Watchlist tracks companies with recent credit defaults or downgrades into junk territory, issuers with debt trading at deeply distressed levels, as well as those that have recently hired restructuring advisors or entered into credit negotiations.
- Communications software concern Avaya, which hired GS and Centerview to address capital structure issues
- Oil exploration & production co. EXCO Resources, which hired Akin Gump as legal advisor, and said it will retain a financial advisor
- Halcon Resources, another E&P firm; it inked a restructuring agreement via Chapter 11
- Luxembourg-based Satellite concern Intelsat, which recently lowered the price on the co.’s bond buyback
- Internet radio concern iHeartMedia, which is negotiating a debt buyback (and reportedly is hiring advisors)
- Stone Energy, which skipped a coupon payment
- Calgary-based oil waste concern Tervita, which deferred an interest payment
It will be no surprise to learn that, of the 44 issuers on the Watchlist, 18 hail from the energy/O&G sectors, with another three in the mining/commodities space.