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Reorg Radio
Hornblower Chapter 11, Rite Aid's ‘Toggle’ Plan, Supreme Court: Syndicated Loans Not 'Securities'
Feb 26, 2024
This podcast discusses Hornblower's chapter 11 filing with $930 million in funding, US Supreme Court decision on syndicated loans as securities, and Rite Aid's modified plan with a 'toggle' option for a sale transaction. It also covers court approvals, creditor analysis, airline industry trends, financial updates from various companies, and insights into legal proceedings and debt restructuring in the financial sector.
09:21
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Quick takeaways
- Hornblower aims to reduce debt by $720 million through Chapter 11 and received dip financing approval.
- Millennium Health's syndicated loans confirmed as securities by the US Supreme Court.
Deep dives
Restructuring Updates on Various Companies
This week's coverage included updates on Hornblower, Millennium Health, Rite Aid, Westcore Aircraft, Odyssey, and Instant Brands. Hornblower filed Chapter 11, aiming to reduce its debt by $720 million and received approval for dip financing. Millennium Health's syndicated loans' status as securities was confirmed by the US Supreme Court. Right Aid proposed a plan providing equity to senior secured note holders or a possible sale transaction. Westcore and Court of Chapter 11 cases showed potential for claim settlement. Odyssey's reorganization plan was confirmed amidst challenges. Instant Brands' Chapter 11 plan was confirmed after addressing objections.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode