On December 9, 2020, Canopy Growth Corporation announced the closure of five of its Canadian production sites “as part of its plan to reduce operating costs, improve margins and align its production capacity with the current demand of the industry.” The site closures include: St. John’s, Newfoundland and Labrador, Fredericton, New Brunswick, Bowmanville, Ontario, Birch…
On December 9, 2020, S&P Global Ratings lowered its issue-level ratings on Nabors Industries Ltd.'s 5.5% senior notes due 2023, 5.1% senior notes due 2023, 5.75% senior notes due 2025, 7.25% senior guaranteed notes due 2026 and 7.5% senior guaranteed notes due 2028 to D from CC, following completion of a below-par debt exchange that…
On December 9, 2020, S&P Global ratings lowered its rating on Mauser Packaging Solutions to B- from B. Debt leverage will likely remain very high over the next 12 months, according to the ratings agency. Moreover, Mauser had very high leverage of about 9x entering the coronavirus pandemic, partially due to sponsor dividends and large…
On December 9, 2020, S&P Global Ratings lowered its issuer credit rating on Community Health Systems, Inc. to SD (selective default) from CC, its 6.875% notes due in 2028 rating to D from CC and its junior-priority secured notes due in 2023 and 2024 rating to CCC- from CC. The downgrade follows Community's exchange of…
December 9, 2020 – The Court hearing the TooJay’s Management cases issued an order dismissing all of the Debtors’ Chapter 11 cases with the exception of that of lead Debtor TooJay's Management LLC [Docket No. 478]. The Court has scheduled a December 10th hearing to further consider the dismissal for that last case. On November…
On December 9, 2020, S&P Global Ratings lowered its issuer credit rating on URS Holdco Inc. (United Road Services) to CCC+ from B- and its senior secured debt rating to CCC+ from B-. The downgrade reflects the Company’s significant earnings decline in 2020 and its weakened credit metrics, according to the ratings agency. Moreover, URS…
Seagate Technology Plc announced that on December 8, 2020, Seagate HDD Cayman, an exempted company with limited liability organized under the laws of the Cayman Islands and a subsidiary of Seagate Technology plc, issued $500 million in aggregate principal amount of 3.125% Senior Notes due 2029 and $500 million in aggregate principal amount of 3.375%…
December 9, 2020 – Further to modifications agreed at a December 3rd Plan confirmation hearing, the Debtors filed a revised Second Amended Prepackaged Plan and a related redline showing changes from the version filed on December 2nd [Docket Nos. 416 and 417, respectively]. The amendments relate to the implementation and mechanics of the Liquidating Trust…
December 9, 2020 – The Debtors requested each of a bidding procedures order and a sale order [Docket No. 44]. 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 Millennium Assets (the “Sale”) and (ii) approve a proposed auction/sale…
December 9, 2020 – The Court hearing the Tonopah Solar Energy cases confirmed the Debtor's Amended Chapter 11 Plan [Docket No. 291]. On July 30, Tonopah Solar Energy, LLC (“Tonopah” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 20-11884. At filing, the Debtor,…
