In a Form 8-K filed on October 28, 2020, LiveXLive Media, Inc. announced that it has signed a binding Letter of Intent to acquire 100% of the membership interests of Custom Personalization Solutions, LLC (CPS) in an all stock deal. The transaction is valued up to $6 million and is expected to close by December…
In a Form 8-K filed on October 28, 2020, CoreLogic issued the following statement in response to a recent media report regarding a potential acquisition: “In light of recent market speculation, CoreLogic today confirmed it is engaging with third parties indicating preliminary interest based on public information in the potential acquisition of the Company at…
October 28, 2020 – Henry Ford Village, Inc. (“Henry Ford Village” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Michigan, case number 20-51066. The Debtor, a Dearborn, Michigan, operator of premier senior living communities, is represented by Danielle Nicole Rushing of Dykema Gossett PLLC. Further…
October 26, 2020 – The Court hearing the Chesapeake Energy Corporation case has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including January 25, 2021 and March 25, 2021, respectively [Docket No. 1531]. Absent the relief, the Plan filing and solicitation periods…
October 26, 2020 – The Debtor requested Court authority to (i) access $8.0mn of debtor-in-possession (“DIP”) financing ($4.5mn on an interim basis) to be provided by Golub Capital Markets LLC (fka, GCI Capital Markets LLC, "Golub") and (ii) use cash collateral [Docket No. 12]. The DIP motion notes, “The Debtors commenced these Chapter 11 Cases…
October 26, 2020 – The Debtors filed a Plan of Reorganization and a related Disclosure Statement [Docket Nos. 62 and 63, respectively]; and further filed a motion requesting Court approval of (i) the Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) a proposed schedule culminating in December 14, 2020 Plan confirmation hearing…
October 27, 2020 – The Court hearing the Studio Movie Grill Holdings cases issued an interim order authorizing the Debtors’ to access $7.0mn of new money, debtor-in-possession (“DIP”) financing, (ii) roll-up $16.2mn of prepetition debt and (iii) use cash collateral [Docket No. 52]. The current tranche of interim DIP financing is part of a $22.8mn…
In a Form 8-K filed on October 28, 2020, Caesars Entertainment, Inc. announced a definitive agreement to sell Tropicana Evansville to Gaming and Leisure Properties and Twin River Worldwide Holdings for $480 million in cash. Pursuant to the terms of an exchange agreement with Gaming and Leisure Properties, the Company has agreed to add the…
October 27, 2020 – The Debtor requested Court authority to authorize (i) access to $10.0mn of new money, debtor-in-possession (“DIP”) financing (including up to $4.0mn on an interim basis) and (ii) use of cash collateral [Docket No. 11]. The DIP financing is being provided by Alter Domus in two tranches: (i) an $8.0mn Tranche A…
On October 27, 2020, Gilead Sciences, Inc. lowered its rating on Gilead Sciences, Inc. to BBB+. Gilead has closed on its $21 billion acquisition of Immunomedics Inc. using a combination of cash and debt. The two-notch downgrade reflects that the significant deterioration in financial risk from this transaction more than offsets the improvement in business…
