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Solus Says It May Buy Hovnanian Bonds to Cut Loss From CDS

Hedge fund Solus Alternative Asset Management is considering an escalation in its battle with Blackstone Group LP over a homebuilder’s controversial debt refinancing. After suing Blackstone’s GSO ... read more

Blackstone May Do Its Cleverest CDS Trade Again

GSO is the group proposing the trigger-and-refinance deal, just as it was in Codere, while White & Case is "representing a group of funds led by Solus Alternative Asset Management, which both owns ... read more

Investors cry foul over Blackstone's CDS 'fraud'

The lawsuit alleges that GSO is offering Hovnanian a term loan well below market rates – but only if Hovnanian defaults on an existing bond to trigger a credit event that pays off GSO. The move may ... read more

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Taking a Chance on Hovnanian Shares

These aren’t Hovnanian’s only problems. The company’s bonds are pegged as junk by the rating agencies ... Since late 2015, it has cut liabilities by $370 million. CEO Ara Hovnanian noted in a Feb. 2 ... read more


Unconventional CDS Credit Events: Hovnanian Enterprises

A default on the May 2018 interest ... receives from GSO. The Solus Action As with any bilateral market, for all the economic benefit this transaction presents for Hovnanian and, presumably, GSO, ... read more

Why Swaps Holders Won’t Be Able to Pay You to Fail

In this case, Solus Alternative Asset Management sold credit-default swaps linked to Hovnanian. It cried foul ... That is, someone lending to a company would buy swaps that would let them recoup some ... read more

Shorts Are Piling Into These Stocks. Should You Be Worried?

A large influx of short-sellers shouldn't be a damning factor to any company, but it could be a red flag from traders that something may not be as cut ... says they should tread lightly. House of ... read more

The Mystery Trader Who Roiled Wall Street

People familiar with his trading style say he pores over hundreds of pages of bond ... Hovnanian trade last month. The homebuilder announced at the last minute that it was not going through with the ... read more

After Market: S&P Hits New High on Strong Housing Numbers

rose 2 percent as it swung to a profit from a year ago loss. It also reported an increase in the number of subscribers. Hewlett-Packard (HPQ) rose 6 percent on news the company plans to eliminate up ... read more

Solus Says It May Buy Hovnanian Bonds to Cut Loss From CDS

(Bloomberg) -- Hedge fund Solus Alternative Asset Management is considering an escalation in its battle with Blackstone Group LP over a homebuilder’s controversial debt refinancing. After suing ... read more



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