OREANDA-NEWS. Low recovery rates for debt issues secured by a first lien on assets are unusual in U.S. bankruptcy cases, according to a new Fitch Ratings' report. An analysis of 181 defaulters in Fitch's bankruptcy case study database identified 25 cases with first lien loan or bond recoveries of less than 50%, including 12 cases where recoveries were below $0.30. Drivers and common themes in these cases were studied.

The Table of Contents is as follows:

--List of Outlier Issues and Recovery Rates
--Contractual or Structural Disadvantages
--Split Collateral
--Cyclical Trough
--Flawed Business Model --Secular Decline
--Outlier Issuers Compared With Broad Group
--Bankruptcy Case Outcomes

See Fitch special report, First-Lien Issues with Poor Recovery Rates dated Nov. 3, 2015.