December 18, 2020 – Further to the Court's bidding procedures order [Docket No. 112], and absent any further qualified bids beyond that of stalking horse Gorham Acquisition, LLC (the “Purchaser”), the Court hearing the Gorham Paper and Tissue cases issued an order approving the proposed $8.75mn sale of substantially all of the Debtors’ assets to…
December 18, 2020 – The Court hearing the Town Sports International cases issued an order confirming the Debtors' Second Amended Joint Plan of Liquidation [Docket No. 828]. The Plan's confirmation comes notwithstanding the Debtors' failure to garner the support of their prepetition term loan lenders who have unusually now been crammed down by the Plan's…
December 18, 2020 – The Court hearing the NorthEast Gas Generation, LLC cases issued an order confirming the Debtors' First Amended Plan [Docket No. ]. On June 18, 2020, NorthEast Gas Generation, LLC and three affiliated Debtors (“NEG" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of…
December 18, 2020 – The Court hearing the Briggs & Stratton Corporation cases confirmed the Debtors’ Second Amended Joint Chapter 11 Plan [Docket No. 1485]. In issuing its order, the Court rejected the Debtors' two remaining objections (filed by the U.S. Trustee and the SEC, respectively) which related to the third-party release mechanics. On July…
On December 18, 2020, S&P Global Ratings assigned a CCC+ issuer credit rating on BlackBrush Oil & Gas, LP. The Company recently issued a $75 million first-lien term loan after an out-of-court restructuring with its lenders in September 2020. The restructuring included the $75 million first-lien term loan due in 2025 priced at LIBOR +…
December 18, 2020 – The Debtors notified the Court that their Second Amended Chapter 11 Plan of Reorganization had become effective as of December 18, 2020 [Docket No. 375]. The Court had previously confirmed the Debtors’ Plan on December 10, 2020 [Docket No. 360]. As discussed further below, on December 17th the Debtors consented to…
On December 18, 2020, NCL Corporation Ltd. closed its previously announced private offering of $850 million aggregate principal amount of 5.875% senior notes due 2026. The Notes were issued pursuant to an indenture, dated December 18, 2020, by and among NCLC, as issuer, the guarantors named therein and U.S. Bank National Association, as trustee, principal…
December 18, 2020 – The Debtors notified the Court that their Third Amended Chapter 11 Plan of Reorganization had become effective as of December 18, 2020 [Docket No. 973]. The Court had previously confirmed the Debtors’ Plan on November 25, 2020 [Docket No. 936] On April 26, 2020, Cinemex Holdings USA, Inc. and one affiliated…
December 17, 2020 – The Court hearing the Southland Royalty Company case has extended the periods during which the Debtor has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including February 19, 2021 and April 26, 2021, respectively [Docket No. 1214]. Absent this relief, the Plan filing and…
December 16, 2020 – The U.S. Trustee assigned to the Debtors' cases objected to the proposed confirmation of the Debtors’ Plan of Reorganization [Docket No. 1842], arguing, among other things, that the Debtors should be required to provide more details on former Equity Committee member Osmium Capital's role in the Plan process and a related…
