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New Fortress Energy Inc., owned by billionaire Wes Edens, has enlisted Lazard Inc. and Intrepid Financial Partners LLC to explore potential asset sales to address financial challenges. The company is considering divesting some of its liquefied natural gas assets to alleviate its mounting debt, which currently exceeds its market capitalization. New Fortress Energy is seeking partnerships for its various businesses, including LNG production and operation of import terminals in multiple countries, as it faces the risk of being unable to refinance its debts and continue operations. [Extracted from the article]

Medical Properties Trust Inc., a major hospital landlord in the US, is seeking to take control of three Southern California health care entities owned by Prospect Medical Holdings due to alleged debt default. MPT has demanded the resignation of board members from these entities and warned of potential foreclosure if the debt issue is not resolved. This move comes after a previous restructuring agreement between MPT and Prospect, which resulted in MPT holding over $1 billion in assets related to Prospect. The situation reflects ongoing financial challenges in the healthcare industry, with MPT facing similar disputes with other medical firms. [Extracted from the article]

Thoma Bravo's Quorum Software recently secured a $865 million unitranche deal with lower borrowing costs, thanks to strong demand from direct lenders. The transaction refinanced the company's existing debt at more favorable terms, including a revolving credit facility. The company's growth and financial performance have contributed to its ability to obtain attractive borrowing rates. The lender group for the deal included various prominent firms in the private credit market. The market is expected to see increased activity in 2025, following certain political developments. [Extracted from the article]

Thoma Bravo's Quorum Software recently secured a $865 million unitranche deal with lower borrowing costs due to high demand from direct lenders. The deal refinances existing debt at more favorable terms, including a 4.75 percentage point margin over the Secured Overnight Financing Rate. The company's growth, with EBITDA increasing over 10% annually, has contributed to its success. The lender group for the transaction included prominent firms like Ares Management Corp., Blackstone Inc., and Goldman Sachs Group Inc. [Extracted from the article]

LaserShip Inc., backed by American Securities, has reached a debt-restructuring deal with some creditors to receive fresh funding, reduce debt, and change the repayment hierarchy. The struggling package-delivery company would get around $300 million in a new loan that ranks higher in repayment than existing loans. The deal also involves a debt exchange for secured creditors, with some lenders receiving higher-ranking obligations and others swapping into lower-priority debt. This restructuring trend, offering better terms to select creditors, has become more common as companies seek to improve their financial positions. [Extracted from the article]

Empire Today is currently in discussions with lenders to secure new funding and restructure its debt. The proposed plan involves exchanging existing debt for a combination of senior- and junior-ranking debt, with some lenders receiving preferential treatment. The company is seeking fresh financing to address liquidity concerns amidst declining sales, a trend seen in other home-focused retailers facing challenges in the current economic climate. Moody's Ratings downgraded Empire's credit rating due to weak performance and intense competition, with its first-lien term loan trading at record lows. [Extracted from the article]

DirecTV plans to cancel its acquisition of Dish Network Corp. if bondholders do not agree to a debt exchange by November 22. Dish bondholders recently rejected an improved offer from DirecTV, and negotiations will now involve EchoStar Chairman Charlie Ergen and Dish creditors. Regardless of the outcome, EchoStar's business is expected to grow, as it has secured financing separate from the DirecTV transaction. The original deal between DirecTV and Dish involved the acquisition of Dish TV and Sling TV for a nominal consideration of $1 plus the assumption of about $9.75 billion of debt. [Extracted from the article]

Spirit Airlines Inc. is on the brink of bankruptcy and is in advanced talks with creditors to restructure its debt through a Chapter 11 bankruptcy process, potentially leading to the cancellation of the company's existing equity. The airline's shares plummeted by 65% following the news, and discussions for a merger with Frontier Group Holdings Inc. have fallen through. The restructuring plan is not expected to impact general unsecured creditors, employees, customers, vendors, suppliers, or aircraft lessors, according to the company. [Extracted from the article]

DirecTV is planning to cancel its acquisition of Dish Network Corp. if bondholders do not agree to a debt exchange within 10 days. Despite an improved offer from DirecTV, Dish bondholders rejected the terms, leading to uncertainty about the merger. The deal between DirecTV and Dish is contingent on bondholders accepting a reduction in the company's debt, with TPG planning to buy out AT&T's stake in DirecTV separately. [Extracted from the article]

