Daily Bankrupt Company Updates | Bankrupt Company News

December 8, 2020 – The Debtors filed an Amended Combined Plan of Liquidation and Disclosure Statement (the "Amended Combined Document") which attaches a blackline showing changes to the version filed on November 19, 2020 [Docket No. 367]. The Amended Combined Document amends the case caption to Permian Holdco 1, Inc. from Permian Tank & Manufacturing,…

December 8, 2020 – The Debtors filed a Modified Second Plan of Reorganization with a redline showing changes to the version filed on November 1, 2020 [Docket No. 350] and separately filed a motion requesting Court approval of the modified Plan without otherwise needing to resolicit stakeholders for approval.  The modifications reflect a recently achieved…

December 9, 2020 – The Debtors filed a motion seeking Court approval for extending the periods during which the Company has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including March 9, 2021 and May 8, 2021, respectively [Docket No. 197]. Absent the requested relief, the Plan filing…

December 9, 2020 – The Court hearing the Lucky’s Market Parent Company 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 January 15, 2021 and March 15, 2021, respectively [Docket No. 1322]. Absent the requested relief, the Plan…

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…