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

S&P Global Ratings lowered its issuer credit rating on U.S.-based oil and gas exploration and production (E&P) company Chaparral Energy Inc. to ‘D’ from ‘CCC-’. At the same time, S&P lowered its issue-level ratings on the company’s unsecured notes to ‘D’. S&P’s ’6′ recovery rating (0%-10%; rounded estimate: 0%) on the unsecured notes remains unchanged.…

LIFE TIME INC: S&P Alters Outlook to Negative, Affirms ‘CCC+’ ICR

S&P Global Ratings revised the rating outlook on Chanhassen, Minn.-based fitness club operator Life Time Inc. to negative from developing. The rating agency believes there are significant near-term downside risks, and it no longer believes it could raise ratings in the next 12 months. S&P is affirming its ‘CCC+’ issuer credit rating on Life Time,…

TRUE RELIGION: Unsecured Creditors to Get Full Payment in Plan

True Religion Apparel, Inc. and certain of its affiliated debtors filed with the United States Bankruptcy Court for the District of Delaware a Joint Chapter 11 Plan of Reorganization and a Disclosure Statement on June 16, 2020. In connection with the Prepetition ABL Credit Agreement, the Debtors entered into that certain Copyright Security Agreement, Patent…

PATTERN ENERGY: S&P Rates $700MM Senior Unsecured Notes ‘BB-’

S&P Global Ratings assigned its ‘BB-’ issue-level rating and ’3′ recovery rating to Pattern Energy Operations L.P.’s (Pattern Operations) senior unsecured notes due 2028. The ’3′ recovery rating indicates its expectation that lenders would receive meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. At the same time, S&P is affirming its…

AKORN INC: Committee Hires Huron Consulting as Financial Advisors

The Official Committee of Unsecured Creditors of Akorn, Inc., and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Huron Consulting Services LLC, as financial advisors to the Committee. The Committee requires Huron Consulting to: a) review and analyze financial information prepared by the Debtors, their accountants and/or…

FREEDOM COMMUNICATIONS: Unsecureds to Recover 0.5% to 5% in Plan

Freedom Communications, Inc. and its debtor affiliates, and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, a Joint Chapter 11 Plan of Liquidation and a corresponding Disclosure Statement on June 4, 2020. The Debtors and the Committee are co-proponents of the Plan,…

ALDRICH PUMP: Appointment of Asbestos Claimants Sought

Shelley Abel, bankruptcy administrator, asked the U.S. Bankruptcy Court for the Western District of North Carolina to approve the formation of an official committee of asbestos claimants in the Chapter 11 cases of Aldrich Pump, LLC and its affiliates. The bankruptcy administrator also recommended the appointment of the following asbestos claimants to the committee: 1.…