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Business Wire
4 days ago
- Business
- Business Wire
Genesis HealthCare Sets New Course to Strengthen Future
KENNETT SQUARE, Pa.--(BUSINESS WIRE)-- Genesis HealthCare, Inc., along with its subsidiaries, announced today that it has taken steps to implement a financial restructuring to secure the long-term delivery of its mission. This process is designed to ensure that the Company can continue operating in a seamless manner, while also allowing the Company to address its legacy liabilities associated with previously divested operations. To facilitate the Company's restructuring efficiently and with minimal disruption to ongoing operations, the Company has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division (the "Court"). 'We have much to be proud of for the tremendous progress we have made as an organization over the last several years as we have implemented a forward-looking, enterprise-wide shift from centralized to market-based operations,' said David Harrington, Executive Chairman of the Genesis HealthCare, Inc., Board of Directors. 'Our ongoing work has confirmed that, to maintain our momentum, we must address our legacy debt structure. The goal of this filing is to emerge a stronger, healthier company poised to exceed our goals for clinical and operational excellence.' Chapter 11 of the U.S. Bankruptcy Code guides how a company can restructure its debt while continuing to operate normally during the reorganization. Subject to Court approval, the Company has secured a commitment of $30 million in debtor-in-possession (DIP) financing, from its existing secured lenders. This DIP financing, combined with cash on hand and cash flow generated from ongoing operations, will support the business to satisfy its ongoing obligations, and enable the Company to remain focused on delivering quality care during the Court-supervised process. Importantly, the filing includes provisions to ensure that staff will retain their positions, pay and benefits so that patients and residents will continue to be served by the providers they trust. Vendor agreements will remain in place while the process moves forward. 'We believe this financial reorganization is a necessary step for our organization to sustainably deliver on our mission of improving lives through delivery of high-quality healthcare and everyday compassion,' said Lauren Murray, Genesis HealthCare Chief Operating Officer. 'We assure all those who rely on us for care that we remain fully focused on and committed to providing the high-quality care you have come to expect, and we thank you for your continued confidence. This process is designed to ensure that we can continue to deliver on that commitment. We also are grateful for our talented staff and their dedication to excellence, which has positioned Genesis HealthCare for continued growth and a bright future.' Court filings and additional information related to the proceedings, which include a proposed transaction involving a current affiliate, are available at The proposed transaction is subject to higher bidding and court approval, and would result in the current affiliate acquiring the Company's operations. Those with further questions can call (toll-free in the US) 888-861-3979. Advisors McDermott Will & Emery LLP is serving as legal counsel, Ankura Consulting is providing financial restructuring and Chief Restructuring Officer services (Russell A. Perry and Louis E. Robichaux IV, Co-CROs), and Jefferies is serving as exclusive investment banker. Genesis HealthCare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care, collectively referred to as Genesis HealthCare. To learn more, visit
Business Wire
30-06-2025
- Business
- Business Wire
Wolfspeed Takes Next Step to Implement Restructuring Support Agreement and Proactively Strengthen Capital Structure
DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technologies, today announced that it has taken the next step to implement its previously announced Restructuring Support Agreement ('RSA') with key lenders, including (i) holders of more than 97% of its senior secured notes, (ii) Renesas Electronics Corporation's wholly owned U.S. subsidiary and (iii) convertible debtholders holding more than 67% of the outstanding convertible notes. Upon emergence from the process, the Company expects to have reduced its overall debt by approximately 70%, representing a reduction of approximately $4.6 billion and a reduction of its annual total cash interest payments by approximately 60%. By taking this proactive step, the Company expects to be better positioned to execute on its long-term growth strategy and accelerate its path to profitability. Wolfspeed is continuing to operate as usual throughout the process, including delivering silicon carbide materials and devices to its customers and paying its vendors in the ordinary course. To implement the prepackaged plan, the Company has voluntarily filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Wolfspeed expects to move through the process expeditiously and emerge by the end of the third quarter calendar year 2025. 'We are continuing to move forward with our accelerated restructuring process to strengthen our capital structure and fuel our next phase of growth,' said Robert Feurle, Wolfspeed's Chief Executive Officer. 