Mayer Brown partners Sean Scott and Aaron Gavant and associates Tyler Ferguson and Alexander Berk discussed the United States Bankruptcy Court for the Southern District of Texas’ most recent decision arising out of the Ultra Petroleum Corp. bankruptcy case and its rulings that (1) make-whole premiums are allowed by the Bankruptcy Code under appropriate circumstances and (2) a solvent debtor must pay post-petition interest at the contractual default rate under the Bankruptcy Code in an…

CEC Entertainment, the parent company of kid-friendly and iconic “dinnertainment” restaurant and arcade chain—Chuck E. Cheese—sought and received Bankruptcy Court approval for three very unique settlement agreements, earlier this year, under which it will pay $2.3 million to three vendors to destroy roughly seven BILLION prize tickets –  i.e.,  enough tickets to fill approximately 65 forty-foot cargo shipping containers.1 The backlog was caused by Chuck E. Cheese placing orders for tickets at pre-COVID utilization…

Bloomberg reports that Revlon Inc. was able to exchange approximately $236.5 million of its $343 million in outstanding bonds that were scheduled to mature in 2021 in a deal that the company said should eliminate the need for a chapter 11 bankruptcy filing in the near future. [Bloomberg; Nov. 11, 2020] The Washington Post reports that banks in the United States, which hold approximately $2 trillion in commercial real estate debt, are preparing for a…