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Liability Management Watchlist Monthly – June 2025: WBD Adopts Anti-Boycott Covenant While At Home Double-Dip Hits Bankruptcy Court; Allen Media Term Lenders Sign New Co-Op Agreement

Octus’ Liability Management Monthly for the month of June is now available.

The report highlights developments in liability management exercises, recent cooperation agreements signed and the capital structures of most interest for the month of June. It also details the advisors hired to work with performing companies and their creditors in June, as sourced from Octus’ proprietary Advisors Database. Featured topics include a discussion on how the market should price omni-blockers, Warner Bros. Discovery’s lenders consenting to anti-boycott language, Wellness Pet’s closing of the second stage of its non-pro-rata LME, and a look at how QVC may try and incentivize revolver lenders to amend and extend their commitments.

Octus reported on one new cooperation agreement during the month, signed by term lenders to Allen Media.
 

During June, according to sources, advisors were hired by companies and creditor groups for 32 distinct situations, including Envision Healthcare Corp., American Bath, Groupon and EchoStar. Octus’ proprietary Advisors Database also includes advisors hired for bankrupt credits.
 

A list of the most viewed capital structures by subscribers to Octus during the month of June, as well as links to recent LME work for each of the credits, is shown below:

 
Company Name Key Factor Recent LME Work
EchoStar Corp. Grace period 2/18/25
New Fortress Energy Volatility 11/18/24
Sunnova Energy International Inc. Bankruptcy  
At Home Group Bankruptcy  
QVC Group Volatility 5/30/25
Wolfspeed Inc. RSA / bankruptcy 5/19/25
Sunrun Inc. Volatility  
Hertz Global Holdings Inc. Volatility 5/12/25
Azul SA Bankruptcy  
AMC Entertainment Holdings Inc. Settlement reports 7/2/25
Liberty Latin America Volatility  
Warner Bros. Discovery Refinancing 6/24/25
Xerox Holdings Corp. Transaction  
B&G Foods Activity  
Bausch Health Cos. Financing 3/21/25
Artera Services LLC Volatility