Spirit Airlines Inc. is on the verge of bankruptcy and is in advanced talks with creditors to restructure its debt through a Chapter 11 bankruptcy process, potentially leading to the cancellation of existing equity. Previous discussions with Frontier Group Holdings Inc. for a merger fell through, and negotiations with bondholders have been ongoing. The restructuring plan is not expected to impact general unsecured creditors, employees, customers, vendors, suppliers, or aircraft lessors. The airline's financial struggles stem from the blocked takeover by JetBlue Airways and the burden of debt negotiations. [Extracted from the article]

Spirit Airlines Inc. is in advanced talks with creditors to restructure its debt through a Chapter 11 bankruptcy process, potentially leading to the cancellation of existing equity. Discussions for a merger with Frontier Group Holdings Inc. have fallen through, and the airline has been facing challenges after a blocked takeover by Jetblue Airways earlier this year. Negotiations with bondholders, including holders of loyalty bonds and unsecured convertible bonds, have been ongoing for months. The airline's financial struggles have prevented it from filing its quarterly earnings report. [Extracted from the article]

Spirit Airlines Inc. is considering filing for bankruptcy after failed merger talks with Frontier Group Holdings Inc., according to a report by the Wall Street Journal. The budget airline is in discussions with bondholders to create a bankruptcy plan that would have majority creditor support. A bankruptcy filing could occur within weeks, with Spirit's shares falling by as much as 47% in extended trading. Talks of a potential takeover by Frontier were also reported, with the need for creditor approval to fast-track the process and avoid disruptions to operations. [Extracted from the article]

A group of iHeartMedia Inc. bondholders is preparing to challenge a proposed debt exchange offer, potentially leading to a hostile debt restructuring. The bondholders, advised by law firm Akin Gump Strauss Hauer & Feld, are making preparations to contest the exchange in court. iHeartMedia has disclosed an agreement on the debt swap, but it has not been launched yet, with holders of about 80% of various bonds and term loans agreeing to extend maturities by three years. The investor group claims the offer violates the terms of the 2028 note and applicable law, and they are in the process of replacing the note's trustee, US Bancorp, which could lead to litigation. [Extracted from the article]

Dish Network Corp.'s creditors have rejected the bond-exchange offer crucial for its acquisition by DirecTV, citing concerns about the deal's impact on creditors. Dish's parent company, EchoStar Corp., announced a successful debt exchange, while Dish and DirecTV planned to merge under private equity firm TPG Inc. The creditors are also involved in a court battle over valuable assets, with the steering committee accusing EchoStar Chairman Charlie Ergen of seeking personal gain. [Extracted from the article]

Veritas US Inc., backed by Carlyle Group Inc., is in the final stages of negotiating a $4 billion debt restructuring deal with its creditors. The company plans to use proceeds from the sale of its data protection business to repay $3 billion of its debt, with the remaining amount covered by a new margin loan tied to Cohesity Inc. Lenders will receive preferred equity shares in Cohesity and a mix of cash and take-back paper as part of the restructuring agreement. The deal aims to provide creditors with at least 100% of the face value of their debt, with the possibility of taking Carlyle's equity in Veritas if certain conditions are not met. [Extracted from the article]

Dish Network Corp.'s creditors have rejected the bond-exchange offer crucial for the company's acquisition by DirecTV, citing concerns about the deal being unfavorable to creditors. The offer was sweetened, but the deadline was extended to Nov. 12. Dish and DirecTV's proposed merger aims to create the largest US pay-TV provider, but creditors are engaged in a court battle over valuable assets. The steering committee of lenders is urging Charlie Ergen, chairman of Dish's parent company, to re-engage for a negotiated solution that benefits all stakeholders. [Extracted from the article]

Wellful Inc., the company behind weight-loss programs Jenny Craig and Nutrisystem, is facing financial challenges due to competition from drugs like Ozempic. Backed by private equity firm Kainos Capital, Wellful is seeking to address its debt load and is in discussions with creditors. The company has approximately $550 million in debt due in 2028, stemming from acquisitions made in recent years. Moody's Ratings and S&P Global Ratings have downgraded Wellful's credit rating due to declining earnings. [Extracted from the article]

Assicurazioni Generali SpA is reportedly considering acquiring New York-based credit investment firm MGG Investment Group to expand its presence in the private asset business. The potential deal could value MGG Investment at several hundred million dollars, with Generali aiming to finalize an agreement before its investor day on Jan. 30. Generali's CEO, Philippe Donnet, has expressed the company's goal to enhance its asset management capabilities and diversify globally. As of June, Generali oversaw assets worth €821 billion and recently acquired Conning Holdings Ltd. Shares of Generali have risen by 33% this year, reflecting investor confidence in the company's strategic direction. [Extracted from the article]

