v3.24.1.1.u2

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt was comprised of the following as of the periods indicated:

Debt						March 31, 2024						December 31, 2023
						(amounts in thousands)
Short-term borrowing:
DIP Facility(1)						$	32,000					$	—
Long-term debt, current: (2)
Old Credit Facility
Old Revolver, matures August 19, 2024						220,126						220,126
Old Term B-2 Loan, due November 17, 2024						632,415						632,415
Plus unamortized premium						—						836
						852,541						853,377
Old 2027 Notes
6.500% notes due May 1, 2027						460,000						460,000
Plus unamortized premium						—						2,477
						460,000						462,477
Old 2029 Notes
6.750% notes due March 31, 2029						540,000						540,000
Accounts receivable facility, as amended, matures January 9, 2026						75,000						75,000
Total debt before deferred financing costs						1,959,541						1,930,854
Deferred financing costs						—						(6,831)
Total debt, prior to reclassification to Liabilities subject to compromise						1,959,541						1,924,023
Less amounts reclassified to Liabilities subject to compromise						(1,852,541)						—
Less amount reclassified to Short-term borrowing						(32,000)						—
Total Long-term debt, net						$	75,000					$	1,924,023
Outstanding standby letters of credit						$	—					$	—

(1)The scheduled maturity of the DIP Facility will be the earlier of (i) 180-days following the entry of the order entered by the Bankruptcy Court on February 20, 2024 confirming the Plan (the "Confirmation Order") while regulatory approval is pending,

(ii) the effective date of the Plan, and (iii) the time determined by an acceleration as a result of an event of default. The Company exercised the 180-day extension option on February 23, 2024.

(2)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.

Schedule of Net Interest Expense

The components of net interest expense are as follows:

						Three Months Ended March 31,
Net Interest Expense						2024						2023
						(amounts in thousands)
Interest expense						$	5,156					$	31,372
Amortization of deferred financing costs						210						1,265
Amortization of original issue premium of Senior Notes						—						(256)
Total net interest expense						$	5,366					$	32,381

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