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…
December 17, 2020 – The Debtors filed a Joint Plan of Liquidation and related Disclosure Statement [Docket No. 88 and 87, respectively]. All three voting creditor classes will need to get in line behind holders of DIP Financing claims, which must be paid in full in cash before the other classes will see any recovery…
December 17, 2020 – The Court hearing the Klausner Lumber Two cases issued an order approving (i) an asset purchase agreement (the “APA”) entered into with Binderholz Enfield LLC (the "Purchaser" or the "Successful Bidder") in respect of an $83.4mn cash sale of the Debtor's assets (the "Sale") and (ii) the Sale itself [Docket No….
December 17, 2020 – The Court hearing the Hertz Corporation cases issued an order approving (i) proposed bidding procedures, including bidder protections for stalking horse Freedom Acquirer LLC (the “Stalking Horse Bidder”) in respect of the sale of the Donlen Corporation and its Debtor subsidiaries (collectively, “Donlen Corp.” or the "Donlen Assets") and (ii) the…
