v3.24.2.u1

DEBT (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | Debt was comprised of the following as of the periods indicated:
Debt |  | June 30, 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 the Old Receivables Facility (as defined below), which accounted for $75.0 million of the Company's consolidated debt. As a result of the filing of the Chapter 11 Cases, all 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 June 30, |  | Six Months Ended June 30,
Net Interest Expense |  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (amounts in thousands)
Interest expense |  | $ | 2,616 |  |  | $ | 32,627 |  |  | $ | 7,773 |  |  | $ | 64,000 |
Amortization of deferred financing costs |  | 233 |  |  | 2,176 |  |  | 443 |  |  | 3,441 |
Amortization of original issue premium of Senior Notes |  | — |  |  | (255) |  |  | — |  |  | (512) |
Interest income and other investment income |  | (90) |  |  | — |  |  | (90) |  |  | — |
Total net interest expense |  | $ | 2,759 |  |  | $ | 34,548 |  |  | $ | 8,126 |  |  | $ | 66,929 |

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