'With a stronger financial foundation, Wolfspeed will be better positioned to move faster on our strategic priorities and maintain our position as a global leader in the silicon carbide market. The strong support of our lenders is a testament to their belief in our business and our ability to capitalize on the opportunities ahead, driven by our exceptional, purpose-built, fully automated 200mm manufacturing footprint.' He continued, 'Looking ahead, we remain laser-focused on delivering cutting-edge products to our customers and working with our vendors in the normal course. I'd also like to thank our employees for their hard work and continued commitment to driving the business forward. I am confident that taking this action will better position Wolfspeed to meet the growing demands of the semiconductor market.' Wolfspeed has filed a number of customary motions with the Court to support ordinary-course operations, including, but not limited to, continuing employee compensation and benefits programs. The Company is continuing to pay vendors in the ordinary course of business for goods and services delivered throughout the restructuring process via an All-Trade Motion. Vendors are expected to be unimpaired in the process. The Company expects to receive court approval for these requests shortly. For additional information regarding the restructuring, please visit Wolfspeed's dedicated microsite at Information about Wolfspeed's Chapter 11 case can be found at or by contacting Epiq, the Company's claims agent, at (888) 818-4267 (for toll-free U.S. calls) or +1 (971) 606-5246 (for tolled international calls). Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. About Wolfspeed, Inc. Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world's most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Real. TM Learn more at Forward-Looking Statements: This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Wolfspeed's actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, including estimates, forecasts, and projections about possible or assumed future results of Wolfspeed's business, financial condition, liquidity, results of operations, plans, and objectives and Wolfspeed's industry and market growth. Words such as 'could,' 'will,' 'may,' 'assume,' 'forecast,' 'position,' 'predict,' 'strategy,' 'expect,' 'intend,' 'plan,' 'estimate,' 'anticipate,' 'believe,' 'project,' 'budget,' 'potential,' 'forward' or 'continue' and similar expressions are used to identify forward-looking statements. All statements in this press release that are not historical are forward-looking statements, including statements regarding the timing and implementation of the transactions contemplated by the RSA and Wolfspeed's chapter 11 plan of reorganization (the 'Plan'), Wolfspeed's ability to continue operating in the ordinary course, including continuing to serve customers and pay vendors and employees in the ordinary course, the potential benefits of the transactions contemplated by the RSA and the Plan, and the potential effects of such transactions on Wolfspeed's financial position, capital structure, outstanding debt, interest expense, profitability, and growth. Actual results could differ materially due to a number of factors, including but not limited to, risks and uncertainties associated with voluntary petitions filed by Wolfspeed under Chapter 11 of the U.S. Bankruptcy Code (the 'Chapter 11 Cases') in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the 'Court'); the effects of the Chapter 11 Cases on Wolfspeed and Wolfspeed's relationship with its various stakeholders, including vendors and customers; Wolfspeed's ability to develop and implement the transactions contemplated by the Plan and whether the Plan will be approved by the Court and the ultimate outcome of the Chapter 11 Cases in general; the length of time Wolfspeed will operate under the Chapter 11 Cases; the potential adverse effects of the Chapter 11 Cases on Wolfspeed's liquidity and results of operations; Wolfspeed's ability to confirm and consummate the Plan; the timing or amount of recovery, if any, to Wolfspeed's stakeholders; uncertainty regarding Wolfspeed's ability to retain key personnel; the diversion of management's attention as a result of the Chapter 11 Cases; increased administrative and legal costs related to the Chapter 11 Cases; changes in Wolfspeed's ability to meet its financial obligations during the Chapter 11 Cases and to maintain contracts that are critical to its operations; the effectiveness of the overall restructuring activities pursuant to the Chapter 11 Cases and any additional strategies that Wolfspeed may employ to address its liquidity and capital resources and achieve its stated goals; the actions and decisions of equity holders, creditors, regulators, and other third parties that have an interest in the Chapter 11 Cases, which may interfere with the ability to confirm and consummate the Plan; risks relating to the potential delisting of Wolfspeed's common stock from the New York Stock Exchange and future quotation of the common stock; ongoing uncertainty in global economic and geopolitical conditions, such as the ongoing military conflict between Russia and Ukraine and the ongoing conflicts in the Middle East; changes