Assicurazioni Generali SpA is reportedly considering acquiring New York-based credit investment firm MGG Investment Group to expand its presence in the private asset business. The potential deal could value MGG Investment at several hundred million dollars, with Generali aiming to finalize an agreement before its investor day on Jan. 30. Generali's CEO, Philippe Donnet, has expressed the company's goal to enhance its asset management capabilities and global platform through strategic acquisitions, such as the recent purchase of Conning Holdings Ltd. ©2024 Bloomberg L.P. [Extracted from the article]

Cision Ltd., a public-relations software firm backed by Platinum Equity, recently created a new holding company, sparking speculation among lenders about potential asset sales or collateral transfers. The reasons behind the formation of the holding company remain undisclosed, and the departure of CEO Cali Tran shortly after has raised questions. With $2.5 billion in debt and a first-lien term loan due in 2027, Cision's financial situation has led to a downgrade by Moody's Ratings, citing concerns about revenue growth in 2024. [Extracted from the article]

Franchise Group Inc., the owner of brands like the Vitamin Shoppe and Pet Supplies Plus, filed for bankruptcy protection due to financial losses and issues related to its backer, B. Riley Financial Inc. The company filed for Chapter 11 bankruptcy in Delaware with nearly $2 billion in debt. B. Riley's founder, Brian Kahn, stepped down amid a criminal investigation, leading to further challenges for FRG. Despite the bankruptcy, FRG has secured a deal with lenders and will continue operations with the support of $250 million in Chapter 11 financing. [Extracted from the article]

Franchise Group Inc., the owner of brands like The Vitamin Shoppe and Pet Supplies Plus, is preparing to file for bankruptcy due to months of losses and turmoil. The company, also known as FRG, plans to seek Chapter 11 protection with senior lenders taking control. The troubles at FRG are linked to major shareholder B. Riley Financial Inc., which helped arrange a buyout last year. Founder Brian Kahn stepped down amid a criminal investigation, and the company struggled with debt and underperforming brands. [Extracted from the article]

Corus Entertainment Inc., a Canadian television company, is considering a potential sale of its business with the help of Jefferies Financial Group. The company has significant debt issues, leading to concerns about its ability to continue operating. Corus has already made changes to its credit line and is in discussions with bondholders and financial advisers. The company's stock value has plummeted, and there are fears that current shareholders may not recover their investments. Quebecor Inc. reportedly made an offer to buy Corus earlier in the year. [Extracted from the article]

Wellpath Holdings Inc., a major provider of health-care services to prisons and jails in the US, is reportedly preparing to file for bankruptcy due to high debt and labor costs. The company, owned by H.I.G. Capital, failed to repay a credit facility and deferred interest payments, leading Moody's Ratings to view these actions as a default. Private equity-owned companies in the prison services industry, like Wellpath, have faced challenges due to heavy debt loads and increased scrutiny from various stakeholders. Moody's placed Wellpath on default status, citing cash flow pressures and poor earnings, with S&P Global Ratings also downgrading the company's ratings. [Extracted from the article]

Dish Network Corp.'s bondholders are expected to reject the company's latest debt exchange offer, which is crucial for its acquisition by DirecTV. The revised offer, aimed at reducing bond losses, has not been deemed acceptable by a group of investors. Negotiations have reached a stalemate, with bondholders proposing a $300 million haircut. Both companies are facing challenges in finalizing the deal, with legal representatives involved in the process. [Extracted from the article]

Hearthside Food Solutions, a snack maker, is considering handing control to creditors due to financial struggles, potentially through a bankruptcy filing. The company, burdened by significant debt, is in talks with creditors to reach a deal either through Chapter 11 or outside of court. Despite efforts to sell assets and improve liquidity, Hearthside faces challenges, including doubts about its ability to continue operating. Additionally, the company was previously implicated in a report for employing migrant children in violation of child labor laws, although it has since taken steps to address the issue. [Extracted from the article]

A recent financing led by TPG Angelo Gordon in the context of the proposed merger between Dish Network and DirecTV has introduced a new complication to the deal process. TPG's credit arm is seeking collateral tied to Dish subscribers to secure a loan, potentially causing friction among Dish debtholders. The merger between Dish and DirecTV aims to create the largest US pay-TV provider, positioning both companies to compete more effectively in the evolving TV landscape. [Extracted from the article]

A recent financing led by TPG Angelo Gordon in the context of the proposed merger between Dish Network and DirecTV has added complexity to the deal process. TPG's credit arm is seeking collateral tied to Dish subscribers to secure a loan, potentially causing friction among Dish debtholders. The merger between Dish and DirecTV aims to create the largest US pay-TV provider in response to the changing TV landscape influenced by streaming services. [Extracted from the article]

