Aurelius Capital Management LP, the distressed-debt investor that has battled the government of Argentina and some of Wall Street’s biggest buyout firms, is drawing support for its claims that a mobile-phone carrier in Latin America effectively subordinated some of its obligations.
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 .
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.
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.
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.
Anadarko Petroleum Corp. sold $2 billion of notes that lack creditor protections against claims stemming from the worst oil spill in U.S. history, underscoring how corporations are gaining the upper hand over debt investors.
BP Plc , the target of more than 220 lawsuits over the Gulf of Mexico oil spill, is seeking at least $5 billion in financing to meet compensation payments, according to two bankers approached by the company.
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.