The Distressed Debt Report - January 9, 2007

Equity Committees Fight for Biggest Returns from Bankrupt Companies

When Advanced Lighting Technologies filed for bankruptcy protection three years ago, the initial estimates of the company's value assumed that stockholders might receive four to eight cents a share for their equity. They ended up receiving 72 cents a share, or a total of $16.3 million, earlier this year when their sale of former Advanced Lighting assets was completed. Full Story

Radnor Case Offers Defense for Subordinated Lenders

The courts are beginning to address an issue of increasing concern to lenders: the fear that creditors will seek to recharacterize their debt positions as equity in a grab at an insolvent company's assets. Full Story

More securitized asset managers than ever before are being attracted to the middle market loan space. Full Story

• Amaranth Founder May Start New Fund
• Ritchie Reportedly in Sale Talks with Collier
• Lenders' $150M "Deepening Insolvency" Claim Goes to Mediation
• Burkle Taking Over Bankrupt Auto Transporter
• Harbinger to Lead $40M SeraCare Restructuring
• Granite Wins Court Approval for Silver Point DIP

B of A Loans $300M, UBS Arranges $165M for Acquisitions

Barclays Capital and WestLB arranged $335 million in bank loans last week for Falcon Gas Storage to expand two of its facilities in North Texas. Full Story