November 5, 2020 – The Debtors filed (proposed) solicitation versions of their First Amended Plan of Reorganization and Disclosure Statement; and redlines of each document showing changes to those filed on October 30, 2020 [Docket No. 110]. The "pre-arranged" Plan documents remain largely as filed by the Debtors on October 30th, but do include two…
On November 5, 2020, S&P Global Ratings lowered its issuer credit rating on Nine Energy Service, Inc. to SD from CCC+ and its unsecured notes due 2023 rating to D from CCC+. The downgrade reflects the Company's recent open market debt repurchases, under which it repurchased a total of more than $50 million of its…
On November 5, 2020, S&P Global Ratings lowered its issuer credit rating on Carnival Corporation & Plc by two notches to B from BB-. The downgrade reflects the ratings agency’s forecast for credit measures and operating cash flow generation through fiscal 2021 (Carnival's fiscal year ends November 30) to be even weaker and more negative…
November 4, 2020 – The Debtors requested Court authority to (i) access $1.5mn of debtor-in-possession (“DIP”) financing ($500k on an interim basis) and (ii) use cash collateral [Docket No. 12]. The DIP financing is to be provided by Gorham DIP Financing, LLC (the “DIP Lender”), an entity created by stalking horse Behrens Investment Group (the…
In a Form 8-K filed on November 5, 2020, Gulfport Energy Corporation announced that it has elected to enter into a 30-day grace period and defer making the interest payment due November 2, 2020 with respect to its 6.625% senior unsecured notes due 2023 (the 2023 Notes) “while it continues ongoing constructive discussions with its…
In a Form 8-K filed on November 5, 2020, Newpark Resources, Inc. announced that it received formal notice from the New York Stock Exchange (NYSE) of non-compliance with NYSE continued listing standards. Newpark said it received the notice because the average closing price of its shares fell below the minimum of $1.00 per share during…
November 5, 2020 – The Debtors have filed a motion requesting Court authority to enter into a new $4.0bn ABS facility (the “Interim Facility”) with Apollo Capital Management, L.P. (“Apollo”); with funds made available under the facility to be used to fund the purchase of vehicles during the Debtors' stay in Chapter 11 [Docket No….
November 5, 2020 – The Debtors have filed a motion requesting Court authority to enter into a new $4.0bn ABS facility (the “Interim Facility”) with Apollo Capital Management, L.P. (“Apollo”); with funds made available under the facility to be used to fund the purchase of vehicles during the Debtors' stay in Chapter 11 [Docket No….
November 5, 2020 – Furniture Factory Ultimate Holding, LP and seven affiliated Debtors (“Furniture Factor” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-12816. The Debtors, Fort Smith, Arkansas-based home furnishing retailers, are represented by Domenic E. Pacitti of Klehr Harrison Harvey…
Pet Valu, a subsidiary of Pet Supermarket, Inc., announced that it will shut down operations at its Pennsylvania headquarters and close all of its 358 stores and warehouses across the US, according to various media reports. The Company said closing sales will start in the next few days. Jamie Gould, the Company’s freshly appointed chief…
