December 24, 2020 – Further to its November 2nd bidding procedures order [Docket No. 152] and absent any further qualified bids beyond that of stalking horse Concord Hospital (the “Stalking Horse Bidder” or “Purchaser”), the Court hearing the LRGHealthcare cases issued an order approving the proposed $30.0mn sale of substantially all of the Debtors’ assets…
December 23, 2020 – The Debtors filed a motion to convert their Chapter 11 cases to cases under Chapter 7 [Docket No. 445]. The conversion motion notes, “With no remaining operations and no remaining assets, other than the Excluded Assets, the Debtors have considered their options with respect to winding down the estates in the…
December 24, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ bidding procedures motion; arguing that the proposed asset sale process and arrangements with stalking horse NHTV ULM Holdings LLC ("NHTV") "heavily tip the scales in favor of NHTV and provides no assurances of a recovery for unsecured creditors"…
Ashford Hospitality Trust, Inc. announced on December 28, 2020 that the Company has secured a strategic financing commitment from funds managed by Oaktree Capital Management, L.P. to provide a $200 million senior secured term loan. In addition, the financing commitment can be upsized by $150 million to an aggregate amount of $350 million. “We’re encouraged…
December 23, 2020 – The Debtors notified the Court that their Second Amended Chapter 11 Plan of Liquidation had become effective as of December 22, 2020 [Docket No. 849]. The Court has previously approved the Debtors’ Plan on December 18, 2020 [Docket No. 828]. On September 13, 2020, Town Sports International, LLC and 161 affiliated…
December 24, 2020 – The Court hearing the PBS Brand cases issued an interim debtor-in-possession (“DIP”) financing order authorizing the Debtors to (i) access $2.5mn of new money DIP financing and (iii) use cash collateral [Docket No. 43]. It was all change as to DIP financing for the Debtors following the receipt of an objection…
December 24, 2020 – The Court hearing the Renovate America cases issued an order authorizing the Debtors to (i) access $18.0mn of what is in total $50.0mn of requested debtor-in-possession (“DIP”) financing on an interim basis and (ii) use cash collateral [Docket No. 41]. Access to the balance of the DIP financing, which is being…
On December 23, 2020, Macquarie Infrastructure Corporation announced that it has completed the sale of its International-Matex Tank Terminals (IMTT) business to an affiliate of Riverstone Holdings, Inc. for $2.67 billion, net of closing adjustments and including assumed debt of approximately $1.11 billion. MIC announced that it had entered into the agreement to sell IMTT…
December 23, 2020 – The Court hearing the Astria Health cases issued an order confirming the Debtors' Modified Second Amended Plan [Docket No. 2217]. Following the closure of its unprofitable SHC Medical Center–Yakima (dba Astria Regional Medical Center or "ARMC," which failed to attract a going concern buyer) and a settlement reached with eventual Plan…
On December 23, 2020, Rayonier A.M. Products Inc., a wholly owned subsidiary of Rayonier Advanced Materials Inc., completed its previously announced private offering of $500 million aggregate principal amount of its 7.625% Senior Secured Notes due 2026 in a private placement “to persons reasonably believed to be qualified institutional buyers under Rule 144A under the…