in progress on infrastructure development or changes in customer or industrial demand that could negatively affect product demand, including as a result of an economic slowdown or recession, collectability of receivables and other related matters if consumers and businesses defer purchases or payments, or default on payments; risks associated with Wolfspeed's expansion plans, including design and construction delays, cost overruns, the timing and amount of government incentives actually received, including, among other things, any direct grants and tax credits, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control, and potential increases to Wolfspeed's restructuring costs; Wolfspeed's ability to obtain additional funding, including, among other things, from government funding, public or private equity offerings, or debt financings, on favorable terms and on a timely basis, if at all; Wolfspeed's ability to take certain actions with respect to its capital and debt structure; the risk that Wolfspeed does not meet its production commitments to those customers who provide Wolfspeed with capacity reservation deposits or similar payments; the risk that Wolfspeed may experience production difficulties that preclude it from shipping sufficient quantities to meet customer orders or that result in higher production costs, lower yields and lower margins; Wolfspeed's ability to lower costs; the risk that Wolfspeed's results will suffer if it is unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand or scaling back its manufacturing expenses or overhead costs quickly enough to correspond to lower than expected demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; product mix; risks associated with the ramp-up of production of Wolfspeed's new products, and Wolfspeed's entry into new business channels different from those in which it has historically operated; Wolfspeed's ability to convert customer design-ins to design-wins and sales of significant volume, and, if customer design-in activity does result in such sales, when such sales will ultimately occur and what the amount of such sales will be; the risk that the markets for Wolfspeed's products will not develop as it expects, including the adoption of Wolfspeed's products by electric vehicle manufacturers and the overall adoption of electric vehicles; the risk that the economic and political uncertainty caused by the tariffs imposed or announced by the United States on imported goods, and corresponding tariffs and other retaliatory measures imposed by other countries (including China) in response, may continue to negatively impact demand for Wolfspeed's products; the risk that Wolfspeed or its channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, including production and product mix, which can result in increased inventory and reduced orders as Wolfspeed experiences wide fluctuations in supply and demand; risks related to international sales and purchases; risks resulting from the concentration of Wolfspeed's business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that Wolfspeed's investments may experience periods of significant market value and interest rate volatility causing it to recognize fair value losses on Wolfspeed's investment; the risk posed by managing an increasingly complex supply chain (including managing the impacts of supply constraints in the semiconductor industry and meeting purchase commitments under take-or-pay arrangements with certain suppliers) that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; risks relating to outbreaks of infectious diseases or similar public health events, including the risk of disruptions to Wolfspeed's operations, supply chain, including its contract manufacturers, or customer demand; the risk Wolfspeed may be required to record a significant charge to earnings if its remaining goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; Wolfspeed's ability to complete development and commercialization of products under development; the rapid development of new technology and competing products that may impair demand or render Wolfspeed's products obsolete; the potential lack of customer acceptance for Wolfspeed's products; risks associated with ongoing litigation; the risk that customers do not maintain their favorable perception of Wolfspeed's brand and products, resulting in lower demand for its products; the risk that Wolfspeed's products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs; risks associated with strategic transactions; the risk that Wolfspeed is not able to successfully execute or achieve the potential benefits of Wolfspeed's efforts to enhance its value; the substantial doubt about Wolfspeed's ability to continue as a going concern; and other factors discussed in Wolfspeed's filings with the Securities and Exchange Commission (the 'SEC'), including Wolfspeed's report on Form 10-K for the fiscal year ended June 30, 2024, and subsequent reports filed with the SEC. These forward-looking statements represent Wolfspeed's judgment as of the date of this press release. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Wolfspeed disclaims any intent or obligation to update any forward-looking statements after the date of this press release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.