The proposed merger between Dish Network and DirecTV, valued at almost $10 billion, is at risk due to a dispute with creditors over a distressed exchange that would result in bondholders taking a significant loss. DirecTV has set a deadline of October 29 for an agreement on the exchange, or they may walk away from the deal entirely. The merger was intended to create the largest US pay-TV provider under the control of private equity firm TPG Inc., but bondholders are concerned about potential losses and have formed a blocking position. The situation remains unresolved, with both sides at a stalemate, and legal battles over valuable assets are ongoing. [Extracted from the article]

Creditors of Dish Network have expressed concerns to DirecTV about the current merger proposal, stating that it would result in a significant loss of almost $1.6 billion for them. DirecTV rejected a counteroffer from bondholders, leading to negotiations on how to proceed with the merger, which aims to create the largest US pay-TV provider. The deal is contingent on various transactions involving key players, including AT&T Inc. and private equity firm TPG Inc., with bondholders being asked to exchange old debt for new notes with potential haircuts of up to 40% of face value. [Extracted from the article]

Spirit Airlines is considering filing for bankruptcy in order to facilitate a takeover by Frontier Group Holdings Inc. Talks between the two airlines involve working out terms with Spirit's creditors, including holders of approximately $2.5 billion in debt. The potential merger comes after Spirit's failed attempt to merge with JetBlue Airways Corp. due to antitrust concerns. Frontier Chairman Bill Franke, known as the "father of ultradiscounting," could expand his network of carriers through this potential tie-up. Both airlines have adjusted their business models to offer more upscale options in response to competition from larger carriers. [Extracted from the article]

Azul SA, a Brazilian airline, is struggling to raise $400 million in fresh debt to meet a key condition of its deal with aircraft lessors. Jefferies Financial Group has been unsuccessful in securing the full amount, prompting Azul to focus on negotiations with bondholders for financing. The company faces challenges due to high interest rates, volatile fuel costs, a weaker Brazilian real, and the closure of a key airport, but has managed to avoid bankruptcy protection so far. [Extracted from the article]

TGI Friday's Inc. is seeking new financing as it prepares to file for bankruptcy due to struggles in adapting to customers' changing preferences and tighter budgets. The company is working with lenders to secure a loan to continue operating through the Chapter 11 process. Other casual dining chains, like Red Lobster and Hooters, have also faced financial challenges in recent years, with some entering bankruptcy. TGI Friday's, which originated in the 1960s as a pioneering singles' bar and restaurant, is now facing closure of locations and financial restructuring. [Extracted from the article]

Aventiv Technologies, backed by Platinum Equity, is exploring buyout options to avoid potential bankruptcy, with multiple parties showing interest in purchasing the prison-phone company. The company faces a December deadline to secure a buyout deal worth at least its outstanding debt of $1.67 billion. Aventiv has seen slight revenue and earnings growth in 2024, but may resort to a Chapter 11 filing if a sale agreement is not reached. The company's debt restructuring and financial challenges have been exacerbated by recent FCC rules reducing phone-call rates for incarcerated individuals. [Extracted from the article]

Three US education-software companies acquired by Indian tech-firm Byju's for $820 million are set to be sold to repay lenders, as confirmed by a court-appointed trustee. Byju's reduced spending and transferred key functions to India before abandoning the units, leading to their financial struggles. Creditors are seeking a $9.5 million bankruptcy loan to stabilize the units before an auction process, while Byju's founder denies any wrongdoing in response to aggressive lender tactics. [Extracted from the article]

Aventiv Technologies, backed by Platinum Equity, has informed investors of interest from multiple parties seeking to purchase the prison-phone company before a December buyout deadline. The firm reported slight revenue and earnings growth for 2024 and has received interest from potential buyers looking to acquire the entire company. If Aventiv fails to secure a sale agreement covering its outstanding debt, it may consider a potential Chapter 11 filing, with lenders possibly taking control as per a previous agreement. The company, which was acquired by Platinum Equity in 2017, has faced scrutiny and pressure, particularly after the Federal Communications Commission approved rules reducing phone and video-call rates for incarcerated individuals. [Extracted from the article]

After a chemical warehouse fire in Rockdale County, Georgia, residents can now leave their homes at night as officials lifted a shelter in place order. Locals are suing Bio-Lab Inc. for negligence, with some officials calling for the facility's closure due to past emergencies. Investors are concerned about potential losses, and lawsuits are seeking class-action status for affected residents and business owners. The Georgia Poison Center has received reports of over 2,800 symptoms related to the fire, mostly ocular and respiratory. Elected officials are urging the EPA to enhance oversight of facilities storing similar chemicals. [Extracted from the article]