November 18, 2020 – The Court hearing the Brooks Brothers Group 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 February 3, 2021 and April 5, 2021, respectively [Docket No. 744]. Absent the requested relief, the exclusive Plan…
November 13, 2020 – The Debtors filed (i) a memorandum of law in support of Plan confirmation (the "Memorandum") [Docket No. 1136] and (ii) plan voting results showing that the Plan was overwhelmingly accepted by voting creditors [Docket No. 1135]. The Debtors' Plan confirmation hearing, initially scheduled for November 5, 2020, has been adjourned to…
November 17, 2020 – The Court hearing the VIVUS cases has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including January 18, 2021 and March 19, 2021, respectively [Docket No. 364]. Absent the relief, the Plan filing and solicitation periods were scheduled…
November 17, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected the Debtors’ debtor-in-possession ("DIP") financing motion [Docket No. 142], arguing that, having only been appointed a week ago, they need more time to evaluate a DIP that contains milestones that drive the entirety of the Debtors' cases and do so based…
November 17, 2020 – The Court hearing the Valaris cases issued an order approving a proposed key employee retention plan (the “KERP”) covering approximately 490 key non-insider employees and having a maximum payout of $24.2mn [Docket No. 684]. The KERP terms have been modified, notably in respect of the addition of an EBITDA target metric,…
November 17, 2020 – The Court hearing the NPC International cases has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including February 26, 2021 and April 27, 2021, respectively [Docket No. 1065]. Absent the relief, the Plan filing and solicitation periods were…
On November 18, 2020, Moody's Investors Service downgraded its corporate family rating on Alterra Mountain Company to B2 from B1, its probability of default rating to B2-PD from B1-PD. The downgrade reflects the ratings agency’s expectation that Alterra's earnings will decline in fiscal year ending July 31, 2021 from already softer levels generated in FY…
On November 18, 2020, Moody's Investors Service downgraded its probability of default rating on Summit Midstream Partners, LLC to D-PD from Ca-PD and affirmed its corporate family rating at Ca and its senior secured term loan rating also at Ca. These actions follow the closing of the Company’s term loan restructuring on November 17, 2020….
November 18, 2020 – The Court hearing the MUJI U.S.A case has extended the periods during which the Debtor has an exclusive right to file a Plan and solicit acceptances thereof, through and including January 6, 2021 and March 7, 2021, respectively [Docket No. 224]. Absent the requested relief, the Plan filing and solicitation periods…
On November 18, 2020, Moody's Investors Service downgraded its corporate family rating on Cleveland-Cliffs Inc. to B2 from B1, its probability of default rating to B2-PD from B1-PD, its Gtd. Senior Secured Regular Bond/Debenture to B2 from Ba3, its Gtd. Senior Unsecured Regular Bond/Debenture to B3 from B2 and its Senior Unsecured Regular Bond/Debenture to…
