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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…

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.…

COMSTOCK RESOURCES: S&P Rates Unsecured Debt Offering ‘CCC+’

S&P Global Ratings assigned its ‘CCC+’ issue-level and ’3′ recovery rating to Comstock Resources Inc.’s proposed issuance of $400 million of senior unsecured debt. The ’3′ recovery rating indicates S&P’s expectation of meaningful (50%-70%; rounded estimate: 50%) recovery to creditors in the event of a payment default. S&P is also placing all of its ratings,…

RELIANCE NAVAL: Put Up for Sale Under Insolvency Process

BloombergQuint reports that lenders of Reliance Naval and Engineering Ltd., part of Anil Ambani’s Reliance Group, have sought expressions of interest from buyers for the sale of the private shipbuilder under the Insolvency and Bankruptcy Code. The company is currently facing insolvency proceedings at the Ahmedabad bench of the National Company Law Tribunal. The last…