Bankruptcy

Clarivate Announces Pricing of Offering of $1.0 Billion Senior Secured Notes and $1.0 Billion Senior Notes

Friday, June 11, 2021 - 1:34am

LONDON, June 11, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the pricing of its previously announced private offering (the "Offering") of $1.0 billion of 3.875% senior secured notes due 2028 (the "Secured Notes") and $1.0 billion of 4.875% senior notes due 2029 (the "Unsecured Notes" and, together with the Secured Notes, the "Notes").

Key Points: 
  • LONDON, June 11, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the pricing of its previously announced private offering (the "Offering") of $1.0 billion of 3.875% senior secured notes due 2028 (the "Secured Notes") and $1.0 billion of 4.875% senior notes due 2029 (the "Unsecured Notes" and, together with the Secured Notes, the "Notes").
  • The Secured Notes will mature on June 30, 2028 and the Unsecured Notes will mature on June 30, 2029.
  • The Notes will be issued by Clarivate Science Holdings Corporation (the "Issuer"), an indirect wholly-owned subsidiary of Clarivate, on June 24, 2021, subject to customary closing conditions.
  • The Secured Notes are expected to be secured on a first-lien pari passu basis with borrowings under the existing credit facilities and senior secured notes, and the Unsecured Notes will be the Issuer's and such guarantors' unsecured obligations.

Clarivate Announces Pricing of Offering of $1.0 Billion Senior Secured Notes and $1.0 Billion Senior Notes

Friday, June 11, 2021 - 1:13am

LONDON, June 10, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the pricing of its previously announced private offering (the "Offering") of $1.0 billion of 3.875% senior secured notes due 2028 (the "Secured Notes") and $1.0 billion of 4.875% senior notes due 2029 (the "Unsecured Notes" and, together with the Secured Notes, the "Notes").

Key Points: 
  • LONDON, June 10, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the pricing of its previously announced private offering (the "Offering") of $1.0 billion of 3.875% senior secured notes due 2028 (the "Secured Notes") and $1.0 billion of 4.875% senior notes due 2029 (the "Unsecured Notes" and, together with the Secured Notes, the "Notes").
  • The Secured Notes will mature on June 30, 2028 and the Unsecured Notes will mature on June 30, 2029.
  • The Notes will be issued by Clarivate Science Holdings Corporation (the "Issuer"), an indirect wholly-owned subsidiary of Clarivate, on June 24, 2021, subject to customary closing conditions.
  • The Secured Notes are expected to be secured on a first-lien pari passu basis with borrowings under the existing credit facilities and senior secured notes, and the Unsecured Notes will be the Issuer's and such guarantors' unsecured obligations.

Crosswinds Holdings Inc. Announces Debt Settlement

Thursday, June 10, 2021 - 11:59pm

Pursuant to the Debt Settlement, Generic Capital Corporation, a company beneficially owned and controlled by Albert Contardi, acquired 7,933,670 Common Shares of the Company.

Key Points: 
  • Pursuant to the Debt Settlement, Generic Capital Corporation, a company beneficially owned and controlled by Albert Contardi, acquired 7,933,670 Common Shares of the Company.
  • Prior to the completion of the Debt Settlement, Mr. Contardi did not beneficially own or control any Common Shares of the Company.
  • Pursuant to the Debt Settlement, Irwin Professional Corporation, a company beneficially owned and controlled by Chris Irwin, acquired 3,500,000 Common Shares of the Company.
  • A material change report will be filed less than 21 days before the closing date of the debt settlement.

Hertz's Plan Of Reorganization Confirmed By Bankruptcy Court

Thursday, June 10, 2021 - 4:54pm

ESTERO, Fla., June 10, 2021 /PRNewswire/ --Hertz Global Holdings, Inc. (OTCPK:HTZGQ) ("Hertz" or the "Company") today announced that the Bankruptcy Court confirmed the Company's Plan of Reorganization (the "Plan").

Key Points: 
  • ESTERO, Fla., June 10, 2021 /PRNewswire/ --Hertz Global Holdings, Inc. (OTCPK:HTZGQ) ("Hertz" or the "Company") today announced that the Bankruptcy Court confirmed the Company's Plan of Reorganization (the "Plan").
  • The Plan unimpairs all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders.
  • Hertz's Plan will eliminate over $5billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company.
  • The Plan provides for the payment in cash in full to all creditors and for existing shareholders to receive more than $1 billion of value.

Clarivate Announces Commencement of Offering of $1.0 Billion Senior Secured Notes and $1.0 Billion Senior Notes

Thursday, June 10, 2021 - 12:45pm

LONDON, June 10, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the commencement of a private offering (the "Offering") of $1.0 billion of senior secured notes due 2028 (the "Secured Notes") and $1.0 billion of senior notes due 2029 (the "Unsecured Notes" and, together with the Secured Notes, the "Notes").

Key Points: 
  • LONDON, June 10, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the commencement of a private offering (the "Offering") of $1.0 billion of senior secured notes due 2028 (the "Secured Notes") and $1.0 billion of senior notes due 2029 (the "Unsecured Notes" and, together with the Secured Notes, the "Notes").
  • The closing of the Offering is not conditioned on, and will be consummated prior to, closing of the Acquisition.
  • As a result, concurrently with the closing of the Offering, the Issuer will deposit the gross proceeds of the Offering into segregated escrow accounts.
  • The Secured Notes are expected to be secured on a first-lien pari passu basis with borrowings under the existing credit facilities and senior secured notes, and the Unsecured Notes will be the Issuer's and such guarantors' unsecured obligations.

