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….
November 7, 2020 – Cred Inc. and four affiliated Debtors (“Cred” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-12836. The Debtors, a San Mateo, California-based cryptocurrency global financial services platform serving customers in 183 countries, are represented by Scott D. Cousins…
November 5, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ debtor-in-financing ("DIP") financing motion [Docket No. 336], urging the Court to delay a scheduled November 12th hearing on that motion until after it decides whether or not to allow the Debtors' use of a $28.0mn "rabbi trust" (established…
November 5, 2020 – The Debtors filed a motion to extend the periods during which they have an exclusive right to file a Plan and solicit acceptances thereof, through and including February 3, 2021 and April 5, 2021, respectively [Docket No. 707]. Absent the requested relief, the exclusive Plan filing and solicitation periods are scheduled…
November 3, 2020 – The Debtors filed a motion requesting dismissal of their Chapter 11 cases, with certain of the dismissals to occur immediately and others upon reaching certain milestones [Docket No. 455]. On April 29, 2020, TooJay's Management LLC and 30 affiliated Debtors (“TooJay's” or the “Debtors”) filed for Chapter 11 protection with the…
November 5, 2020 – The Debtors have filed each of a bidding procedures motion (the Debtors prefer "sales procedures" motion) and a sale motion [Docket Nos. 16 and 17, respectively]. The bidding procedures motion requests Court approval of (i) bidding procedures in respect of a sale of substantially all of their assets, including bidder protections…
In a Form 8-K filed on November 6, 2020, CSI Compressco LP (the Partnership) revealed that it was notified by the Nasdaq Stock Market LLC that the closing price of the Partnership’s common units over the prior 30 consecutive trading day period was below $1.00 per unit, which is the minimum closing price per unit…
November 5, 2020 – The Debtors requested Court authority to (i) access $6.54mn of debtor-in-possession (“DIP”) financing, including $1.759mn on an interim basis, and (ii) use cash collateral [Docket No. 14]. The $4.8mn balance of the proposed DIP financing would to be made available upon the issuance of a final DIP order. The DIP financing…
November 5, 2020 – The Court hearing the HRI Holding Corp cases confirmed the Debtors’ Chapter 11 Plan [Docket No. 816]. On November 14, 2019, HRI Holding Corp. and 38 affiliated Debtors (d/b/a as Houlihan’s Restaurants, Inc. “HRI or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of…