Business Wire
11-06-2025
- Business
- Business Wire
KBRA Comments on Chapter 11 Filing of Solar Mosaic
NEW YORK--(BUSINESS WIRE)--Solar Mosaic LLC (Mosaic) has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11) in the United States Bankruptcy Court for the Southern District of Texas. According to its press release dated June 6, 2025, Mosaic plans to maintain its loan servicing operation through the Chapter 11 process. In addition, Forbright Bank—an existing loan servicing customer of Mosaic and the administrative agent representing lenders in the Chapter 11 proceedings—has expressed its intention to leverage its financial strength to support Mosaic's servicing operations. According to the transaction documents of KBRA-rated solar loan ABS transactions for which Mosaic is the servicer, Mosaic's bankruptcy constitutes a servicer termination event. However, the bankruptcy court may have broad authority over any contracts or agreements to which Mosaic is a party, which could prevent the trustee from appointing a successor servicer during the Chapter 11 process. Because situations involving a servicer bankruptcy present the potential for a servicing disruption, if during, or as a result of, the Chapter 11 proceedings, Mosaic is unable to continue to service the ABS trusts at a level consistent with its historic servicing standards, the potential exists for the ABS trusts to incur increased delinquencies and cash flow disruption. KBRA will continue to monitor the situation, and if any performance degradation should occur, KBRA will consider the magnitude of any such degradation in effectuating Watch Placements and/or rating actions across our rated universe of 18 Mosaic transactions, which include two unpublished transactions. The following is a list of Mosaic's published transactions rated by KBRA. Related Publication Mosaic Solar Loans LLC & Mosaic Solar Loan Trust Comprehensive Surveillance Report About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009867
11-06-2025
- Automotive
Japan's Marelli Seeks U.S. Chapter 11 Bankruptcy Protection
News from Japan Economy Jun 11, 2025 18:10 (JST) Tokyo, June 11 (Jiji Press)--Japanese auto parts maker Marelli Holdings Co. said Wednesday that it has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Marelli, formerly Calsonic Kansei Corp., will aim for a turnaround under court supervision, after it failed to reach an out-of-court settlement with creditors such as financial institutions. Creditor financial institutions proposed a debt settlement plan involving a buyout by a major Indian auto parts maker. But it appears that consent was not obtained from some creditors. Marelli said there will be no problem with its business activities during the period in which its filing is processed, given that around 80 pct of its creditors have signed agreements to support its reconstruction under Chapter 11. END [Copyright The Jiji Press, Ltd.] Jiji Press
Yahoo
06-06-2025
- Business
- Yahoo
KBRA Comments on Chapter 11 Filing of Sunnova Subsidiary and Reduction in Workforce
NEW YORK, June 06, 2025--(BUSINESS WIRE)--In an 8-K filing on June 5, 2025, Sunnova Energy Corporation (Sunnova)—the sponsor and originator of 24 residential solar loan and lease transactions rated by KBRA1 —disclosed that its wholly-owned subsidiary, Sunnova TEP Developer, LLC (Sunnova TEP), had filed a voluntary petition for relief under Chapter 11 of U.S. Bankruptcy Code. Sunnova also reported that its Board approved a reduction in force, effective May 30, 2025, of approximately 718 employees or 55% of its workforce. Given these developments, it is plausible that additional Sunnova subsidiaries— and potentially Sunnova itself—may seek bankruptcy protection in the near future. KBRA is currently monitoring the situation, as it maintains ratings on 54 classes of notes issued from the 24 solar ABS transactions totaling $6.0 billion. These transactions comprise 13 loan and 11 lease deals, for which Sunnova also serves as production guarantor and performance guarantor. Even if Sunnova were to file for bankruptcy, neither that event nor the bankruptcy of Sunnova TEP, in and of itself, would directly trigger a manager or servicer termination event within the ABS, as neither entity is designated as the transaction manager or servicer under the transaction documents. However, two wholly-owned subsidiaries of Sunnova, Sunnova