November 4, 2020 – The Court hearing the Arandell Holdings cases issued an order approving (i) a proposed key employee retention plan (the “KERP”) for 16 key, non-insider employees (the “KERP Participants”) at an aggregate cost of $160k and (ii) a related request to seal confidential elements of the proposed KERP [Docket Nos. 298 and…
November 4, 2020 – Further to the Court’s bidding procedures order [Docket No. 208], the Court hearing the Town Sports International cases has approved the $84.7mn sale of substantially all of the Debtors’ assets (“Sale”) to New TSI Holdings, Inc. (the “Stalking Horse Bidder”) [Docket No. 639]. The asset purchase agreement (the “APA”) governing the…
On November 4, 2020, Moody's Investors Service downgraded its corporate family rating on Equinox Holdings, Inc. to Caa3 from Caa2, its probability of default rating to Caa3-PD from Caa2-PD, its Senior Secured First Lien Term Loan to Caa2 from Caa1, its Senior Secured First Lien Revolving Credit Facility rating to Caa2 from Caa1 and its…
November 4, 2020 – The Court hearing the FIC Restaurants cases issued an order approving the Debtors’ request that the Court (i) waive solicitation requirements in respect of their Plan and (ii) approve a proposed timetable culminating in a December 17th Plan confirmation hearing [Docket No. 75]. As to the request to waive solicitation requirements…
On November 4, 2020, S&P Global Ratings lowered its issuer credit rating on National CineMedia, Inc. to CCC+ from B. The ratings agency believes the Company is currently vulnerable and dependent upon favorable business, financial and economic conditions to meet its financial commitments over the next 12-24 months. Moreover, the Company is set to continue…
November 4, 2020 – Gorham Paper and Tissue, LLC and one affiliated Debtor (“Gorham” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-12814. The Debtors, who manufacture paper towel and tissue parent rolls, are represented by Christopher Ward of Polsinelli PC. Further…
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…
