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…
December 17, 2020 – In anticipation of their December 21st Plan confirmation hearing (delayed from December 18th), the Debtors have filed (i) their memorandum of law in support of Plan confirmation (the “Memorandum”) [Docket No. 1459] and (ii) Plan voting results [Docket No. 1462]. Plan Overview The Memorandum [Docket No. 1459] states, “The Debtors commenced…
On December 17, 2020, S&P Global Ratings lowered its issuer credit rating on AMG Advanced Metallurgical Group N.V. to B+ from BB-. Leverage may remain weaker than the previous base case forecast if metals prices and demand do not improve as expected, leading to a risk of slower deleveraging in 2021, according to the ratings…
December 5, 2020 –The Debtors filed a Plan Supplement which attached, inter alia, documentation relating to the Debtors' proposed $200.0mn exit facility [Docket No. 1301]. The “Exit Facility Agreement” is attached to the Plan Supplement at Exhibit B. Terms of Exit Facility Credit Agreement: Borrower: 24 Hour Fitness Worldwide, Inc. Administrative and Collateral Agent: Wilmington…
December 17, 2020 – The Court hearing the Guitar Center cases confirmed the Debtors’ Amended Prepackaged Plan of Reorganization [Docket No. 320]. On November 21, 2020, Guitar Center, Inc. and seven affiliated Debtors (“Guitar Center” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Virginia, lead…
December 17, 2020 – The Court hearing the Guitar Center cases issued a final order authorizing the Debtors to (i) access $375.0mn in debtor-in-possession (“DIP”) financing and (ii) continue using cash collateral [Docket No. 315]. The Court issued an interim DIP financing order on November 23, 2020 [Docket No. 81]. All of the requested financing…
December 16, 2020 – Further to the October 19th bidding procedures order [Docket No. 113] and the December 10th auction cancellation notice, the Court hearing the Impresa Holdings Acquisition Corporation cases has approved the Debtors’ $10.5mn asset purchase agreement (the “APA”) with Crestview Aerospace LLC (the “Purchaser”) in relation to the sale of their assets…
December 16, 2020 – The Court hearing the Francesca’s Holdings Corporation cases issued an interim order approving the Debtors’ assumption of a store closing consultancy agreement with Tiger Capital Group, LLC (the “Consultant”) and (ii) approving store closing procedures (the “Store Closing Procedures”) [Docket No. 154]. As of December 1, 2020, the Debtors operated 558…
December 16, 2020 – Further to the November 20th bidding procedures order [Docket No. 105] and the December 10th auction cancellation, the Court hearing the NS8 case issued a pair of orders approving a sale of (i) certain of the Debtor's intellectual property to Deduce, Inc. (the “IP Purchaser”) and (ii) substantially all of the…
December 17, 2020 – The Court overseeing the FIC Restaurants, Inc. cases confirmed the Debtors' Second Amended Combined Plan of Liquidation and approved the adequacy of the accompanying Disclosure Statement on a final basis [Docket No. 278]. On October 30, 2020, FIC Restaurants, Inc. and four affiliated Debtors (dba Friendly's; “Friendlys” or the “Debtors”) filed…
