Article/Intelligence
Liability Management Watchlist Monthly – April 2025: Tropicana Sweetens Its Uptier Terms and Del Monte Foods Settles Its LME Litigation; Wolfspeed and Leslie’s Creditors Operating Under Co-Op Agreements
The report highlights developments in liability management, recent cooperation agreements signed and the capital structures of most interest for the month of April. It also details the advisors hired to work with performing companies and their creditors in March, as sourced from Octus’ proprietary Advisors Database. Featured topics include recent updates to the LME litigation in Wesco Aircraft, Hunkemoller and STG Logistics, while Del Monte Foods settled its litigation during April. It also features potentially the first non-pro-rata LME at a Canadian company, Conuma Resources, and Tropicana Products sweetening the terms of its non-pro-rata uptier for holdout lenders.
Octus reported on two new cooperation agreements during the month, signed by creditors of Leslie’s and Wolfspeed, the latter potentially the first of its kind for unsecured convertible noteholders.
During March, according to sources, advisors were hired by companies and creditor groups for 19 distinct situations, including Michaels Cos., Hertz Global Holdings Inc. and Vericode, among others. Octus’ proprietary Advisors Database also includes advisors hired for bankrupt credits, although these are excluded from the list below.
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