Revlon Consumer Products Corporation has tapped Alvarez & Marsal to pave the way for a potential bankruptcy filing in case bondholders reject the Company’s restructuring offer, according to people familiar with the matter, WSJ reports. Some bondholders remained undecided Tuesday on whether to accept a restructuring proposal that would help Revlon avoid bankruptcy, some of…
November 9, 2020 – In a two page order without comment, the Court hearing the Suitable Technologies case has extended (for a second time) the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including January 21, 2021 and March 22, 2021, respectively [Docket No….
November 9, 2020 – The Court hearing the Congoleum Corporation case has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including March 10, 2021 and May 8, 2021, respectively [Docket No. 445]. Absent the relief, the Plan filing and solicitation periods are…
November 9, 2020 – In anticipation of a scheduled November 10th Plan confirmation hearing, the Debtors have filed (i) an amended Prepackaged Chapter 11 Plan of Reorganization (attaching a redline showing technical modifications to the solicitation version filed on September 29, 2020) [Docket No. 279], (ii) a memorandum of law in support of Plan confirmation…
November 9, 2020 – The Debtors requested Court authority to (i) access $31.8mn of debtor-in-possession (“DIP”) financing and (ii) limited use of cash collateral [Docket No. 10]. The DIP financing, which is to be provided by certain prepetition lenders who will also be serving as a credit bidding stalking horse, consists of (a) $10.6mn of…
November 9, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order [Docket No. 17]. The bidding procedures order would (i) approve bidding procedures for the sale of substantially all of the Debtors' assets (the “Sale”) and (ii) authorize the Debtors to enter into a stalking horse…
On November 9, 2020, Moody's Investors Service downgraded its corporate family rating on Spring Education Group, Inc. to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, its Senior Secured First Lien Bank Credit Facilities (revolver and term loan) rating to B3 form B2 and its Senior Secured Second Lien Term Loan…
On November 9, 2020, S&P Global Ratings lowered its issuer credit rating on Community Health Systems, Inc. to CC from CCC+, its junior-priority secured notes due in 2023 and 2024 and its unsecured notes due in 2028 ratings to CC from CCC-. The Company has announced a cash tender of up to $400 million total…
Ideanomics, Inc. announced that on November 3, 2020, it has received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC indicating that the bid price for the Company’s common stock for the last 30 consecutive business days had closed below the minimum $1.00 per share required for continued listing under Nasdaq…
November 6, 2020 – The Debtors filed the first iterations of their Chapter 11 Plan of Reorganization and Disclosure Statement which set out "a dual path whereby the Debtors will either reorganize via a consensual transaction that would provide for the Debtors to emerge from these chapter 11 proceedings under new ownership by the Prepetition…
