On November 5, 2020, S&P Global Ratings lowered its issuer credit rating on Carnival Corporation & Plc by two notches to B from BB-. The downgrade reflects the ratings agency’s forecast for credit measures and operating cash flow generation through fiscal 2021 (Carnival's fiscal year ends November 30) to be even weaker and more negative…

November 4, 2020 – The Debtors requested Court authority to (i) access $1.5mn of debtor-in-possession (“DIP”) financing ($500k on an interim basis) and (ii) use cash collateral [Docket No. 12]. The DIP financing is to be provided by Gorham DIP Financing, LLC (the “DIP Lender”), an entity created by stalking horse Behrens Investment Group (the…

November 5, 2020 – The Debtors have filed a motion requesting Court authority to enter into a new $4.0bn ABS facility (the “Interim Facility”) with Apollo Capital Management, L.P. (“Apollo”); with funds made available under the facility to be used to fund the purchase of vehicles during the Debtors' stay in Chapter 11 [Docket No….

November 5, 2020 – The Debtors have filed a motion requesting Court authority to enter into a new $4.0bn ABS facility (the “Interim Facility”) with Apollo Capital Management, L.P. (“Apollo”); with funds made available under the facility to be used to fund the purchase of vehicles during the Debtors' stay in Chapter 11 [Docket No….

November 5, 2020 – Furniture Factory Ultimate Holding, LP and seven affiliated Debtors (“Furniture Factor” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-12816. The Debtors, Fort Smith, Arkansas-based home furnishing retailers, are represented by Domenic E. Pacitti of Klehr Harrison Harvey…

November 4, 2020 – The Debtors filed a Second Amended Plan of Reorganization and a elated Disclosure Statement [Docket Nos. 988 and 989, respectively], and separately filed blacklines of each showing changes to the versions filed on October 22nd [Docket No. 990].  On November 3rd, the Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed…