Daily Bankrupt Company Updates | Bankrupt Company News

December 24, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ bidding procedures motion; arguing that the proposed asset sale process and arrangements with stalking horse NHTV ULM Holdings LLC ("NHTV") "heavily tip the scales in favor of NHTV and provides no assurances of a recovery for unsecured creditors"…

Ashford Hospitality Trust, Inc. announced on December 28, 2020 that the Company has secured a strategic financing commitment from funds managed by Oaktree Capital Management, L.P. to provide a $200 million senior secured term loan. In addition, the financing commitment can be upsized by $150 million to an aggregate amount of $350 million. “We’re encouraged…

December 23, 2020 – The Debtors notified the Court that their Second Amended Chapter 11 Plan of Liquidation had become effective as of December 22, 2020 [Docket No. 849]. The Court has previously approved the Debtors’ Plan on December 18, 2020 [Docket No. 828]. On September 13, 2020, Town Sports International, LLC and 161 affiliated…

December 24, 2020 – The Court hearing the PBS Brand cases issued an interim debtor-in-possession (“DIP”) financing order authorizing the Debtors to (i) access $2.5mn of new money DIP financing and (iii) use cash collateral [Docket No. 43].  It was all change as to DIP financing for the Debtors following the receipt of an objection…

December 24, 2020 – The Court hearing the Renovate America cases issued an order authorizing the Debtors to (i) access $18.0mn of what is in total $50.0mn of requested debtor-in-possession (“DIP”) financing on an interim basis and (ii) use cash collateral [Docket No. 41]. Access to the balance of the DIP financing, which is being…

On December 23, 2020, Macquarie Infrastructure Corporation announced that it has completed the sale of its International-Matex Tank Terminals (IMTT) business to an affiliate of Riverstone Holdings, Inc. for $2.67 billion, net of closing adjustments and including assumed debt of approximately $1.11 billion. MIC announced that it had entered into the agreement to sell IMTT…

December 23, 2020 – The Court hearing the Astria Health cases issued an order confirming the Debtors' Modified Second Amended Plan [Docket No. 2217]. Following the closure of its unprofitable SHC Medical Center–Yakima (dba Astria Regional Medical Center or "ARMC," which failed to attract a going concern buyer) and a settlement reached with eventual Plan…

On December 23, 2020, Rayonier A.M. Products Inc., a wholly owned subsidiary of Rayonier Advanced Materials Inc., completed its previously announced private offering of $500 million aggregate principal amount of its 7.625% Senior Secured Notes due 2026 in a private placement “to persons reasonably believed to be qualified institutional buyers under Rule 144A under the…

On December 23, 2020, CenterPoint Energy, Inc. provided notice of redemption relating to $250,000,000 aggregate principal amount of the Company’s outstanding $500,000,000 aggregate principal amount 3.85% Senior Notes due 2024. The Notes to be redeemed are called for redemption on January 15, 2021 at a redemption price equal to the greater of (i) 100% of…

StoneMor Inc. announced that it received notification from the New York Stock Exchange on December 23, 2020 that the Company has regained compliance with the NYSE continued listing criteria that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. The Company also remains in…