Analysis of Distress

Forbearance and Workout


November 17, 2015
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Verso Corporation Reports Third Quarter 2015 Results, Warns of Bankruptcy Risk

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Verso Corporation (OTCQB: VRSZ) announced its financial results for the third quarter of 2015 yesterday.  Among the topline highlights were: Net sales of $782 million in the third quarter of 2015 compared to $350 million in the third quarter of 2014 Operating income before special items of $23 million in the third quarter of 2015 compared to $16 million in the third quarter of 2014 Adjusted EBITDA of $84 million in the third quarter of...

February 2, 2015
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Breaking: RadioShack Receives ANOTHER Default Notice from Lender Salus Capital Partners, at Risk of Triggering Cross-Default Provisions of Other Debt Obligations

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This afternoon, RadioShack Corp. (RSH) filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission.  You can find a copy of that document here.  In the Current Report, RadioShack disclosed that it has received a second notice of default from Salus Capital Partners, LLC, as agent for the lenders under the Credit Agreement, dated as of December 10, 2013, between RadioShack and the lenders: As previously disclosed on Form 8-K filed on December 2, 2014,...

January 6, 2015
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Newland International Properties Corp. - Developer of Panama City's Trump Ocean Club International Hotel & Tower - Misses Principal Payment on Bond Debt

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Newland International Properties Corp., the developer of the $295 million Trump Ocean Club International Hotel & Tower in Panama City, Panama, disclosed that it failed to make a $23,422,154.00 principal payment on its 9.5% bonds due July 2017 when due yesterday.  Newland did, however, make a $9,447,553.85 interest payment on the same bonds yesterday.  In the announcement of the bond payments, Newland also reported that it entered into a November 26, 2014 Cooperation Agreement with registered holders of 66.32%...



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