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They couldnt tell us why we got fired and why others didnt. They are one of the most unprofessional companies. Fuck The debtors have reopened approximately 20 locations in Texas and hope to have the majority of their other non-rejected clubs open by the end of June. Clearly not enough. And, yet, otherwise, we have some sympathy for these businesses. This is a brand new paradigm. Moreover, what kind of chemicals are going to be dumped all over the facility every 60 minutes?
These are tough issues. For example, the Debtors are utilizing their basketball courts to hold group exercise classes, including by relocating stationary bike equipment to continue to offer indoor cycling classes, so that members and equipment can be properly spaced to comply with social distancing guidelines.
No offense but does THIS really worth going to the gym for? You can use apps for a fraction of the cost and do this at home…mask-less. The DIP financing will buy the debtors some time to evaluate new trends. Will those people who paid for a month when the gym was closed come back? Will all of those people who bought home gyms or learned to run need to go to a gym?
The re-opening notwithstanding, all of these questions will directly impact valuation. Indeed, how do you value this business with so many massive question marks? Well, luckily, we have the debt to get a sense of what that answer might be. LLC Tyler Cowan. COVID is starting to notch a long list of corporate victims. Chapter 11 bankruptcy filings have NOT been in short supply the last two months.
Yet while many of the debtors may cite COVID as a factor leading to the bankruptcy filings, in the super-majority of cases it was merely a contributing factor. The icing on the cake, if you will. From our vantage point, prior to the last week, there had only been arguably four pure-play COVID chapter 11 bankruptcy filings:. Ravn Air Group Inc. Those were just the appetizer. This should not have been a surprise to anyone. In what was not exactly our boldest call, we noted that there would be more COVIDspawned action to come — particularly, in the near-term, in Latin America:.
Will one of these be one of the next airlines in bankruptcy court? Including 20 aircraft leased to non-debtor third-parties, the company has a total fleet of aircraft. Contributing to the positive performance trend is the fact that the company has apparently been executing its business plan quite well.
It has rejiggered its cost structure; established new routes; reduced fleet commitments; and upgraded operational execution and customer experience including the implementation of a frequent flyer program. Everything was going in the right direction. The rubber is going to meet the runway with a lot of the aircraft leases. The SPVs finance the acquisition of aircrafts through various banks, pledging the owned aircraft as collateral. Meanwhile, the operating leases are entered into with third-party lessors like AerCap Holdings N.
Similarly, certain aircraft purchase agreements are likely to be grounded. The company has agreements to purchase 44 aircraft from Airbus S. The Debtors seem primed to leverage certain bankruptcy tools here. First and foremost is right-sizing the fleet, which means a lot of the aforementioned agreements will be or are likely to be on the chopping block.
Indeed, the Debtors have already filed a motion seeking to reject around 19 of them. Given that many Latin American countries have suspended air travel for months i. Like Hertz and Avianca, it looks like this one will linger in bankruptcy court for awhile as all of the various parties in interest try to figure out what a business plan looks like in a post-COVID world.
This is confirmation of what we already knew: to juice revenues airlines have been engaging in sardine-packing experiment, squeezing as many passengers into a flight as possible. And it worked! Oklahoma is where a lot of the action is at. Like every other oil and gas company under the sun, this one has too much funded debt. And like every other oil and gas company under the sun, it cannot sustain its capital structure.
Instant liability! Why the bankruptcy now? And a starring role for MBS. The debtors, however, were unable to successfully obtain the requisite number of tenders. Oh well. PETITION Note: apparently the RBL lenders have no interest in owning equity in contact drilling services , and iv payment in full in cash or reorganized equity to general unsecured claimants depending upon which entity they have a claim against. Notably, equityholders who do not opt out of releases will receive out-of-the-money warrants exercisable for an aggregate of While this is admittedly a pretty rich severance plan, it appears that the restructuring support agreement memorializing the above-referenced transaction proposes to renege on this policy and instead provide merely four to 13 weeks severance to employees.
Trey Wood III. Georgia-based Exide Holdings Inc. Going back nearly two decades seems to be an impossible standard to hold any business to but years seems much fairer.
Per the debtors:. Coupled with adverse industry and market factors as well as substantial environmental costs, these challenges have resulted in reduced liquidity. Sooooo…that sucks. We admit it: we were hoping that this was a disruption story. That Elon Musk and the increasingly large cohort of lithium-ion battery using OEMs pushing out electric vehicles were putting the lead-acid battery manufacturers out to pasture. Rather, the debtors state that their post-emergence liquidity issues stem from a mounting environmental remediation costs and litigation, b rising production costs PETITION Note: because the debtors shut two recycling facilities, they are now subject to pricing pressures from outside manufacturers rather than just using their own recycled inputs , c operational inefficiencies caused by legacy mixed-use facilities, and d , of course…wait for it…COVID Look at this beaut:.
