Jababeka Contemplated $350M Issuance Likely Negatively Affected By Worsening Leverage, Limited Financing Diversity, Decreasing Recurring Revenues as Power Plant Faces Oversupplied Grid; Improving Marketing Sales, Substantial Landbank Positives Indonesian industrial real estate developer and infrastructure provider PT Kawasan Industri Jababeka Tbk (Jababeka) is in the midst of seeking shareholders’ approval to issue up to $350…
CalPlant Bankruptcy Supported by 62% of Senior Bondholders; Toggle Plan Envisions Sale or Restructuring CalPlant I LLC and parent company CalPlant Holdco, manufacturers of rice straw-based medium-density fiberboard, or MDF, in Willows, Calif., filed for chapter 11 protection yesterday, Tuesday, Oct. 5, in the Bankruptcy Court for the District of Delaware. The debtors enter chapter…
Structure of Revlon’s BrandCo Loan May Advantage BrandCo 2L Recoveries on RemainCo Collateral at the Expense of 2016 Term Lenders Numerous refinancing transactions in recent years, including Revlon’s success in addressing its 2021 unsecured note maturity last year with an out-of-court solution, leaves the company with an incredibly complex capital structure consisting of foreign term…
Uptick in Restaurant IPOs; BJ’s, Cheesecake Factory, Red Robin Ratios Improve Ahead of Upcoming Financial Covenant Tests; Brinker, Denny’s Refinance Revolvers; Updated Covenant Relief Timeline, Leverage Metrics In this issue of Reorg’s Restaurants Bi-Monthly, Our Americas Covenants experts provide an overview of credit-driven developments affecting the restaurant industry in July and August, including recent refinancings,…
Papa John’s New Unsecured Notes Allow Considerable Additional Secured Debt; Leverage-Based Restricted Payments and Investment Baskets Accessible at Issuance With 2.5x, 2.75x Headroom Papa John’s International has announced the launch of $400 million of senior unsecured notes due 2029 (the “New Notes”), which are expected to price today, Thursday, Sept. 9. Proceeds of the New…
Payoff of Brinker International’s 2023 Unsecured Notes Will Trigger Springing Liens on Additional Collateral Under New Revolver, Create Additional Secured Debt Capacity Under 2024 Notes In August 2021, Brink International replaced its $1 billion revolver (the “Old Revolver”), which would have matured Dec. 12, 2022, with a new $800 million revolver maturing Aug. 18, 2026…
After June Refinancing Transactions Reduce Secured Leverage, Carrols Restores Significant Secured Debt Capacity Under Its Credit Agreement, Declares Special Cash Dividend Payable in Q3 Carrols Restaurant Group Inc. is one of the largest restaurant companies as well as the largest Burger King franchisee in the United States. As of July 4, 2021, the company operated,…
SVXR Seeks to Sell Assets With Bruker Nano as $11.9M Stalking Horse; Noteholders Do Not Consent to Proposed $2M DIP Financing SVXR, a San Jose, Calif.-based developer and manufacturer of high-resolution, automated x-ray inspection and metrology equipment for the semiconductor and advanced-electronics markets, filed for chapter 11 protection on Wednesday, Aug. 4, in the Bankruptcy…
GBG USA Debtors to Run Sale Process With Stalking Horse for Aquatalia Assets, Also Marketing Other Portfolio Brands New York-based GBG USA Inc. – which, along with its debtor-affiliates, operates the North American business segment of Global Brands Group Holding Ltd., a branded apparel, footwear and brand management company – filed for chapter 11 protection…
Hotel, Real Estate Filings Continue to Outpace Historical Averages; July’s Bankruptcies Heavily Concentrated in the $10M – $50M Liability Range Chapter 11s in the $10 million to $50 million range of liabilities, which made up 52% of cases in the first half of the year, account for almost 80%of July’s chapter 11s. This week included…