The bonds of Global A&T Electronics Ltd. fell the most since being issued in January after selling an additional $502.3 million of secured notes, diluting the collateral tied to the initial transaction.
In a private dining room at the Beverly Hills restaurant Spago, four dozen financiers gathered in April for a dinner put on by one of their own: Leon Black , head of private equity giant Apollo Global Management LLC .
OGX Petroleo & Gas Participacoes SA, which has the worst-performing bonds in emerging markets this year, holds off-balance-sheet obligations tied to its sister- company that could swell liabilities by as much as 39 percent in the event of insolvency, according to Covenant Review.
Chesapeake Energy Corp., the second- biggest U.S. natural-gas producer, completed an unprecedented bond offering Feb. 13 that could limit returns in the event of an asset sale, according to bond analysts from Wells Fargo & Co. and Covenant Review.
Another drive is under way to reform the nation’s election system -- this one led by a new bipartisan commission. Expectations, as usual, are low. Even before President Barack Obama named the members of the Presidential Commission on Election Administration in May, the defeatist drumbeat had begun. Commissions are ineffective; there is too much partisan rancor to get anything done; registration snafus and long lines at polls can’t be solved.
In his State of the Union address in February, President Barack Obama introduced Desiline Victor, who, at 102 years old, had waited in line three hours to vote in North Miami, Florida. The president lauded Victor’s commitment to democracy, but he left out a key fact about her hardship: Compared to some voters, she hadn’t stood in line all that long. In 2004, for example, students at Ohio’s Kenyon College waited as long as 10 hours to vote, with some casting ballots at 4 a.m.
Now that President Barack Obama has appointed the members of his new Presidential Commission on Election Administration, the hard work begins: developing reforms that would both improve the voting process and have a realistic chance of being adopted. Despite what some skeptics have said, the commission has the potential to make a real difference.
Suntech Power Holdings Corp., the Chinese solar-panel maker that announced a forbearance agreement March 11 for $541 million in convertible debt, may be required to pay bondholders who haven’t agreed to the deal.