So, confronted with all of these factors, the debtors have been engaged in a marketing process since New York-based Centric Brands Inc. More on this in a moment. In addition to the aforementioned private brands, the company designs, produces, merchandises, manages and markets approximately brands pursuant to various licenses.
The latter…well…not so much. For distribution, the company sells wholesale to, among others, bigbox retailers like Walmart Inc. Finally, the company operates partner shop-in-shops for BCBG with big department stores. Bankruptcy aficionados are familiar with the BCBG brand. BCBG filed for bankruptcy itself back in March Through license agreements entered into back in July , Centric has the right to manufacture and distribute certain licensed BCBG product; it also has the right to use certain intellectual property for retail and e-commerce sales.
After the company continued not to pay, BCBG terminated the agreement. Now the parties have a settlement. Soooooo…what happens to those brick-and-mortar locations we mentioned earlier? The debtors filed a motion already seeking to reject nonresidential real property leases effective as of the petition date. Nothing to see here.
Well, except the capital structure. The company has:. Luckily the holdings are concentrated among the above-noted funds. Accordingly, HPS, Ares and Blackstone will end up lenders in an exit first lien term loan and own the reorganized equity on the backend of this restructuring. The debtors will also extend its existing Securitization Facility. Penney Company Inc.
It emphasized a offering compelling merchandise, b delivering an engaging experience, c driving traffic online and to stores including providing buy online, pickup in store or curbside pickup — the latest in retail technology that literally everyone is doing , d fueling growth, and e developing a results-minded culture. Not exactly the highest bar in certain respects but, sure, progress nonetheless we suppose.
Everyone knows the company is in the midst of a slow death. Which gets us to the way the market has looked at this. The numbers paint an ugly picture. A fact reflected by the stock price which has done nothing aside from slowly slide downward since new management onboarded:. The fact that these notes were in the 20s mere months ago is mind-boggling. We talk a lot about how bankruptcy filings are a way to tell a story.
And, here, the debtors, while not trying to hide their stretched balance sheet nor the pains of brick-and-mortar department stores with a store footprint, are certainly trying to spin a positive story about management and the new strategic direction — all while highlighting that there are pockets of value here.
For instance, of those stores, of them are owned, including operating on ground leases. The debtors also own six of their 11 distribution centers and warehouses. With that in mind, prior to COVID, management and their advisors were trying to be proactive about the balance sheet — primarily the term loans and first lien secured notes maturing in According to the debtors, they came close.
In exchange, the debtors would lien up unencumbered collateral real estate. The deal went up in smoke. Beyond that, not much is clear from the filing: the term sheet has a ton of blanks in it:.
Remember: retail sales sunk to a record low in April. Is that peak pain? Or will things get worse as the unemployment rate takes root? Will people shop at JC Penney if they even shop at all? There are numerous challenges here. It matures in days, giving the debtors 6 months to get this all done. A few more notes as there are definitely clear winners and losers here.
The Malls. This is going to be a bloodbath. Already, the debtors have a motion on file seeking to reject 20 leases. Nike Inc. Regardless, showing up among the top creditors in both the Stage Stores Inc. Penney bankruptcy makes for a horrible week. The New York Times.
Imperfect as it may be, their digitalization efforts allow us all to read and marvel about the life of James Cash Penney , a name that so befitting of a Quentin Tarantino movie that you can easily imagine JC chillin with Jack Dalton on some crazy Hollywood adventure.
We read it with sadness as he boasts of the Golden Rule and profit-sharing. Profits alone would be nice, let alone sharing. In the past eight days alone the firm has filed Stage Stores Inc. Zoom out from retail and add in Ultra Petroleum Corp. Real Estate Consultants: B. Houston-based Diamond Offshore Drilling Inc. The company has 15 offshore drilling rigs: 11 semi-submersibles and four ultra-deepwater drillships deployed around the world primarily in the Gulf of Mexico, Australia, Brazil and UK.
Offshore drilling was already challenged due to excess supply of rigs — and has been since Recent events have made matters much much worse.
Thanks MBS. Thanks Putin. Thanks… uh …debilitating pandemic. And so many companies will fall. The question is at what count and at what strength will they be able to get back on their feet. Given that this is a free-fall into bankruptcy with no pre-negotiated deal with lenders, it seems that nobody knows the answer.
How could they? More on this below. Unfortunately, the services segment the debtors play in is particularly at risk. One customer, Beach Energy Ltd. The debtors have been immersed in negotiations with their contract counter-parties to navigate these extraordinary times. A are other big customers. Yeah, so about that capital structure. Starts On.
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