November 3, 2020 – The Debtors filed a Second Amended Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 1233 and 1234, respectively]; and further filed a redline showing changes to the versions of those documents filed on October 29th [Docket No. 1235]. The amended Plan documents do not materially amend the treatment of…
On November 3, 2020, S&P Global Ratings lowered its issuer credit rating on Callon Petroleum Company to CC from CCC+ and its unsecured notes rating to CC from B-. The downgrade follows the announcement that Callon entered into a privately negotiated agreement with certain holders of its unsecured debt, across all maturities, to exchange $286…
In a Form 8-K filed on November 3, 2020 QEP Resources, Inc. announced that it received written notice from the New York Stock Exchange (NYSE) that the average closing price of the Company's common stock over the prior 30-consecutive trading day period was below $1.00 per share, which is the minimum average share price for…
October 30, 2020 – The Debtors filed an Amended Disclosure Statement for their Second Amended Plan and solicitation versions of their Plan and Disclosure Statement [Docket Nos. 1622, 1644 and 1645, respectively]. Also on October 30th, the Court issued an order approving (i) the adequacy of the Disclosure Statement, (ii) proposed Plan solicitation and voting…
October 30, 2020 – The Debtors filed an amended Plan and a related Disclosure Statement [Docket Nos. 331 and 332, respectively]; and further filed a redline of each document showing changes to the version filed on September 22, 2020 [Docket Nos. 333 and 334, respectively]. Changes to the Amended Plan and Disclosure Statement largely reflect…
November 2, 2020 – Further to its October 2nd bidding procedures order, and following the Debtors' cancellation of an October 23rd auction, the Court hearing the Cosmoledo cases has issued an order approving the sale of substantially all the Debtors’ assets to credit bidding stalking horse MK USA, LLC (the “Stalking Horse”) [Docket No. 166]….
November 2, 2020 – In advance of a scheduled November 3rd hearing, the Debtors have filed blacklined versions of their First Amended Plan and Disclosure Statement showing changes to the versions of documents filed on October 20, 2020 [Docket No. 549]. The Debtors do not appear to have filed clean copies of the Plan documents….
On November 2, 2020, S&P Global Ratings lowered its issuer credit rating on Vantage Specialty Chemicals, Inc. to CCC+ from B-. The ratings agency now expects 2020 EBITDA and credit metrics will remain weaker than 2019 levels because of softness in the Company's high-end personal care and industrial segments. Following a weak 2019, the coronavirus…
November 2, 2020 – Further to an October 30th hearing, the Court hearing the LRGHealthcare cases issued a bidding procedures order approving (i) proposed bidding procedures for the sale of substantially all of the Debtors’ assets, (ii) the Debtors' stalking horse arrangements with Concord Hospital (the “Stalking Horse Bidder”), further to which the Stalking horse…
November 1, 2020 – The Debtors filed their Second Amended Plan of Reorganization and Third Amended Disclosure Statement [Docket Nos. 272 and 273, respectively] and separately filed a redline of each showing changes to the versions filed on September 15, 2020 [Docket No. 274 and 275, respectively]. The Debtors further requested Court approval of (i)…
