December 3, 2020 – The Court hearing the Bouchard Transportation Co. cases issued an order approving sale procedures for the proposed sale of a 2018 Gulfstream G650 aircraft and related equipment [Docket No. 282]. The Debtors had filed an emergency motion requesting authority to proceed with the sale, citing concerns that potential purchasers needed clarity…
December 22, 2020 – The Court hearing the Rubio’s Restaurants cases issued an order confirming the Debtors' Second Amended Prepackaged Plan of Reorganization [Docket No. 307]. On October 26, 2020, Rubio’s Restaurants, Inc. and three affiliated Debtors (dba “Rubio’s Coastal Grill,” “Rubio’s” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court…
December 1, 2020 – Further to their restructuring support agreement ("RSA"), the Debtors have now filed the proposed terms of a $52.0mn Exit Facility to fund their Amended Joint Prepackaged Chapter 11 Plan of Reorganization [Exhibit B to Docket No. 224]. Key Terms of the Exit Facility: Borrower: Rubio’s Restaurants, Inc. Guarantors: MRRC Hold Co….
December 22, 2020 – The Debtors notified the Court that their Amended Prepackaged Plan of Reorganization had become effective as of December 22, 2020 [Docket No. 333]. The Court had previously confirmed the Debtors’ Plan on December 17, 2020 [Docket No. 320]. On November 21, 2020, Guitar Center, Inc. and seven affiliated Debtors (“Guitar Center”…
December 22, 2020 – The Debtors requested Court authority to (i) access $6.5mn of debtor-in-possession (“DIP”) financing (including up to $1.5mn on an interim basis) and (ii) use of cash collateral [Docket No. 11]. The DIP financing is being provided by prepetition lender PBS DIP Lender, LLC (an affiliate of Sortis Holdings, Inc. or "Sortis")…
On December 22, 2020, Moody's Investors Service upgraded its corporate family rating on NAPA Management Services Corporation to Caa1 from Caa2, its probability of default rating to Caa1-PD/LD from Caa2-PD and its senior secured first lien debt rating to B3 from Caa1. The upgrade reflects that the Company's leverage and liquidity have improved due to…
On December 22, 2020, S&P Global Ratings lowed its issuer credit on JW Aluminum, Inc. to CCC+ from B. The downgrade was triggered because of potentially weak cash flow and tight liquidity over the next 12 months caused by three fires at Mount Holly, according to the ratings agency. Credit metrics are currently pressured, the…
On December 22, 2020, certain of the subsidiaries of Revlon, Inc. and Helen of Troy Limited (the “Licensee”) entered into a Trademark License Agreement to combine and revise the existing licenses that are in place between the parties, according to a Form 8-K release. The Agreement grants the Licensee the exclusive right to use the…
December 22, 2020 – The Debtor notified the Court that its Second Chapter 11 Plan had become effective as of December 22, 2020 [Docket No. 604]. The Court had previously confirmed the Debtor’s Plan on December 11, 2020 [Docket No. 592]. On April 13, 2020, Alpha Entertainment LLC (XFL) and one affiliated Debtor (“XFL” or…
Express Inc. has hired Lazard Frères & Co. to help raise new funds to support the Company through the Covid-19 pandemic, CEO Timothy Baxter said, WSJ reports. The Company is looking to solidify its finances, Baxter said. Still, Express isn’t mulling bankruptcy “and continues to take decisive and appropriate action to manage liquidity throughout this…
