What We’re Reading This Week [September 8, 2020]
Bloomberg reports that Neiman Marcus Group Inc.’s plan of reorganization was confirmed on September 4, 2020 by the United States Bankruptcy Court for the Southern District of Texas. The confirmed plan revolves around a debt-for-equity swap, which will eliminate approximately $4 billion of the company’s $5.5 billion pre-petition secured debt. [Bloomberg; Sept. 4, 2020]
AMC Entertainment Holdings Inc. commenced efforts to raise approximately $180 million in equity capital on September 2, 2020, reports the Wall Street Journal. The reporting indicates that the equity capital raise is intended to help the company avoid filing for chapter 11 bankruptcy. [WSJ; Sept. 4, 2020]
Reuters reports that the United States District Court for the Southern District of New York has recognized Virgin Atlantic’s chapter 15 bankruptcy petition. The September 3, 2020 recognition order gives effect to Virgin Atlantic’s restructuring plan, which was recently sanctioned by the English High Court in London. [Reuters; Sept. 3, 2020]
Reporting from Yahoo Finance indicates that Whiting Petroleum Corporation exited bankruptcy on September 1, 2020. Whiting, which filed for bankruptcy in early April 2020, completed a debt-for-equity swap, refinanced its existing revolving credit facility, and will pay existing secured claims through its confirmed plan of reorganization. [Yahoo; Sept. 2, 2020]
