Daily Bankrupt Company Updates | Bankrupt Company News

December 10, 2020 – The Court hearing Permian Holdco 1, Inc. cases issued an order approving the Debtors’ (i) combined Plan and Disclosure Statement (conditionally), (ii) proposed Plan solicitation and voting procedures and (iii) proposed timetable culminating in a January 25, 2021 Plan confirmation hearing [Docket No. 377]. Also on December 10th, the Debtors filed…

December 10, 2020 – The Court hearing the VIVUS Inc. cases issued an order confirming the Debtors' Second Amended Prepackaged Plan [Docket No. 420]. On July 7, 2020, VIVUS, Inc. and three affiliated Debtors (Nasdaq: VVUS; “VIVUS” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware,…

On December 10, 2020, AMC Entertainment Holdings, Inc. entered into a commitment letter with Mudrick Capital Management, LP, pursuant to which Mudrick committed, subject to the satisfaction of certain conditions precedent, including the payment of the Commitment Shares and consummation of the Second Lien Exchange, to purchase $100 million in aggregate principal amount of new…

December 10, 2020 – The Debtors notified the Court that their Prepackaged Plan of Reorganization had become effective as of December 10, 2020. The Court had previously confirmed the Debtors’ Plan on November 30, 2020 [Docket No. 213]. On November 1, 2020, Pennsylvania Real Estate Investment Trust and 68 affiliated Debtors (NYSE: PEI; “PREIT” or…

December 10, 2020 – The Court hearing the SAExploration Holdings cases issued an order confirming the Debtors’ Second Amended Chapter 11 Plan of Reorganization and separately approved Plan modifications submitted to the Court on December 8th [Docket Nos. 360 and 361, respectively]. The December 8th modifications reflect an 11th-hour $625k settlement reached with the Debtors’…

On December 10, 2020, S&P Global Ratings raised its issuer credit rating on AVSC Holding Corp. (PSAV Inc.) to CCC from CCC- its revolving credit facility rating to CCC from CCC- its second-lien debt rating to CC from C. The Company's recent refinancing and incremental debt capital raise is positive for near term liquidity but…

On December 10, 2020, S&P Global Ratings raised its issuer credit rating on Jo-Ann Stores, LLC to B- from CCC, its first-lien term loan due 2023 rating to B- from D and its second-lien term loan due 2024 rating to CCC from D. The Company's fabric and sewing category has benefited from the pandemic because…

December 10, 2020 –  Further to a November 19th bidding procedures order [Docket No. 421] and the conclusion of a December 10th auction, the Debtor designated Binderholz Enfield LLC as the Successful Bidder ($83.4mn cash bid) in a sale of substantially all of the Debtor’s assets, with stalking horse Mayr-Melnhof Holz Holding AG (“MM-H”) designated…

On December 10, 2020, S&P Global Ratings raised its issuer credit rating on SM Energy Company to CCC+ from SD (selective default) and its 2022 and 2024 issue-level ratings to B- from D. the Company has recently disclosed that since the beginning of 2020 it has repurchased a sizeable portion of its senior unsecured notes…

December 10, 2020 – U.S. Trustee assigned to the Debtors' cases objected to the Debtors’ Third Amended Joint Plan of Reorganization finding fault with (i) the Plan's affirmative opt-out requirements in respect of third party releases and (ii) the proposed payment of the fees in respect of stakeholders who have not "made a substantial contribution…