bankruptcy filing
To fund the renovations, Nelson Partners plans to borrow money from another affiliate of the company, because DB Auraria won’t lend the company any more money. That is atypical, according to Adam Stein-Sapir of“Normally, if there's loans after the company files for bankruptcy, they’re more senior in priority to the pre-existing loans,” Stein-Sapir explains.
Nelson defaulted on the loan when it matured on December 9, 2021, and Fortress, through DB Auraria, had just acquired it a month before after knowing the company had been looking to refinance, causing it to have to file for bankruptcy. In its response to Nelson Partners’ plan, filed on December 19, Fortress didn’t challenge the company's argument about credit bidding, but rather targeted the plan for a lack of feasibility. Stein-Sapir says he expects it will eventually push back on the credit bidding aspect of the plan.
Source: Education Headlines (educationheadlines.net)
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