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Simmons also won a court victory over the lawsuit of Leon Black’s Apollo
And Simmons has thwarted efforts by Apollo Global Management, run by billionaire Leon Black, to stop the controversial debt restructuring in a regulatory step that could set a precedent that could shake the debt market.
New York State Court Judge Andrea Masley ruled over the weekend that mattress sellers could move forward with plans to restructure $ 1.95 billion in senior debt by creating new loans to be repaid in bankruptcy in front of existing senior lenders, including Apollo, which has about a third of the debt.
Apollo and the hedge fund Angelo Gordon sued Serta Simmons and Advent International private equity holders for the plan, citing a downgrade of their debt status. They have asked the judge to issue a temporary restraining order to prevent the agreement from being closed. Masley decided against the order.
He could still decide to support Apollo at the trial, but indicated that he might not. “Regarding breach of contract at this point, the court cannot find a possibility of success,” he said in the ruling.
Serta Simmons’s efforts to seduce senior lenders could change the risk of investing in corporate loans, experts said.
“Usually, the agreement is, if you are a senior, you are the top,” Stephen Lubben, a Seton Hall professor and restructuring expert, told The Post. “I think if they can get this [restructuring] through majority voting, you will see many borrowers thinking about how they can restructure their debts. “
Lubben cited a previous occasion in which a minority of senior lenders disagreed with the refinancing plan but were forced to. In 2009, bankrupt Chrysler sold himself in an agreement in which United Auto Workers, a junior lender, acquired a 55 percent stake in the new company.
The objector, the Indiana State Police Pensioner, owns 2 percent of Chrysler’s senior loans, while in the case of Serta Simmons, the Apollo-led group owns 33 percent of the company.
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Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.
A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.
“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.
Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.
“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.
“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.
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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’
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Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.
According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”
In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.
The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.
In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.
From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.
Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.
“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.
“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.
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