Daily Bankrupt Company Updates | Bankrupt Company News

November 6, 2020 – The Debtors filed an Amended Plan of Reorganization, along with a redline showing changes to the version filed on September 23, 2020. The heavily amended Plan includes the removal of a separate class for go forward suppliers; with creditors formerly in the now deleted Class 8B (“Key Go Forward Supplier Claims”)…

November 6, 2020 – The Court hearing the Furniture Factory Ultimate Holding cases issued an order authorizing the Debtors to (i) access $2.5mn of debtor-in-possession (“DIP”) financing on an interim basis (with the $4.04mn balance of what is in total $6.54mn of DIP financing to be made available upon the issuance of a final DIP…

November 6, 2020 – The Court hearing the Town Sports International cases issued an amended final debtor-in-possession ("DIP") order authorizing the Debtors to access a further $2.8mn of DIP financing per beginning the week ending November 13, 2020 and continuing until the the closing of an asset sale (the "Supplemental DIP Funding")[Docket No. 653]. The…

November 6, 2020 – The Debtors notified the Court that their First Amended Chapter 11 Plan had become effective as of November 6, 2020 [Docket No. 1101] which is also the date that the Plan was confirmed by the Court [Docket No. 1093]. The Debtors also filed a "confirmation version" of their combined Plan and…

November 6, 2020 – The Debtors notified the Court that their Fourth Amended Joint Chapter 11 Plan of Reorganization had become effective as of November 6, 2020 [Docket No. 748]. The Court has previously approved the Debtors’ Plan on October 28, 2020  [Docket No. 717]. On June 9, 2020, Vista Proppants and Logistics, LLC and…

November 6, 2020 – The Debtors notified the Court that their First Amended Joint Plan of Liquidation had become effective as of November 6, 2020 [Docket No. 576]. The Court previously confirmed the Debtors’ Plan on October 22, 2020 [Docket No. 548]. On July 8, 2020, SLT Holdco, Inc. and one affiliated Debtor (d/b/a Sur…

On November 6, 2020, S&P Global Ratings lowered its issuer credit rating on CDRH Parent Inc., d/b/a Healogics, Inc., to SD from CCC- and its second-lien term loan due in 2022 rating to D from C. The downgrade reflects the distressed nature of the recently completed credit agreement amendment, according to the ratings agency. In…

November 6, 2020 – The Debtor notified the Court that its First Amended Joint Chapter 11 Plan of Reorganization had become effective as of November 6, 2020 [Docket No. 675]. The Court had previously confirmed the Debtors’ Plan on September 30, 2020 [Docket No. 639]. On June 11, 2019, Clare Oaks (the “Debtor”) filed for…

On November 6, 2020, S&P Global Ratings lowered its issuer credit rating on PetSmart, Inc. to B- from B and kept its B rating on the Company's existing secured debt and its CCC+ rating on its existing senior unsecured debt. The downgrade follows the Company's unsuccessful attempt to complete a holistic refinancing of its capital…

November 9, 2020 – YouFit Health Clubs, LLC and 118 affiliated Debtors (“YouFit” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-12841. The Debtors, a Florida-headquarted chain of fitness clubs with over 100 locations in 14 states, are represented by Dennis A….