On December 9, 2020, S&P Global Ratings lowered its issuer credit rating on URS Holdco Inc. (United Road Services) to CCC+ from B- and its senior secured debt rating to CCC+ from B-. The downgrade reflects the Company’s significant earnings decline in 2020 and its weakened credit metrics, according to the ratings agency. Moreover, URS…
Seagate Technology Plc announced that on December 8, 2020, Seagate HDD Cayman, an exempted company with limited liability organized under the laws of the Cayman Islands and a subsidiary of Seagate Technology plc, issued $500 million in aggregate principal amount of 3.125% Senior Notes due 2029 and $500 million in aggregate principal amount of 3.375%…
December 9, 2020 – Further to modifications agreed at a December 3rd Plan confirmation hearing, the Debtors filed a revised Second Amended Prepackaged Plan and a related redline showing changes from the version filed on December 2nd [Docket Nos. 416 and 417, respectively]. The amendments relate to the implementation and mechanics of the Liquidating Trust…
December 9, 2020 – The Debtors requested each of a bidding procedures order and a sale order [Docket No. 44]. The bidding procedures order would (i) approve bidding procedures, including bidder protections for any selected stalking horse, in respect of a sale(s) of the Debtors Millennium Assets (the “Sale”) and (ii) approve a proposed auction/sale…
December 9, 2020 – The Court hearing the Tonopah Solar Energy cases confirmed the Debtor's Amended Chapter 11 Plan [Docket No. 291]. On July 30, Tonopah Solar Energy, LLC (“Tonopah” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 20-11884. At filing, the Debtor,…
December 8, 2020 – Further to a November 10th bidding procedures order [Docket No. 141] and the conclusion of a December 7th auction [Docket No. 200], the Debtors designated MEP Capital Management, LLC and affiliates of GoDigital Media Group, Inc. (winning bid $9.6mn) as the Successful Bidder for their sale of Assets, with GuruNanda, LLC…
December 8, 2020 – The Court hearing the White Stallion Energy cases issued an interim debtor-in-possession ("DIP") financing order authorizing the Debtors to (i) access $3.0mn of new money DIP financing, (ii) roll-up of $8.6mn of the Debtors' prepetition term loan facility (the "Prepetition Term Loan Facility) and (iii) use cash collateral [Docket No. 69]….
Christopher & Banks Corp is mulling options including a potential sale or bankruptcy as it struggles to cope with piling losses over the years, according to people with knowledge of the matter, Bloomberg reports. The Company has hired Berkeley Research Group for financial advice and B. Riley Financial Inc. for investment banking services, the sources…
On December 8, 2020, S&P Global Ratings raised its rating on Outerstuff to CCC and its senior secured term loan rating also to CCC. The upgrade reflects the Company’s recently restructured debt and licensing agreements but still high leverage and less than adequate liquidity. The ratings agency expects the Company will generate negative free cash…
December 8, 2020 – The Court hearing the Ascena Retail Group cases issued an order approving the $540.0mn private sale of the Debtors' remaining businesses, comprised of the Lane Bryant brand and the Premium business segment (the latter including Ann Taylor, LOFT, and Lou & Grey brands) to Premium Apparel LLC (the “Buyer”), an affiliate…
