November 18, 2020 – The Court hearing the K.G. Im, LLC 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 February 23, 2021 and April 24, 2021, respectively [Docket No. 320]. Absent the relief, the Plan filing and…
November 18, 2020 – The Debtors filed solicitation versions of their Revised Second Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 1633 and 1634, respectively]; and separately filed redlines of each showing generally light changes to the versions filed on November 15, 2020 [Docket No. 1630]. Also on November 18th, the Court…
November 19, 2020 – The Court hearing the Gorham Paper and Tissue cases issued an order (i) approving bidding procedures for the sale of substantially all of the Debtors assets, (ii) granting bidder protections to Stalking Horse Bidder Gorham Acquisition, LLC (the “Stalking Horse Bidder”) and (iii) approving an auction/sale timetable culminating in an auction…
November 19, 2020 – The Debtors notified the Court that their Prepackaged Chapter 11 Plan of Reorganization had become effective as of November 19th [Docket No. 225]. The Court had previously confirmed the Debtors’ Plan on October 14, 2020 [Docket No. 188]. On September 22, 2020, iQor Holdings Inc. and 22 affiliated Debtors (“IQor” or…
November 19, 2020 – The Court hearing the Remington Outdoor Company case 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 25, 2021 and March 26, 2021, respectively [Docket No. 1151]. Absent the requested relief, the Plan filing…
November 18, 2020 – The Debtors requested each of a bidding procedures order and a sale order [Docket No. 65]. The bidding procedures order would (i) approve bidding procedures, including bidder protections for any selected stalking horse, in respect of a sale(s) of the Debtors' assets (the "Sale") and (ii) approve a proposed auction/sale timetable…
On November 19, 2020, S&P Global Ratings lowered its issuer credit rating on Occidental Petroleum Corp. to BB- from BB+ and its unsecured issue-level rating also to BB- from BB+. The downgrade primarily reflects the Company’s highly leveraged capital structure resulting from last year's acquisition of Anadarko Petroleum, which continues to be burdensome amid an…
On November 19, 2020, S&P Global Ratings lowered its issuer credit rating on Revlon Consumer Products Corporation to SD (selective default) from CC and its 5.75% senior notes rating to D from C. The downgrade reflects Revlon's announcement that it completed the exchange offer for its 5.75% senior notes due in 2021. The ratings agency…
October 28, 2020 – The Court hearing the Klausner Lumber Two 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 8, 2021 and April 7, 2021, respectively [Docket No. 361]. Absent the relief, the Plan filing and…
November 19, 2020 – Further to a November 18th hearing, the Court hearing the Klausner Lumber Two case issued an order approving (i) proposed bidding procedures for the sale of substantially all of the Debtor's assets, (ii) the entry by the Debtor into a stalking horse agreement with Mayr-Melnhof Holz Holding AG (the “Stalking Horse…
