December 16, 2020 – In anticipation of a December 18th Plan confirmation hearing, the Debtors filed a Second Amended Plan and a related blackline showing changes to the version filed on November 6, 2020. [Docket No. 1434]. The Debtors have also filed (i) a memorandum of law in support of the Plan confirmation (the "Memorandum")…
Obalon Therapeutics, Inc. announced that on December 16, 2020, it has received a written notification from the Nasdaq Listing Qualifications staff confirming that the closing bid price of the Company’s common stock has been $1.00 per share or greater for 10 consecutive business days and that the Company has accordingly regained compliance with the minimum…
On December 17, 2020, Alcoa Corporation announced that it will halt curtailment plans for its San Ciprián aluminum smelter in Spain “while it reviews a court decision related to a collective dismissal process.” On October 9, 2020, the Company announced its decision to curtail the smelter’s 228,000 metric tons of annual capacity and proceed with…
December 17, 2020 – The Court hearing the Furniture Factory Ultimate Holding cases issued an order (i) approving the Debtors' asset purchase agreement (the “APA”) with American Freight FFO, LLC (the “Purchaser,” an affiliate of Franchise Group, Inc.; NASDAQ: FRG) and (ii) the sale of substantially all of the Debtors' assets to the Purchaser for…
On December 17, 2020, Moody's Investors Service downgraded its corporate family rating on Brown Jordan Inc. to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD and its senior secured first lien term loan rating to Caa1 from B3. The downgrade reflects slowing demand for outdoor furniture products primarily within the hospitality…
On December 17, 2020, S&P Global Ratings lowered its issuer credit rating on TPC Group Inc. to CCC from B- and its senior secured notes rating to CCC from B-. The downgrade reflects that TPC's credit measures will continue to be unsustainable as a result of weakened end-market demand and lost volumes from Port Neches,…
On December 17, 2020, S&P Global Ratings affirmed its CCC+ issuer credit rating on CPI Card Group Inc. The outlook revision reflects the Company's strong operating performance in 2020, which improved its cash flow generation and leverage metrics, according to the ratings agency. The Company's cash flow and liquidity also improved materially, generating about $7…
December 17, 2020 – In anticipation of their December 21st Plan confirmation hearing (delayed from December 18th), the Debtors have filed (i) their memorandum of law in support of Plan confirmation (the “Memorandum”) [Docket No. 1459] and (ii) Plan voting results [Docket No. 1462]. Plan Overview The Memorandum [Docket No. 1459] states, “The Debtors commenced…
On December 17, 2020, S&P Global Ratings lowered its issuer credit rating on AMG Advanced Metallurgical Group N.V. to B+ from BB-. Leverage may remain weaker than the previous base case forecast if metals prices and demand do not improve as expected, leading to a risk of slower deleveraging in 2021, according to the ratings…
December 5, 2020 –The Debtors filed a Plan Supplement which attached, inter alia, documentation relating to the Debtors' proposed $200.0mn exit facility [Docket No. 1301]. The “Exit Facility Agreement” is attached to the Plan Supplement at Exhibit B. Terms of Exit Facility Credit Agreement: Borrower: 24 Hour Fitness Worldwide, Inc. Administrative and Collateral Agent: Wilmington…
