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HANJIN INTERNATIONAL: S&P Keeps ‘CCC+’ ICR on Watch Negative

S&P Global Ratings kept its ‘CCC+’ long-term issuer credit rating on Hanjin International Corp. (HIC) and the ‘B’ issue rating on the company’s senior secured term loan (’1′ recovery rating) on CreditWatch with negative implications. The ratings were first placed on CreditWatch on March 6, 2020. HIC faces significant debt maturities in the next three…

IFLIX LTD: Tencent Buys Assets of Struggling Streaming Platform

Shirley Zhao, Yoolim Lee, and Zheping Huang at Bloomberg News report that Chinese internet giant Tencent Holdings Ltd. is buying certain assets of iFlix Ltd., a struggling streaming platform with about 25 million users focused in South and Southeast Asia. Tencent will acquire iFlix’s content, technology and resources, expanding its geographic reach in a key…

CHESAPEAKE ENERGY: S&P Cuts ICR to ‘D’ on Missed Interest Payment

S&P Global Ratings lowered its long-term issuer credit rating on Oklahoma City-based oil and gas exploration and production company Chesapeake Energy Corp. to ‘D’ (default) from ‘CC’. At the same time, S&P is lowering its issue-level ratings on the company’s $1.5 billion first-lien last-out term loan due 2024 and its $2.3 billion second-lien notes due…

CEC ENTERTAINMENT: Files Voluntary Chapter 11 Bankruptcy Petition

CEC Entertainment, Inc., a nationally recognized leader in family entertainment and dining, on June 24 disclosed that, in order to overcome the financial strain resulting from prolonged, COVID-19 related venue closures and position the Company for long-term success, CEC Entertainment and its domestic affiliates have filed for voluntary protection under Chapter 11 of the U.S.…

EP TECHNOLOGY: Unsecured Creditors to Get Full Payment in Plan

Debtor EP Technology Corporation USA filed with the U.S. Bankruptcy Court for the Central District of Illinois, Urbana Division, a Disclosure Statement for Plan of Reorganization dated May 28, 2020. The Plan provides for a comprehensive restructuring of the Debtor’s obligations, preserves the going-concern value of the Debtor’s business, maximizes recoveries for creditors, and preserves…

RAVN AIR: Creditors’ Committee Objects to Disclosure Statement

The Official Committee of Unsecured Creditors appointed in the chapter 11 cases of Ravn Air Group, Inc. and its affiliated debtors submitted an objection to the Debtors’ motion for an order approving proposed Disclosure Statement. The Committee claims that while the Disclosure Statement suffers from many deficiencies, above all it impermissibly solicits acceptances of a…

COMSTOCK RESOURCES: S&P Rates Unsecured Debt Offering ‘CCC+’

S&P Global Ratings assigned its ‘CCC+’ issue-level and ’3′ recovery rating to Comstock Resources Inc.’s proposed issuance of $400 million of senior unsecured debt. The ’3′ recovery rating indicates S&P’s expectation of meaningful (50%-70%; rounded estimate: 50%) recovery to creditors in the event of a payment default. S&P is also placing all of its ratings,…