1. Home Capital Group (HCG) - A popular short for many funds (even with the expensive borrow) and championed by Marc Cohodes (here is a presentation he gave on the name at a previous Grants conference) has seen deposits erode and was forced to draw on an emergency line of credit provided last week with an interest rate of over 10%. We have been following the HCG situation for years, and couldn’t be happier for Marc - it is one of the best calls we have seen in recent memory.

  2. Avaya - The debtors recently filed a plan (which is not supported by any creditor committee). Reorg Research provides a thorough analysis here.

  3. IPP Space - We have been doing work on GenOn (specifically the MIRMA box), First Energy Solutions (We like the NG muni bonds vs shorting the FES unsecureds at flat points), and Panda Temple Power (a CCGT in Texas, which has been hurt by power power prices in ERCOT due to Wind and no capacity revenues). We will post individual articles on these names.

  4. iHeart Exchange - Covenant Review had a great article describing the 2016 event in which iheart purchased bonds at a subsidiary in order to avoid a springing lien on its outstanding PGNs and TLs. iHeart is attempting to use this lack of security to exchange and extend out PGNs and TLs into lower yielding, longer dated paper. The company recently announced that it was extending the exchange deadline for the PGNs and TLs. We think the 14s are interesting around 30.

  5. DebtWire Podcasts on SoundCloud - These podcasts are available to non-subscribes and are very well done. We especially enjoy some of the legal discussions, such as the Marblegate episode.

  6. Intelsat Exchange - Intelsat recently extended the exchange deadline for holders of lux, jackson, and icf bonds to May 10th relating to the OneWeb/Softbank deal. Jackson Holders (specifically the 19s who believe they should receive par) have retained advisors and are preparing a standalone plan incase the OneWeb/Softbank combination falls through. Reorg research has a brief summary.

  7. NextEra/Oncor deal - Earlier this month the PUCT rejected the $18bn NextaEra bid to acquire Oncor due to concerns about lack of a ring fence. EFIH piks trade down to 30 from 70.