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November 13, 2020 – The Debtors filed (i) a memorandum of law in support of Plan confirmation (the "Memorandum") [Docket No. 1136] and (ii) plan voting results showing that the Plan was overwhelmingly accepted by voting creditors [Docket No. 1135].  The Debtors' Plan confirmation hearing, initially scheduled for November 5, 2020, has been adjourned to…

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November 17, 2020 – The Court hearing the VIVUS cases has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including January 18, 2021 and March 19, 2021, respectively [Docket No. 364]. Absent the relief, the Plan filing and solicitation periods were scheduled…

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November 17, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected the Debtors’ debtor-in-possession ("DIP") financing motion [Docket No. 142], arguing that, having only been appointed a week ago, they need more time to evaluate a DIP that contains milestones that drive the entirety of the Debtors' cases and do so based…

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November 17, 2020 – The Court hearing the Valaris cases issued an order approving a proposed key employee retention plan (the “KERP”) covering approximately 490 key non-insider employees and having a maximum payout of $24.2mn [Docket No. 684]. The KERP terms have been modified, notably in respect of the addition of an EBITDA target metric,…

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November 17, 2020 – The Court hearing the NPC International cases has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including February 26, 2021 and April 27, 2021, respectively [Docket No. 1065]. Absent the relief, the Plan filing and solicitation periods were…

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On November 18, 2020, Moody's Investors Service downgraded its corporate family rating on Cleveland-Cliffs Inc. to B2 from B1, its probability of default rating to B2-PD from B1-PD, its Gtd. Senior Secured Regular Bond/Debenture to B2 from Ba3, its Gtd. Senior Unsecured Regular Bond/Debenture to B3 from B2 and its Senior Unsecured Regular Bond/Debenture to…