November 24, 2020 – The Debtors filed a First Amended Plan of Liquidation and a related Disclosure Statement [Docket Nos. 1260 and 1261, respectively] and further filed blacklines showing changes to the versions of those documents filed on October 29, 2020 [Docket Nos. 1263 and 1267]. Also on November 24th, the Court hearing the Lucky’s…
On November 24, 2020, Moody's Investors Service downgraded its corporate family rating on Air Canada to Ba3 from Ba2, its probability of default rating to Ba3-PD from Ba2-PD and its senior unsecured notes rating to B2 from Ba3. "Today's downgrade of Air Canada's ratings reflects our expectation of high leverage and that the return to…
On November 24, 2020, Moody's Investors Service downgraded its corporate family rating on Lions Gate Entertainment Corp. to B1 from Ba3, its probability of default rating to B1-PD from Ba3-PD and its senior unsecured notes rating to B3 from B2. The Company’s rating reflects high Moody's adjusted leverage of 6.3x (5.4x cash leverage) with an…
On November 23, 2020, FirstEnergy Corp. and some of its regulated subsidiaries borrowed about $2 billion in the aggregate under its revolving credit facilities, leaving about $1.3 billion of remaining availability. Consequently, on November 24, S&P Global Ratings lowered its issuer credit rating on the Company to BB from BB+. Although the ratings agency believes…
November 20, 2020 – The Debtors filed their Fourth Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 1450 and 1453, respectively], and separately filed interim and cumulative redlines showing changes to the versions of those documents filed on October 25th (2nd Amended Plan) and November 13, 2020 (Third Amended Plan) [Docket Nos….
November 24, 2020 – The Court hearing the YogaWorks cases issued an order approving the Debtors’ proposed key employee retention plan (the “KERP”) covering 17 non-insiders at a maximum aggregate cost of $60k [Docket No. 184]; the KERP, the Debtors insist, necessary to seeing their asset sale efforts through to completion. On November 10, 2020,…
November 25, 2020 – The Court hearing the Northwest Hardwoods cases issued an order approving the Debtors’ (i) proposed Plan solicitation and voting procedures and (ii) a proposed timetable culminating in a January 6th combined hearing [Docket No. 64]. As standard with most prepackaged Chapter 11 cases, the order also conditionally waives (a) the Debtors'…
Sundance Energy Inc. warned in a Form 10-Q that there is substantial doubt about the Company’s ability to continue as a going concern within the next twelve months. The Company highlighted that the requirement for Sundance to comply with the June 30, 2020 Asset Coverage Ratio covenant was removed from the Term Loan agreement; “however…
November 24, 2020 – Further to a motion filed by the U.S. Trustee assigned to the Debtors’ cases, the Court hearing the Sizmek Inc. cases issued an order converting the Debtors’ Chapter 11 cases to cases under Chapter 7 [Docket No. 908]. The U.S. Trustee had argued [Docket No. 899] that, absent further expected proceeds…
October 30, 2020 – The U.S. Trustee assigned to the Debtors' cases filed a motion to convert the Debtors’ Chapter 11 cases to cases under Chapter 7 [Docket No. 899] arguing that absent further expected proceeds from the sale of the Debtors' Demand-Side Platform (“DSP”) and Data Management Platform (”DMP”) assets to Zeta Global Holdings…
