Pacific Drilling S.A.: Pacific Drilling Announces Confirmation of Prearranged Plan of Reorganization; Expected Emergence from Chapter 11 by Year-End
First Amended
Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the Plan ) on December 21, 2020. The Court s confirmation of our Plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance sheet and the capacity to deliver world class drilling services with our fleet of 6
th and 7
th generation drillships, said Bernie G. Wolford, Chief Executive Officer of the Company.
In accordance with the confirmed Plan, the Company will de-lever its balance sheet by eliminating over $1 billion of funded debt obligations and have access to additional liquidity to operate going forward with approximately $100 million in cash on hand at emergence and an undrawn $80 million senior secured delayed draw term loan
12/23/20
acquisition of Libertas Copper, LLC
from Zohar III, Ltd.
and Ark II CLO 2001-1, Ltd. KPS acquired Hussey Copper as part of an ongoing monetization process conducted by Zohar III. The United States Bankruptcy Court for the District of Delaware formally approved the transaction on November 30, 2020. Hussey Copper is the third acquisition completed by KPS Special Situations Mid-Cap Fund. Financial terms of the transaction were not disclosed.
Hussey Copper is a leading North American processor and fabricator of copper products and the largest North American manufacturer of copper bus bar. The Company offers a comprehensive portfolio of high-quality copper products used in electrical, industrial and construction applications. Hussey Copper is headquartered in Leetsdale, Pennsylvania, with three manufacturing facilities across the United States.
KPS Capital Partners Completes Acquisition Of Hussey Copper
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NEW YORK, Dec. 23, 2020 /PRNewswire/ KPS Capital Partners, LP ( KPS ) announced that, through a newly formed affiliate, it has completed the acquisition of Libertas Copper, LLC ( Hussey Copper or the Company ) from Zohar III, Ltd. ( Zohar III ) and Ark II CLO 2001-1, Ltd. KPS acquired Hussey Copper as part of an ongoing monetization process conducted by Zohar III. The United States Bankruptcy Court for the District of Delaware formally approved the transaction on November 30, 2020. Hussey Copper is the third acquisition completed by KPS Special Situations Mid-Cap Fund (the Mid-Cap Fund ). Financial terms of the transaction were not disclosed.
Dearbornâs Henry Ford Village is operating with a business-as-usual approach while a Chapter 11 bankruptcy filing works its way through the courts.
First announced in late October, the retirement community is taking the action to reorganize its finances and to build a stronger future, officials said.
According to a release from HFV, the legal process will help them improve their debt structure and other financial burdens, and grant the flexibility needed to make capital improvements.
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Under Chapter 11, HFV can continue day-to-day operations while working toward the financial goals laid out in the filing.
The community has remained fully operational throughout the restructuring process.Â