December 7, 2020 – The Debtors filed motions requesting each of a bidding procedures order and a sales order [Docket Nos. 18 and 19, respectively]. The bidding procedures order would (i) authorize the Debtors’ to enter into a Stalking Horse Purchase Agreement with NHTV (AIV) ULM BIDCO LLC (the “Stalking Horse Bidder” with a $20.0mn…
December 7, 2020 – The U.S. Trustee assigned to te Debtors cases objected the Debtors’ First Amended Prepackaged Plan [Docket No. 757] citing several defects relating to proposed release party provisions including that the Plan "proposes broad third-party releases, purports to exculpate conduct taking place after the Effective Date and inappropriately seeks a discharge for…
December 4, 2020 – The Court hearing the VIPC Holdings Liquidating (f/n/a VIP Cinema Holdings, Inc.) cases issued an order dismissing of the Debtors' Chapter 11 cases [Docket No. 418]. On September 29, 2020 and further to a request from the Debtors, the Court hearing the VIPC Holdings Liquidating (f/n/a VIP Cinema Holdings, Inc.) cases…
On December 7, 2020, S&P Global Ratings lowered its issuer credit rating on Eresearch Technology Inc. to B- from B and its first-lien senior secured credit facilities, which comprise a revolver and a term loan, ratings to B- from B. The downgrade reflects the Company’s underperformance relative to previous base-case scenario and its high leverage,…
December 7, 2020 – The Debtors filed a motion to change their corporate names (the “Corporate Names”) and amend the case captions (the “Case Caption”) used in their Chapter 11 cases [Docket No. 401]. The motion notes, “[o]n November 25, 2020, the Court entered the Sale Order approving the Sale of the Purchase Assets, including…
On December 7, 2020, S&P Global Ratings lowered its issuer credit rating on Arch Resources, Inc. to B- from B and its senior secured debt rating to B from BB-. The ratings agency expects Arch to significantly cut thermal coal production because of the ongoing secular decline in demand for thermal coal in the Powder…
On December 7, 2020, S&P Global Ratings lowered its issuer credit rating on Arch Resources, Inc. to B- from B and its senior secured debt rating to B from BB-. The ratings agency expects Arch to significantly cut thermal coal production because of the ongoing secular decline in demand for thermal coal in the Powder…
December 7, 2020 – The Debtors notified the Court that their Amended Joint Chapter 11 Plan of Liquidation was effective as of December 7, 2020 [Docket No. 496]. The Court had previously confirmed the Debtors’ Plan on November 30, 2020 [Docket No. 490]. On May 15, 2020, Gavilan Resources LLC and three affiliated Debtors (“Gavilan”…
December 7, 2020 – The Debtors filed a Prepackaged Plan of Reorganization and a related Disclosure Statement [Docket Nos. 11 and 12, respectively]; and further filed a motion seeking Court approval of (i) the Debtors’ Disclosure Statement (conditionally), (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a January 19th…
On December 7, 2020, S&P Global Ratings raised its rating on Gogo Inc. to B- from CCC+. The sale of Gogo's commercial aviation unit will leave it with a stronger balance sheet, according to the ratings agency. The Company has sold off its commercial aviation business, which not only was a drag on EBITDA and…
