December 21, 2020 – The Court hearing the Cred Inc. cases issued an order approving (i) proposed bidding procedure for the sale of assets and (ii) a proposed auction/sale timetable culminating in a January 18, 2021 auction and a February 3, 2021 sale hearing. [Docket No. 270]. The order notes: "If the Debtors have not…
On December 21, 2020, Moody's Investors Service downgraded its corporate family rating on Robertshaw US Holding Corp. to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, its first-lien senior secured term loan rating to Caa1 from B3 and its second-lien senior secured term loan rating to Caa3 from Caa2. The downgrades…
On December 21, 2020, Moody's Investors Service downgraded its corporate family rating on WEI Sales LLC to B1 from Ba3, its probability of default rating to B1-PD from Ba3-PD and its first lien term loan due 2025 rating to B2 from B1. WEI is owned by Wells Enterprises, Inc. The downgrade reflects increasing credit risk…
December 4, 2020 – Further to their "prearranged" Plan of Reorganization and restructuring support agreement, the Debtors have now filed the proposed terms of an exit facility [Exhibit A to Docket No. 202] under which the Debtors may request to borrow the lesser of $25.0mn or the remaining unfunded commitments and may request incremental financing…
December 21, 2020 – The Court hearing the Pacific Drilling SA cases issued an order confirming the Debtors' First Amended Plan of Reorganization [Docket No. 266]. On October 30, 2020, Pacific Drilling S.A. and 18* affiliated Debtors (NYSE: PACD; “Pacific” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the…
December 21, 2020 – The Debtors notified the Court that their Revised Modified Second Amended Chapter 11 Plan of Reorganization had become effective as of December 21, 2020 [Docket No. 202]. The Court had previously confirmed the Debtors’ Plan on December 15, 2020 [Docket No. 195]. On October 19, 2020, Smartours, LLC and one affiliated…
December 21, 2020 – The Court hearing the MUJI U.S.A. case confirmed the Debtor's Amended Plan of Reorganization [Docket No. 277]. On July 10, 2020, MUJI U.S.A. Limited (“Muji” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11805. The Debtor, a minimalist…
The Board of Directors of Veritiv Corporation has approved an expansion of the restructuring plan previously announced on July 9, 2020, according to a Form 8-K filed on December 21, 2020. The Company said it has commenced the 2020 Restructuring Plan earlier this year in response to the impact of the COVID-19 pandemic on its…
December 21, 2020 – PBS Brand Co., LLC and 12 affiliated Debtors (dba Punch Bowl Social, “PBS Brand” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-13157. The Debtors, Glendale, Colorado-based owners and operators of restaurants, are represented by Jeffrey R. Waxman…
December 18, 2020 – The Debtors filed their First Amended Plan and Disclosure Statement, including blacklines of each showing changes to the versions filed on November 6, 2020 [Docket No. 749] On the same day, the Debtors further filed a revised proposed Disclosure Statement Order, which shows changes from the original proposed order made to…
