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ADELIE FOODS: Coronavirus Pandemic Impact Prompts Administration

Business Sale reports that Adelie Foods, one of Britain’s biggest suppliers of sandwiches and food-to-go, has appointed administrators as the coronavirus pandemic continues to impact the food sector. The company had been in rescue talks for several weeks, but a potential acquisition by an unnamed company couldn’t gain the necessary support from watchdogs in time,…

FIJI AIRWAYS: Fiji Government to Guarantee Loans Totaling FJD455MM

Xinhua News Agency reports that the Fijian parliament approved on May 25 the motion for the government to guarantee the Fiji Airways borrowing of FJD455 million (about USD203.2 million). According to Xinhua, Fiji’s Civil Aviation Minister Aiyaz Sayed-Khaiyum said in parliament that this includes domestic borrowings of up to FJD191.1 million and off-shore borrowings of…

PACE INDUSTRIES: Wins Interim OK on Up to $125M of DIP Facility

Judge Mary F. Walrath granted Pace Industries, LLC and debtor affiliates interim approval to borrow: (i) up to $125 million in aggregate principal amount under a senior secured super-priority asset-based revolving credit facility from certain DIP revolver lenders and Bank of Montreal (BMO), as administrative agent, and (ii) an aggregate principal amount not to exceed…

WESCO INT’L: Fitch Assigns First Time ‘BB-‘ Issuer Default Rating

Fitch Ratings has assigned WESCO International, Inc. and WESCO Distribution, Inc. a first-time Issuer Default Rating of ‘BB-’. Fitch has also assigned ratings of ‘BB+’/’RR1′ to the company’s first lien secured ABL facility and ‘BB-’/’RR4′ to the company’s existing $850 million of unsecured notes and proposed issuance of $2.825 billion of new unsecured notes to…

Restructuring in the New ‘Abnormal’

Restructuring professionals routinely spend time identifying troubled companies and industry sectors, pontificating about when the next restructuring wave will occur. As the 2020s ushered in, the talk among restructuring professionals was that corporate leverage was approaching unsustainable levels, and there were growing signs of an overdue recession, including the rare sighting of an inverse yield…