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AIMBRIDGE ACQUISITION: S&P Rates New First-Lien Term Loan ‘CCC+’

S&P Global Ratings assigned its ‘CCC+’ issue-level rating and ’3′ recovery rating to Aimbridge Acquisition Co. Inc.’s proposed first-lien term loan due 2026. S&P assumed the company will receive proceeds of $150 million from this issuance. The ’3′ recovery rating indicated S&P’s expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for first-lien lenders in the…

FRONTIER COMMUNICATIONS: First Lien Committee Objects to Joint Plan

The ad hoc committee of certain unaffiliated holders of outstanding first lien debt (the “First Lien Committee”) of Frontier Communications Corporation and its Debtor Affiliates objects to the Third Amended Joint Plan of Reorganization of Debtors. The First Lien Committee opposes the Plan because it alters the First Lien Lenders’ legal, equitable, and contractual rights,…

FRONTIER COMMUNICATIONS: 2nd Lien Trustee Says Plan Unconfirmable

Wilmington Savings Fund Society, FSB (the “Second Lien Notes Trustee”), as successor Indenture Trustee and Collateral Agent for the 8.500% Second Lien Secured Notes due 2026 (the “Second Lien Notes”), submitted an opposition to the Third Amended Joint Plan of Reorganization of Frontier Communications Corporation and its Debtor Affiliates. The Second Lien Notes Trustee asserts…

TRIVASCULAR SALES: Unsec. Creditors to Get $2 Million in Plan

Trivascular Sales LLC, et al., submitted a Second Amended Joint Plan of Reorganization and a corresponding Disclosure Statement. As an inducement to unsecured creditors, and in support of the Debtors’ efforts to achieve a consensual plan, lender Deerfield Partners, L.P. agreed to provide the GUC Distribution Amount. The GUC Distribution amount represents a negotiated amount…

ALDRICH PUMP: Asbestos Committee Taps FTI Consulting as Advisor

The Official Committee of Asbestos Personal Injury Claimants of Aldrich Pump LLC, and its debtor-affiliates seeks authority from the U.S. Bankruptcy Court for the Western District of North Carolina to retain FTI Consulting, Inc. as its financial advisor. FTI Consulting will render these financial advisory services: a. review financial related disclosures required by the Court,…

HI-CRUSH INC: Unsecureds’ Recovery at 26.2% to 37.4% in Plan

Hi-Crush Inc., et al., submitted a Plan and a Disclosure Statement. The Plan contemplates certain transactions, including, without limitation, the following transactions (described in greater detail in Section IV herein): * The Chapter 11 Cases will be financed by two debtor-in-possession financing facilities, including (a) the DIP ABL Facility, which consists of a $25 million…

CORNERSTONE BUILDING: Moody’s Rates $400MM Unsecured Notes ‘Caa1’

Moody’s Investors Service assigned a Caa1 rating to Cornerstone Building Brands, Inc.’s proposed $400 million senior unsecured notes due 2029. All other ratings for the company remain unchanged, including the B2 Corporate Family Rating, B2-PD Probability of Default Rating, B2 senior secured credit facilities rating and Caa1 senior unsecured rating. The SGL-2 Speculative Grade Liquidity…