Close

STEINHOFF INT’L: Faces More Than EUR9 Billion in Legal Claims

Emma Rumney at Reuters reports that Steinhoff International, battling the fallout from a massive accounting fraud, faces legal claims amounting to more than EUR9 billion (US$10.10 billion), the South African retailer’s annual report showed on July 1. According to Reuters, the report for the year ended September 2019 listed numerous court cases with claimants seeking…

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…