Creditflux

Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally

WhiteStar hires Highland portfolio manager to grow CLO investment business
WhiteStar Asset Management has made a big hire as it seeks to grow its CLO investment business

Highland names new co-CIO
Highland Capital Management has promoted its global equity trading head to co-CIO, as former co-CIO is named co-head of private equity 

CLO single Bs to return with higher attachments
US CLO equity investors this year seem to be focused on downside risk and this is evident in the lack of single B-rated debt in 2019 CLOs. However, there is demand emerging for a new style of single B-rated tranches that are forcing some equity investors to reconsider their stance.

Highland Crusader Fund dispute re-ignites in Delaware court
Highland Capital Management is weighing the financial impact of its ongoing litigation over crisis-era fund redemptions with the Redeemer Committee of the Highland Crusader Fund

CLO portfolio manager Terry takes over at Acis as it emerges from bankruptcy
Josh Terry has taken control of the CLO management business used to run after Acis Capital Management announced that its reorganisation plan became effective on 15 February

Acis Capital Management's Chapter 11 restructuring plan confirmed
The United States Bankruptcy Court in Dallas today confirmed the chapter 11 restructuring plan of Acis Capital Management

Debtwire: Acis bankruptcy judge looks to mediation as litigation piles up
Acis Capital Management’s Chapter 11 trustee is developing a new plan proposal that would rectify a provision that caused a bankruptcy judge to reject an earlier plan two weeks ago

Debtwire: Acis CLO judge finds all three plan options unconfirmable and sides with Highland's objections
Acis Capital Management’s judge last week issued a ruling denying all three versions of Acis’s proposed reorganisation plan, which was highly contested by creditor Highland Capital Management and subordinated noteholder Highland CLO Funding

CLO Ucits funds take off despite investment limits
CLO investors are swarming over the Ucits fund market, despite the obvious regulatory headwinds and stringent liquidity requirements associated with these structures

Highland launches CLO Ucits fund
Dallas-headquartered Highland Capital Management has launched a new Dublin-domiciled Ucits fund, which will focus on CLO debt

Acis CLOs in play as court verdict paves the way towards bankruptcy
Acis Capital Management has moved closer to bankruptcy after a US court found that orders for relief are required

Three credit specialists part ways with Highland
Three officials have left Highland Capital Management in the last few weeks; a CLO trader and two experienced corporate credit researchers

Former Acis partner Josh Terry suggests the firm is bankrupt
The long-running legal battle between Acis Capital Management and former partner Josh Terry continues, with Terry now suggesting Acis is bankrupt and filing as a creditor with a Texas court

Former Acis partner Josh Terry accuses firm of fraudulent transfers
A Dallas court has once again ruled in favour of former Acis Capital Management partner Josh Terry in his long-running dispute with the asset management firm –and now, Terry has accused Acis of plotting to change managers on its CLO to avoid paying him an $8 million award

Dallas manager reverts to Highland branding as it prices CLO reset
Highland CLO Management, an affiliate of Acis Capital Management, has priced its first CLO transaction of the year    

Highland expands institutional business team with two new hires
Dallas-headquartered Highland Capital Management today announced the hire of two institutional business development professionals, who have joined in anticipation of increased opportunities in distressed credit

Spire adds former Highland CLO PM to its team in London
Corporate loan specialist John McAuliffe has joined Spire Partners as a senior credit analyst

Court confirms $8 million ruling in favour of former Acis partner Josh Terry
A Dallas court has ruled in favour of former Acis Capital Management partner Josh Terry in his long-running dispute with the asset management company, according to court documents seen by Creditflux    

Acis's legal battle with former partner takes new turn
The legal battle between Josh Terry and Highland affiliate Acis Capital Management shows no sign of slowing down, with Terry – a former partner in Acis, who co-founded the firm in 2011 --issuing a fresh legal motion in the case

Highland renames CLO fund and raises at least $153 million
The Guernsey-incorporated vehicle, which launched in 2015 under the name Acis Loan Funding, has raised more than $150 million and changed its name to Highland CLO Funding

Update: former Acis CLO portfolio manager awarded $8 million in arbitration
Acis and Josh Terry's legal representative each provide statements to Creditflux following an arbitration ruling this week

Highland appoints chief strategy officer with Washington and Wall Street know-how
Highland Capital Management has expanded its executive leadership team by announcing a new chief strategy officer and head of thematic investing

Highland appoints co-CIO with internal promotion
Dallas-based Highland Capital Management has promoted credit research specialist Trey Parker to co-chief investment officer

Highland shelves plans for format switch as interval funds gather pace
Instead of converting a mutual fund into an interval fund, Highland is looking to launch an interval fund - viewed as a investor-friendly alternative to BDCs - from scratch