v3.24.1

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt was comprised of the following as of December 31, 2023:

						As of December 31,
Long-Term Debt (1)						2023						2022
						(amounts in thousands)
Old Credit Facility
Old Revolver, matures August 19, 2024						$	220,126					$	180,000
Old Term B-2 Loan, due November 17, 2024						632,415						632,415
Plus unamortized premium						836						1,116
						853,377						813,531
Old 2027 Notes
6.500% notes due May 1, 2027						460,000						460,000
Plus unamortized premium						2,477						3,220
						462,477						463,220
Old 2029 Notes
6.750% notes, due March 31, 2029						540,000						540,000
						540,000						540,000
Old Accounts receivable facility, matures July 15, 2024						75,000						75,000
Other debt						—						23
Total debt before deferred financing costs						1,930,854						1,891,774
Deferred financing costs (excludes the revolving credit)						(6,831)						(11,412)
Total long-term debt, net						1,924,023						1,880,362
Current portion of long-term debt						(1,924,023)						—
Total long-term debt, net of current portion						$	—					$	1,880,362
Outstanding standby letters of credit						$	—					$	5,909

(1) As of December 31, 2023, the Company had $1.9 billion of consolidated debt. The filing of the Chapter 11 Cases on January 7, 2024 constituted an event of default with respect to the Company's existing debt obligations other than its old accounts receivable facility, which accounted for $75.0 million of the Company's consolidated debt. As a result of the filing of the Chapter 11 Cases, all of such debt of the Debtors (which excludes the accounts receivable facility) became immediately due and payable, but any efforts to enforce such payment obligations were automatically stayed as a result of the Chapter 11 Cases. These debt obligations and substantially all other prepetition obligations of the Debtors are subject to settlement under the Plan which was confirmed by the Bankruptcy Court on February 20, 2024. Prior to the filing of the Chapter 11 Cases, the Company elected to utilize certain grace periods (described in detail below) for certain interest payments under its debt agreements and obtained extensions of certain grace periods and amendments to certain requirements under those agreements as further described below.

Schedule of Net Interest Expense

The components of net interest expense are as follows:

						Year Ended December 31,
Net Interest Expense						2023						2022
						(amounts in thousands)
Interest expense						$	133,105					$	103,470
Amortization of deferred financing costs						6,048						5,115
Amortization of original issue discount (premium) of senior notes						(1,021)						(1,024)
Interest income and other investment income						—						(70)
Total net interest expense						$	138,132					$	107,491

Schedule of Maturities of Long-term Debt

The minimum aggregate principal maturities on the Company’s outstanding debt (excluding any impact from required principal payments based upon the Company’s future operating performance) are as follows:

			Principal Debt Maturities
			Old Term B-2 Loan						Old Revolver						Old 2027 Notes						Old 2029 Notes						Old Accounts Receivable Facility												Total
			(amounts in thousands)
Years ending December 31
2024			$	632,415					$	220,126					$	460,000					$	540,000					75,000												$	1,927,541
2025			—						—						—						—						—												—
2026			—						—						—						—						—												—
2027			—						—						—						—						—												—
2028			—						—						—						—						—												—
Thereafter			—						—						—						—						—												—
Total			$	632,415					$	220,126					$	460,000					$	540,000					$	75,000											$	1,927,541

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

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