On November 4, 2020, S&P Global Ratings lowered its issuer credit rating on Screenvision, LLC to CCC+ from B. The ratings agency anticipates U.S. cinema attendance will not begin to recover until 2021, which is later than previously expected. Screenvision's revenue is directly tied to theater attendance because it is paid by advertisers based on…
November 2, 2020 – The acting United States Trustee for the Eastern District of Missouri (“the U.S. Trustee”) objected to the Debtors' Disclosure Statement, arguing that it does not provide creditors with the information necessary to make an informed decision as to the Plan and that it otherwise describes a Plan which is not confirmable….
November 3, 2020 – The Debtors filed solicitation versions of their Plan and Disclosure Statement (Plan attached to the Disclosure Statement as Exhibit A), along with a blackline of those documents (changed pages only) showing immaterial changes to the versions of the documents filed on October 31, 2020 [Docket Nos. 899 and 900, respectively]. On…
November 2, 2020 – The Court hearing the Town Sports International cases issued an order approving the Debtors’ proposed key employee retention plan (the “KERP”) that covers 135 non-insider employees at a maximum cost of $1.5mn [Docket No. 548]. The KERP motion stresses the important of the eligible participants to the Debtors' ability to complete…
November 3, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ Disclosure Statement and proposed solicitation procedures; arguing that (i) the Disclosure Statement is informationally deficient, (ii) the Plan "patently unconfirmable" and (iii) the Debtors have simply run out of time to provide creditors with adequate notice of what…
November 3, 2020 – The Debtors filed a Second Amended Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 1233 and 1234, respectively]; and further filed a redline showing changes to the versions of those documents filed on October 29th [Docket No. 1235]. The amended Plan documents do not materially amend the treatment of…
On November 3, 2020, S&P Global Ratings lowered its issuer credit rating on Callon Petroleum Company to CC from CCC+ and its unsecured notes rating to CC from B-. The downgrade follows the announcement that Callon entered into a privately negotiated agreement with certain holders of its unsecured debt, across all maturities, to exchange $286…
In a Form 8-K filed on November 3, 2020 QEP Resources, Inc. announced that it received written notice from the New York Stock Exchange (NYSE) that the average closing price of the Company's common stock over the prior 30-consecutive trading day period was below $1.00 per share, which is the minimum average share price for…
October 30, 2020 – The Debtors filed an Amended Disclosure Statement for their Second Amended Plan and solicitation versions of their Plan and Disclosure Statement [Docket Nos. 1622, 1644 and 1645, respectively]. Also on October 30th, the Court issued an order approving (i) the adequacy of the Disclosure Statement, (ii) proposed Plan solicitation and voting…
October 30, 2020 – The Debtors filed an amended Plan and a related Disclosure Statement [Docket Nos. 331 and 332, respectively]; and further filed a redline of each document showing changes to the version filed on September 22, 2020 [Docket Nos. 333 and 334, respectively]. Changes to the Amended Plan and Disclosure Statement largely reflect…