ABS Management or Sunnova TE Management, LLC (collectively, Sunnova Management), act as transaction manager and/or servicer and are responsible for the administration, collection, and management services for the related ABS. If either of these entities were to file for bankruptcy, it could trigger a manager or servicer termination event. Furthermore, the controlling class noteholders, which generally comprise the most senior noteholders, could cause a termination event if they deem that the bankruptcy of Sunnova (or any of its subsidiaries) has impaired Sunnova Management's ability to perform its duties. Each transaction includes a transition manager, Computershare Trust Company or Wilmington Trust, NA, which is responsible for overseeing the performance of the transaction manager or servicer and assists in the transition to a replacement manager if a manager termination event were to occur. The securitizations also have a back-up servicer that can mitigate the risk of payment disruption during a servicer transfer. It is KBRA's understanding that Sunnova Management plans to remain transaction manager and/or servicer for each transaction, as applicable. Each issuer is a bankruptcy-remote entity with a first-priority perfected security interest in the collateral. If a servicer transition event were to occur, there is the potential for temporary cash flow disruption to the trust during the transition process. Should this occur, KBRA will consider the magnitude of the disruption, along with potential increases in delinquencies, as part of its ongoing monitoring efforts to determining whether Watch Placements and/or rating actions need to be effectuated. The tables below depict the performance of the outstanding solar loan and lease transactions as of the latest payment date reports, dated May 2025. To date, timely interest distributions have been made to each of the related notes since closing. _________________ 1 Includes published and unpublished transactions. KBRA-Rated(1) Sunnova Solar Loan Transactions Transaction Name Closing Date Pool Factor Months Seasoned Delinquency Rate Cumulative Net Loss Sunnova 2019-A Jun-19 60.8% 71 2.0% 5.0% Sunnova 2020-A Jun-20 65.5% 59 2.4% 5.2% Sunnova 2021-A Feb-21 72.5% 51 2.6% 4.7% Sunnova 2021-B Jul-21 76.6% 46 2.3% 4.9% Sunnova 2021-C Oct-21 78.8% 43 2.8% 4.9% Sunnova 2022-A Feb-22 80.3% 39 2.6% 5.0% Sunnova 2022-B Aug-22 83.4% 33 3.3% 5.2% Sunnova 2022-C Nov-22 83.8% 30 3.3% 4.9% Sunnova 2023-A May-23 88.2% 24 2.5% 2.3% Sunnova 2023-B Aug-23 88.5% 21 2.5% 2.2% Sunnova Hestia 2023-GRID1 Nov-23 89.0% 18 3.7% 3.4% Sunnova Hestia 2024-GRID1 Jun-24 93.1% 11 5.9% 2.8% 1Does not include private transactions with unpublished ratings. Note: For Sunnova 2019-A, on the October 2021 Distribution date, Sunnova repurchased approximately $3.8 million of defaulted loans. KBRA cumulative net loss (CNL) levels include the re-purchased loans. For Sunnova 2022-C, on the April 2023 Distribution date, Sunnova repurchased approximately $1.7 million of defaulted loans. KBRA CNL levels include the re-purchased loans. For Sunnova Hestia 2023-GRID1 and Sunnova Hestia 2024-GRID1, the Class 1-A Notes benefit from a Department of Energy (DOE) guarantee for principal and interest payments (see related commentary here). KBRA-Rated(1) Sunnova Solar Lease Transactions Transaction Name Closing Date Pool Factor Months Seasoned DSCR Cumulative Gross Default Sunnova 2018-1 Nov-18 83.9% 79 1.47 5.3% Sunnova 2020-1 Feb-20 88.9% 64 1.55 3.4% Sunnova 2020-2 Nov-20 91.8% 54 1.48 3.3% Sunnova 2021-1 Jun-21 89.7% 48 1.48 1.8% Sunnova 2022-1 Jun-22 94.0% 35 1.43 0.8% Sunnova 2023-1 Apr-23 98.3% 25 1.17 0.4% Sunnova 2024-1 Feb-24 99.8% 16 1.15 0.1% Sunnova 2024-2 Aug-24 100.7% 10 1.17 0.0% 1 Does not include private transactions with unpublished ratings. Related Publications KBRA Comments on Amendment to Sunnova's Loan Guarantee Agreement with DOE KBRA Monitoring Sunnova Transactions Following Going Concern Warning Sunnova Helios & Sunnova Hestia Solar Loan Backed Notes Comprehensive Surveillance Report Sunnova Comprehensive Surveillance Report About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009810 View source version on Contacts Melvin Zhou, Managing Director +1 Kenneth Martens, Managing Director +1 Business Development Contact Arielle Smelkinson, Senior Director +1 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
