Tag Archives: Distressed Debt

The Thoughts of (Chairman) Zell

I had the opportunity to interview Sam Zell last week on an iGlobal podcast. You can see it here. Fascinating.  Okay, Mr. Zell might not be the undisputed master of 1.4 billion souls whose thoughts are obligatory reading, but his Thoughts should be accorded considerable weight by us denizens of the US economy.  There’s a … Continue Reading

CECL: The Ugly Pig Running Out of Lipstick

Here is something helpful that has surfaced amidst the fallout, pain and confusion of the global COVID-19 crisis.  The implementation date for the all-too-simple in theory but not-simple-at-all in practice CECL accounting standard has been pushed back by the passage of the CARES Act for banks until the COVID-19 national emergency declared by the president … Continue Reading

Beds without Heads: Hotels in the Era of the Coronavirus

The spread of COVID-19 has created a new reality for the hospitality industry. As of March 25, the CDC reported 54,453 confirmed cases in the U.S., and the number is expected to grow exponentially. In the hopes of slashing infection rates, governments have implemented international travel bans, shelter-in-place orders and other restrictive measures. The second-most … Continue Reading

Beany & CECL

Beany & Cecil was a cartoon.  The Current Expected Credit Loss accounting rules, better known as CECL, which the FASB is insisting will go into effect at the beginning of next year for publicly traded banks and lenders and a year later for all other GAAP reporting entities is not.  Now, heaven forfend that I … Continue Reading

The Winter of Our Discontent May Be Over (If you are a Distressed Debt Investor)

You can never go wrong starting off a commentary with a butchered bit from the Bard, right?  “Now is the winter of our discontent” spake Richard III, an unamiable leader perhaps reminding us all today of our unamiable governing class.  Old Gloucester rhymed to presage war and chaos.  Apparently, all that happened because the poor … Continue Reading

BDCs As Creditors of Distressed Companies: What You Need to Know

An increase of defaults and rising debts have Business Development Companies (BDCs) concerned as the trend may lead to a number of distressed credits within their portfolios. Specialists from Dechert and Houlihan Lokey will address these concerns and potential solutions which matter to BDCs during a webinar taking place on Wednesday, September 9. The webinar … Continue Reading

The European Bank Loan Trade Is Not Yet Done

Here at Dechert, we have seen a slow but steady work stream over the past several years in assisting institutions in either buying or selling of pools of financial assets. Just recently, we advised Wells Fargo Bank in connection with its acquisition of a $4.5 billion performing pool of UK loans and the simultaneous financing … Continue Reading

The Eurozone: Opportunities During the Impending Troubles

Following up on last week’s cheerful exegesis into the data which is the dropping of the impending European banking and sovereign meltdown, I recommend Dechert’s Euro Crisis Website. It contains a series of Dechert OnPoints and White Papers providing in-depth analysis of the impact of Grexit and the rest on asset managers and other financial … Continue Reading

The European Bank De-Risking Continued: The Buy Side

For the last few weeks, I’ve been writing about investing in distressed bank assets, with a particular focus on the European markets. As you know, we think there are huge opportunities as the European banks disintermediate to meet capital thresholds, while the economy in Europe grinds slower and slower. Last week in this blog we … Continue Reading

Learning to Love Disintermediation

We’ve been writing a lot recently about the likelihood that European banks and, to a lesser extent, U.S. banks would be strongly incented to sell assets to improve capital ratios. We had a client briefing in New York on the Eurobank crisis a few weeks ago. We brought together our North American and European regulatory … Continue Reading

Liquidating Trusts: Let’s Detoxify the System at Last

Although there is renewed optimism for a vibrant CRE lending market in 2011 (or at least a significantly better market than the prior 3 years), many lenders and servicers continue to face challenges in dealing with delinquent or defaulted commercial mortgage and mezzanine loans (whether held on balance-sheet or securitized). The volume of these “scratch … Continue Reading

Sale of Hancock Tower Completes Distressed Debt Turnaround

A recent Boston Magazine piece on Jack Connors (co-founder of Hill Holliday, Boston College alum and heir to the late Ted Kennedy’s position as city patriarch) noted, quite rightly, that the Hub is somewhat unique among major American cities in that no single industry dominates its cultural identity. In New York, Wall Street is (still) … Continue Reading

Distressed Debt: Boston Properties Next Up At Bay Colony

Two weeks ago, As the World Turns – a CBS soap opera documenting the lives of the inhabitants of the fictional town of Oakdale, Illinois – ended a 54 year run on daytime television. A shorter-tenured, but nonetheless compelling, local epic aired this week as Boston Properties announced that it had emerged from a bidding … Continue Reading
OneTrust.ToggleInfoDisplay(); });