December 10, 2020 – The Debtors filed their Second Amended Joint Chapter 11 Plan of Reorganization and a related redline showing changes from the version filed on November 16, 2020 [Docket Nos. 171 and 172, respectively]. They separately filed a memorandum of law in support of Plan confirmation (the "Memorandum") [Docket No. 174]. The most…
Teligent, Inc. announced that on December 4, 2020, it received a notice from The Nasdaq Stock Market informing the Company that for the last 30 consecutive business days, the bid price of the Company’s securities had closed below $1.00 per share, which is the minimum required closing bid price for continued listing on Nasdaq pursuant…
Dave & Buster's Entertainment, Inc. announced financial results for its third quarter 2020, which ended November 1, 2020, showing a 64% annual decline in revenue to $109.1 million. Comparable store sales declined 66% for the third quarter. Operating loss totalled $56.0 million, or (51.4)% of revenues, compared with operating income of $6.5 million, or 2.2%…
December 7, 2020 – The U.S. Securities and Exchange Commission (“SEC” or “Commission”) objected to the Debtors Third Amended Joint Plan of Reorganization alleging that: “[t]he Releases here are not consensual because the Plan deems consent to the Releases to be established based on silence (i.e., not returning a ballot or failing to affirmatively opt…
December 8, 2020 – The Debtors filed an Amended Combined Plan of Liquidation and Disclosure Statement (the "Amended Combined Document") which attaches a blackline showing changes to the version filed on November 19, 2020 [Docket No. 367]. The Amended Combined Document amends the case caption to Permian Holdco 1, Inc. from Permian Tank & Manufacturing,…
December 8, 2020 – The Debtors filed a Modified Second Plan of Reorganization with a redline showing changes to the version filed on November 1, 2020 [Docket No. 350] and separately filed a motion requesting Court approval of the modified Plan without otherwise needing to resolicit stakeholders for approval. The modifications reflect a recently achieved…
December 9, 2020 – The Debtors filed a motion seeking Court approval for extending the periods during which the Company has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including March 9, 2021 and May 8, 2021, respectively [Docket No. 197]. Absent the requested relief, the Plan filing…
December 9, 2020 – The Court hearing the Lucky’s Market Parent Company cases has extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including January 15, 2021 and March 15, 2021, respectively [Docket No. 1322]. Absent the requested relief, the Plan…
On December 9, 2020, Canopy Growth Corporation announced the closure of five of its Canadian production sites “as part of its plan to reduce operating costs, improve margins and align its production capacity with the current demand of the industry.” The site closures include: St. John’s, Newfoundland and Labrador, Fredericton, New Brunswick, Bowmanville, Ontario, Birch…
On December 9, 2020, S&P Global Ratings lowered its issue-level ratings on Nabors Industries Ltd.'s 5.5% senior notes due 2023, 5.1% senior notes due 2023, 5.75% senior notes due 2025, 7.25% senior guaranteed notes due 2026 and 7.5% senior guaranteed notes due 2028 to D from CC, following completion of a below-par debt exchange that…
