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The U.S. corporate default rate currently is below historical averages, hovering slightly below pre-crisis levels in 2008. Restructuring professionals, however, are cautioning that a rising interest rate environment, exacerbated by the Fed's reduction in fiscal stimulus, could lead to a softening of the ongoing robust multiyear credit cycle. In addition, it has been reported that the Department of Treasury's Office of the Comptroller of the Currency has “suggested” to a number of U.S. institutional lenders that they begin to more closely scrutinize credit standards ' focusing on reining in issuances of covenant-light high yield debt as well as tightening leverage ratios. If credit tightens, leveraged companies that have successfully and routinely accessed traditional credit markets could face significant challenges.
Directors of a leveraged company should begin to consider the implications of not being able to access traditional debt markets on appropriate terms. This concern is particularly acute for companies with near-term debt maturities, prior difficulty achieving financial projections, a declining EBITDA forecast and/or capital funding needs reliant on low interest rates. This article highlights the initial steps, questions and concerns typically facing a director in this new environment.
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When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.