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FRONTIER COMMUNICATIONS: SEC Objects to Plan & Disclosure

The U.S. Securities and Exchange Commission (“SEC” or “Commission”), the federal agency responsible for enforcement of the federal securities laws, objects to approval of the Disclosure Statement and confirmation of the Chapter 11 Plan of Frontier Communications Corporation and its affiliated debtors dated May 14, 2020. In support of its limited objection, the Commission respectfully…

VIRGINIA TRUE: Up to 87% for Unsecureds in Diatomite Plan

Diatomite Corporation of America, filed a proposed Chapter 11 Creditor Plan of Liquidation for debtor Virginia True Corporation. In April 2017, Debtor acquired from Diatomite a 977-acre parcel of undeveloped land located within the environmentally-protected Fones Cliffs area in Richmond County, Virginia (the “Property”), with the intent to develop a resort and build a hotel,…

FRONTIER COMMUNICATIONS: First Lien Lenders Say Plan Unconfirmable

The ad hoc committee of certain unaffiliated holder, of Frontier Communications Corporation, et al.’s outstanding first lien debt objects to the Debtors’ motion seeking approval of the disclosure statement. The First Lien Committee points out that the Disclosure Statement should not be approved because the Plan it describes is patently unconfirmable. The First Lien Committee…

CHESAPEAKE ENERGY: U.S. Trustee Appoints Royalty Owners’ Committee

Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed nine creditors to the committee of royalty owners in the Chapter 11 cases of Chesapeake Energy Corp. and its affiliates. The committee members are: 1. B.D. Griffin501 N. Thompson, Suite 300Conroe, TX 77301Tel: 936-520-7221/936-538-8202Fax: 936-760-6920Email: bd.griffin@mctx.org Counsel: Circelli, Walter & Young, PLLCGeorge Parker Young, Esq.500…

MASHANTUCKET (WESTERN) PEQUOT: S&P Raises Term Loan Rating to CCC-

S&P Global Ratings raised its issue-level rating on Mashantucket (Western) Pequot Tribe’s term loan to ‘CCC-’ from ‘D’, reflecting its view that there is a high probability of some form of restructuring within the next six months. The issuer credit rating on the entity remains ‘SD’. S&P raised its issue-level rating on the Mashantucket (Western)…

LATAM AIRLINES: Seeks to Hire Larrain Vial as Investment Banker

LATAM Airlines Group S.A. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Larrain Vial Servicios Profesionales Limitada as their investment banker. The firm’s services will include advisory and intermediation services related to Latin American entities; identification of investors willing to participate in the debtor-in-possession…

CBL & ASSOCIATES: Obtains Forbearance Agreement Extension

CBL & Associates Limited Partnership, the majority owned subsidiary of CBL & Associates Properties, Inc., and certain subsidiary guarantors entered into the following agreements. (i) Amendment to Forbearance Agreement with Respect to the 2023 Notes As previously reported, on June 30, 2020, the Operating Partnership, the Subsidiary Guarantors and the REIT, as a limited guarantor,…

PHILADELPHIA ENERGY: Hilco Purchase of Refinery at $27.5M Less

Hilco Redevelopment Partners (HRP) — the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial property — announced June 26, 2020, that it completed a transaction to purchase the 1300-acre former Philadelphia Energy Solutions (PES) refinery in Southwest Philadelphia. The deal is a giant step toward building an environmentally…

APOLLO ENDOSURGERY: Enters Into a $25M Equity Financing Agreement

Apollo Endosurgery, Inc., has entered into definitive agreements for a $25 million equity financing. Concurrently, Apollo entered into an amendment to its Loan and Security Agreement, dated March 2019, with Solar Capital Ltd., to modify certain covenant terms. In addition, Apollo provided a preliminary second quarter business update. “This equity financing will provide the capital…