On January 17, 2018, S&P Global Ratings lowered its corporate credit rating on Sears Holdings Corporation to CCC- from CCC and its second-lien secured debt rating to CCC from CCC+. According to S&P Global, the downgrade follows Sears announcement that it is in discussions with its lenders regarding potential transactions that would modify the agreement…

On January 18, 2018, S&P Global Ratings lowered its long-term corporate credit rating on RGL Reservoir Management Inc. to SD from CCC- and its first-lien term loan to D from CC. According to S&P Global, the downgrade follows RGL’s recapitalization of its balance sheet that reduced long-term debt by more than 80%. S&P views the…

Quadrant 4 System (Q4) and Stratitude filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 25, 2018 and June 24, 2018, respectively. The motion explains, “This is Q4’s second request and Stratitudes’s first…

The U.S. Bankruptcy Court docket reflects a certification of counsel regarding an order authorizing the Rentech Debtors to sell the assets of the non-debtor NEWP subsidiaries. The document notes, “Exhibit 1 is a revised form of order (the ‘Revised Order’) that authorizes the Debtors to approve the sale of non-Debtor subsidiary New England Wood Pellet,…

The U.S. Bankruptcy Court issued an order confirming Walter Investment Management’s Amended Prepackaged Chapter 11 Plan of Reorganization [Modified], and the Company anticipates emerging from Chapter 11 protection by January 31, 2018. The financial restructuring is expected to reduce the Company’s outstanding corporate debt by approximately $800 million. In connection with the confirmation order, Walter…

Louisville Gas and Electric (LG&E) and its affiliated Kentucky Utilities (KU) filed with the U.S. Bankruptcy Court an objection to Armstrong Energy’s Second Amended Joint Plan of Reorganization. The objection asserts, “A material aspect of the Plan is the Debtors’ anticipated assumption of contracts under which they sell coal to LG&E and KU and the…

Cumulus Media filed with the U.S. Bankruptcy Court a motion authorizing the Debtors to continue certain pre-petition incentive compensation programs. The motion explains, “Currently, 11 individuals participate in the short-term and/or long-term incentive programs (the ‘Quarterly Incentive Plan’ or ‘QIP,’ and the ‘Supplemental Incentive Plan’ or ‘SIP’, respectively), four of whom are ‘insiders’ pursuant to…

Privately-held Kingman Farms Ventures, LLC (Kingman Farms) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nevada, case number 18-10180. Based in Las Vegas, NV, the Company is led by James M. Rhodes, President of Truckee Springs Holdings: manager of the Debtor. Kingman Farms is represented in bankruptcy proceedings by…

The U.S. Bankruptcy Court approved Real Industry’s motion to implement the Real Alloy Debtors’ (i) key employee incentive plan (KEIP) and (ii) key employee retention plan (KERP). As previously reported, the KEIP motion explains, “The Real Alloy Debtors have therefore developed two plans – the KEIP and the KERP – that are narrowly tailored and…

Oakridge Holdings filed with the U.S. Bankruptcy Court a renewed motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof, both through and including March 18, 2018. The motion explains, “The Debtors have made significant progress towards reorganization. They have obtained crucial post-petition financing to…