December 17, 2020 – The Debtors filed their Third Amended Plan and related Disclosure Statement [Docket Nos. 427 and 428, respectively]. They separately filed a redline of each showing changes to the versions filed on December 15, 2020 [Docket Nos. 429 and 430, respectively]. Also on December 17, 2020, the Court issued an order approving…
December 17, 2020 – The Debtors filed a Memorandum in Support of Confirmation of their Second Amended Plan that responds to an outstanding objection raised by Black Diamond and asks the Court to overrule the objection [Docket No. 1143]. The Debtors put specific emphasis on rebutting one of a list of concerns that Black Diamond…
December 16, 2020 – In anticipation of their scheduled December 17th Plan confirmation hearing, the Debtors filed an amended prepackaged Plan of Reorganization and a related redline showing changes to version filed on November 21, 2020 [Docket Nos. 282 and 286, respectively]. Also filed were (i) revised Plan voting results [Docket No. 272], (ii) the…
December 15, 2020 – The Debtors’ filed their second amended Chapter 11 Plan of Reorganization and a related Disclosure Statement, showing changes to the versions filed on December 11, 2020 [Docket Nos. 815 and 816, respectively]. Substantially all of the amendments in the revised Plan documents relate to ongoing disputes between the Debtors (advocating positions…
On December 16, 2020, Moody's Investors Service downgraded its corporate family rating on Dunn Paper, Inc. to B3 from B2, its probability of default rating to B3-PD from B2-PD, its Senior Secured 1st Lien Bank Credit Facility rating to B3 from B2 and its Senior Secured 2nd Lien Bank Credit Facility rating to Caa2 from…
On December 16, 2020, S&P Global Ratings assigned its CCC+ issue-level rating to Dish Network Corporation's proposed $2 billion unsecured convertible notes. These notes do not have any subsidiary guarantees from entities that hold wireless spectrum assets or the pay-TV entities. Further, the ratings agency estimates that the pay-TV asset value is fully absorbed by…
On December 16, 2020, S&P Global Ratings lowered its issuer credit rating on AMC Entertainment Holdings, Inc. to CC from CCC-. The downgrade follows AMC's announcement that one of its noteholders has agreed to exchange $100 million of its existing second-lien notes for equity and provide the company with $100 million of new first-lien 15%/17%…
On December 16, 2020, S&P Global Ratings lowered its issuer credit rating Voyager Aviation Holdings, LLC to CCC from CCC+ and its senior unsecured notes rating to CC from CCC-. The ratings agency remains concerned about Voyager's prospects for refinancing its $415 million of senior unsecured notes and believes it may engage in a transaction…
In-Shape Health Clubs, LLC – Seeks Approval of Biding Procedures for ($45.3mn Credit Bid) Assets Sale to In-Shape Acquisition; January 13th Hearing December 16, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 18]. The requested bidding procedures order would (i) approve bidder…
December 16, 2020 – The Debtors requested Court authority to (i) access $30.3mn in debtor-in-possession (“DIP”) financing consisting of (i) a new money multi-draw term loan facility in an aggregate principal amount of $15.3mn ($5.1mn to be made available with an interim DIP order), (ii) upon issuance of a final DIP order, “roll-up” of $15.0mn…
