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Reorg Radio
Americas Core Credit: Serta Simmons Superpriority Uptier Exchange (Oct. 11, 2020)
Oct 11, 2020
22:38
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This week the Americas Core Credit team discusses Covenants in relation to the Serta Simmons superpriority uptier exchange and chances that other companies can replicate. They also provide updates on the JCPenney bankruptcy case, discuss the restructuring plan for 24-Hour Fitness debtors, and explore the impact of super priority liens on bonds.
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Quick takeaways
- Judge Michael Wiles granted interim approval of the Garrett Motion Detters proposed $250 million dip facility from term lenders.
- AMC Entertainment plans to keep all reopened theaters despite CineWorld's plan to suspend operations of its theaters in the US and UK.
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Garrett Motion granted interim approval for dip facility
Judge Michael Wiles granted interim approval of the Garrett Motion Detters proposed $250 million dip facility from term lenders. Honeywell International and a group of shareholders withdrew their objections to interim relief. Honeywell reserved the right to object to final approval. Debtors promised to remain open for business in alternative financing proposals.
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