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…
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…
