On September 29, 2016, S&P Global Ratings lowered its corporate credit rating on Emmis Communications Corporation to CCC from B- and its $205 million senior secured credit facility to CCC+ from B. “The downgrade reflects our expectation that Emmis could violate its covenants in May 2017 due to covenant step-downs, barring an amendment or significant…

The U.S. Bankruptcy Court approved Constellation Enterprises’ motion to extend by 120 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 11, 2017 and March 13, 2017, respectively. As previously reported, “One of the Debtors’ necessary steps towards exiting chapter 11 was…

The U.S. Trustee assigned to the Pacific WebWorks case filed with the U.S. Bankruptcy Court an objection to the Debtor’s Disclosure Statement. The objection explains, “The Disclosure Statement should set forth the bonding requirements for the Liquidating Trustee and the successor to the Liquidating Trustee. If no bonding is anticipated, the risks and costs of…

The U.S. Bankruptcy Court issued an order approving and authorizing the Debtors’ entry into an amendment to its incremental foreign loan facility. As previously reported, “In accordance with the Final DIP Order, on May 6, 2016, June 3, 2016, July 15, 2016, and August 9, 2016, respectively, the Debtors entered into non-material amendments in order…

The U.S. Bankruptcy Court approved C&J Energy Services’ non-insider compensation program. As previously reported, “This Motion seeks the approval, on a postpetition basis, of the Debtors’ prepetition non-insider employee compensation program (the ‘Non-Insider Compensation Program’) applicable to the Debtors’ critical non-insider key employees….The Non-Insider Compensation Program – contemplates quarterly incentive compensation to 56 Participants, which…

Cosi filed with the U.S. Bankruptcy Court a motion for an order approving a key employee retention program (KERP). The motion explains, “As a multi-unit fast- casual restaurant chain, the retention of trained employees is critical to maintaining the value of the Debtors enterprise. The remaining approximately 1081 employees are necessary and vital to ensuring…

The U.S. Bankruptcy Court issued an order approving Noranda Aluminum Holding’s motion for an order approving its entry into a stalking horse agreement and authorizing bid protections in connection with the sale of its “New Madrid Assets” located in Missouri and associated with the Debtors’ upstream business. As previously reported, “MFR II is the stalking…