Clarivate Announces Commencement of Offering of $1.0 Billion Senior Secured Notes and $1.0 Billion Senior Notes

Thursday, June 10, 2021 - 12:45pm

LONDON, June 10, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the commencement of a private offering (the "Offering") of $1.0 billion of senior secured notes due 2028 (the "Secured Notes") and $1.0 billion of senior notes due 2029 (the "Unsecured Notes" and, together with the Secured Notes, the "Notes").

Key Points: 
  • LONDON, June 10, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today the commencement of a private offering (the "Offering") of $1.0 billion of senior secured notes due 2028 (the "Secured Notes") and $1.0 billion of senior notes due 2029 (the "Unsecured Notes" and, together with the Secured Notes, the "Notes").
  • The closing of the Offering is not conditioned on, and will be consummated prior to, closing of the Acquisition.
  • As a result, concurrently with the closing of the Offering, the Issuer will deposit the gross proceeds of the Offering into segregated escrow accounts.
  • The Secured Notes are expected to be secured on a first-lien pari passu basis with borrowings under the existing credit facilities and senior secured notes, and the Unsecured Notes will be the Issuer's and such guarantors' unsecured obligations.

Proxifile, the first Claims As A Service Platform Announces $2.3 million in Angel Funding

Wednesday, June 9, 2021 - 3:00pm

This funding positions Proxifile to grow its bankruptcy claims offering from Beta into a nationwide rollout and begin its expansion into property claims for individual owners and managers.

Key Points: 
  • This funding positions Proxifile to grow its bankruptcy claims offering from Beta into a nationwide rollout and begin its expansion into property claims for individual owners and managers.
  • "Proxifile was created to help people and businesses recover what they are owed," said CEO and Co-Founder, Cassindy Chao Bierhaus.
  • As the first "Claims as a Service" company, Proxifile combines deep expertise with innovative technology to level the playing field for traditionally neglected smaller creditors.
  • "In order to successfully pursue financial and property claims, there are a myriad of compliance requirements that must first be satisfied.

May 2021 Bankruptcy Filings Drop, Again

Tuesday, June 8, 2021 - 3:13pm

NEW YORK, June 08, 2021 (GLOBE NEWSWIRE) -- Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its May 2021 bankruptcy filing statistics from its AACER bankruptcy information services business.

Key Points: 
  • NEW YORK, June 08, 2021 (GLOBE NEWSWIRE) -- Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its May 2021 bankruptcy filing statistics from its AACER bankruptcy information services business.
  • This is not unexpected, as historically March and April new bankruptcy filings have spiked each year due to holiday over spending.
  • There were 182,629 total new bankruptcy filings across all chapters for the first five months of 2021, down 29% from 255,697 in the same period in 2020.
  • We offer free bankruptcy statistics and monthly email updates for both commercial and non-commercial consumer bankruptcy filings for Chapter 7, Chapter 11, and Chapter 13 cases.

Santacruz Silver Mining Ltd. Announces Settlement of Debts with Third Party Creditors

Tuesday, June 8, 2021 - 3:17am

Pursuant to the terms of a debt settlement agreement dated as of the date hereof, the Company has agreed to issue 9,907,530 common shares of the Company (the "Manquiri Settlement Shares") in settlement of outstanding debts totaling C$4,280,053 (US$3,545,438) (the "Manquiri Debt") owing to Empresa Minera Manquiri, S.A. ("Manquiri").

Key Points: 
  • Pursuant to the terms of a debt settlement agreement dated as of the date hereof, the Company has agreed to issue 9,907,530 common shares of the Company (the "Manquiri Settlement Shares") in settlement of outstanding debts totaling C$4,280,053 (US$3,545,438) (the "Manquiri Debt") owing to Empresa Minera Manquiri, S.A. ("Manquiri").
  • By issuing the Settlement Shares, the Manquiri Debt and Gilloyna Debt will be definitively extinguished.
  • The Company is proposing to issue the Settlement Shares in order to preserve cash to fund future operations.
  • About Santacruz Silver Mining Ltd.
    Santacruz is a Mexican focused silver company that currently owns and operates the Rosario Project and the Zimapan Mine.

Restructuring Proposal by Ad Hoc Group of Buenos Aires Bondholders is Rejected Despite Meeting Province Demands for Reduced Debt Service Payments

Monday, June 7, 2021 - 11:54pm

On May 19, the Group made a restructuring proposal to the Province and, in turn, on May 28, the Province responded with a counterproposal, which the Province has since published (the "PBA Proposal").

Key Points: 
  • On May 19, the Group made a restructuring proposal to the Province and, in turn, on May 28, the Province responded with a counterproposal, which the Province has since published (the "PBA Proposal").
  • While the Group believes that the Province has opportunistically sought more debt relief than is justified by its near and medium term financial outlook, on June 4, in an effort to consensually resolve this long-standing debt default, the Group presented the Province with a proposal (the "Group Proposal") accepting the total debt service envelope set forth in the PBA Proposal.
  • The Group Proposal also provided detail regarding the structure and terms of the new notes that would be issued to implement the restructuring.
  • Despite the foregoing, the Province rejected the Group Proposal citing dissatisfaction with certain aspects of the structure of the new notes that have virtually no impact on the affordability of the proposal.