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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…

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…

GARDEN FRESH: To Liquidate All Assets, Auction to End on June 30

Garden Fresh Restaurants, LLC (Souplantation/Sweet Tomatoes) is liquidating all assets under their Chapter 7 Bankruptcy filing. The chain, which employed thousands, was a popular place to dine with self-service food bars, was not able to survive the impact of the COVID-19 pandemic and permanently closed all 97 restaurants and 3 distribution centers in early May.…

BELEAVE INC: Files Under CCAA to Sell to Hegedus

Beleave Inc. (CSE: BE) (OTC: BLEVF) announced that the Company, together with its affiliated entities, Beleave Kannabis Corp., Seven Oaks Inc., 9334416 Canada Inc. O/A Medi-Green and My-Grow, Beleave Kannabis Abbotsford Inc. and Beleave Kannabis Chilliwack Inc. received an order for creditor protection from the Ontario Superior Court of Justice (Commercial List) under the Companies’…

CARBO CERAMICS: Committee Hires AlixPartners as Valuation Expert

The official committee of unsecured creditors appointed in the Chapter 11 cases of CARBO Ceramics Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain AlixPartners, LLP as its intellectual property valuation expert. The team lead for this engagement is AlixPartners’ managing director, Richard Lee. The…

CALIFORNIA RESOURCES: Signs Forbearance Agreements with Lenders

California Resources Corporation and certain of its subsidiaries entered into forbearance agreements with: * certain lenders of approximately 84.6% of the outstanding principal amount of the loans under its Credit Agreement, dated as of Sept. 24, 2014, by and among the Company, as the Borrower, the subsidiary guarantors party thereto, the various Lenders identified therein,…