MidCap Financial Provides $270MM Tranche A Revolving Credit Facility to Revlon Consumer Products - News | ABL Advisor: Revlon and MidCap Financial entered into an amendment which, among other things, enhanced Revlon’s liquidity, provided additional operating flexibility, and extended the maturity date. The $270 million “Tranche A” Revolving Credit Facility is provided by MidCap Financial and Apollo affiliates as Tranche A Revolving Lenders.
Americans Are Done With 5-Days a Week in the Office. Here’s What That Means for the Economy - Bloomberg: An interview with Nicholas Bloom, a prominent Stanford University economist who has studied remote work and economic uncertainty for years and has become a de-facto “working-from-home” expert during the pandemic.
Manhattan Office Supply Hits Another Record Even as NYC Opens Up - Bloomberg: The availability rate rose for a 12th consecutive month in May to 17%, according to a report Tuesday from Colliers. Since the pandemic started last March, the amount of space up for grabs jumped 70% to a total of 92 million square feet (8.5 million square meters). There are signs that demand is turning a corner. Leasing climbed 8% from last May, while average asking rents ticked up 0.4% to $73.26 a square foot.
Is the never-ending Sears saga finally reaching its closing chapters? | Retail Dive: According to a Retail Dive count of Sears' website, there were 40 Kmart stores and 39 Sears full-line stores (including Puerto Rico and other territories) as of May 26. A spokesperson for Transformco did not respond to Retail Dive's request to confirm the company's current store count and make an executive available for interview.
AMC Entertainment Gains After $230.5 Million Stock Sale to Mudrick Capital - Bloomberg: AMC Entertainment Holdings Inc. gained Tuesday, extending last week’s rally, after raising $230.5 million with a stock sale to Mudrick Capital Management as the movie-theater operator pledged to “go on offense” with acquisitions.
Mudrick reportedly sold the 8.5 million AMC shares it just bought: Mudrick Capital sold all of its stock in AMC Entertainment, according to a new report from Bloomberg News. According to Bloomberg, the decision to dispose of the stake came after the firm concluded that AMC’s stock was overvalued.
West Virginia Gov. Jim Justice Is Personally Liable for $700 Million in Greensill Loans - WSJ: Jim Justice’s personal guarantee of the loans, which hasn’t been reported, puts financial pressure on the Republican governor.
Mudrick Said to Sell AMC Stake, Calling Shares Overvalued - Bloomberg: Mudrick no longer holds any AMC shares and sold at a profit, the person said, asking not to be identified discussing a private matter. The firm disposed of its stake after concluding that AMC’s stock is overvalued, propped up by a recent wave of day-trader enthusiasm, the person said.
Avadim Health Files Chapter 11 to Put Lenders in Control: Avadim Health, which makes topical foams, sprays and towelettes under Theraworx, Phuel and Combat One brands, filed for bankruptcy protection with secured lenders led by Hayfin Capital Management positioned as the lead bidders in a sale process.
Gold Miner Centerra Places Kyrgyzstan Units in Chapter 11 Over Government Seizure: The Toronto-based company says bankruptcy will ease talks with the country’s government, which installed new management at the Kumtor mine.
A Reminder That a 9019 Motion Is Not a Slam Dunk: Bankruptcy Court Denies 9019 Motion After Determining That Approving Certain Findings Required By Settlement Would Amount to Inappropriate Advisory Opinion | Weil, Gotshal & Manges LLP : The Court declined to approve the Settlement, which was conditioned on the Court making findings that could impact litigation in another court, because the Court was unwilling to make all the requested findings.
Journal of Corporate Renewal - June 2021 - THE ROLE OF RESTRUCTURING ADVISORS IN REFINANCING TRANSACTIONS: Chapter 11 filings do not tell the entire story of the current retail restructuring market. Other retail companies have avoided Chapter 11 and successfully restructured out of court in an attempt to save jobs, minimize disruption to operations, and preserve value for equity holders.
Return to Office: Employees Are Quitting Instead of Giving Up Work From Home - Bloomberg: The drive to get people back into offices is clashing with workers who’ve embraced remote work as the new normal.
Queen Mary could capsize without urgent repairs, report shows - Los Angeles Times: A trove of court documents and inspection reports released last month reveal the extent of the Queen Mary’s disrepair.