December 17, 2020 – The Court hearing the Klausner Lumber Two cases issued an order approving (i) an asset purchase agreement (the “APA”) entered into with Binderholz Enfield LLC (the "Purchaser" or the "Successful Bidder") in respect of an $83.4mn cash sale of the Debtor's assets (the "Sale") and (ii) the Sale itself [Docket No….
December 17, 2020 – The Court hearing the Hertz Corporation cases issued an order approving (i) proposed bidding procedures, including bidder protections for stalking horse Freedom Acquirer LLC (the “Stalking Horse Bidder”) in respect of the sale of the Donlen Corporation and its Debtor subsidiaries (collectively, “Donlen Corp.” or the "Donlen Assets") and (ii) the…
December 17, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ "inappropriate and offensive" debtor-in-possession ("DIP") financing proposals on multiple grounds relating to the outsized control of DIP lenders over the Debtors and their bankruptcy cases [Docket No. 128]. The Committee argues that the DIP lenders, leveraging that control…
December 16, 2020 – In anticipation of a December 18th Plan confirmation hearing, the Debtors filed a Second Amended Plan and a related blackline showing changes to the version filed on November 6, 2020. [Docket No. 1434]. The Debtors have also filed (i) a memorandum of law in support of the Plan confirmation (the "Memorandum")…
Obalon Therapeutics, Inc. announced that on December 16, 2020, it has received a written notification from the Nasdaq Listing Qualifications staff confirming that the closing bid price of the Company’s common stock has been $1.00 per share or greater for 10 consecutive business days and that the Company has accordingly regained compliance with the minimum…
On December 17, 2020, Alcoa Corporation announced that it will halt curtailment plans for its San Ciprián aluminum smelter in Spain “while it reviews a court decision related to a collective dismissal process.” On October 9, 2020, the Company announced its decision to curtail the smelter’s 228,000 metric tons of annual capacity and proceed with…
December 17, 2020 – The Court hearing the Furniture Factory Ultimate Holding cases issued an order (i) approving the Debtors' asset purchase agreement (the “APA”) with American Freight FFO, LLC (the “Purchaser,” an affiliate of Franchise Group, Inc.; NASDAQ: FRG) and (ii) the sale of substantially all of the Debtors' assets to the Purchaser for…
On December 17, 2020, Moody's Investors Service downgraded its corporate family rating on Brown Jordan Inc. to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD and its senior secured first lien term loan rating to Caa1 from B3. The downgrade reflects slowing demand for outdoor furniture products primarily within the hospitality…
On December 17, 2020, S&P Global Ratings lowered its issuer credit rating on TPC Group Inc. to CCC from B- and its senior secured notes rating to CCC from B-. The downgrade reflects that TPC's credit measures will continue to be unsustainable as a result of weakened end-market demand and lost volumes from Port Neches,…
On December 17, 2020, S&P Global Ratings affirmed its CCC+ issuer credit rating on CPI Card Group Inc. The outlook revision reflects the Company's strong operating performance in 2020, which improved its cash flow generation and leverage metrics, according to the ratings agency. The Company's cash flow and liquidity also improved materially, generating about $7…
