Wed 05/03/2023 18:04 PM
Mudrick Capital objected to the Party City debtors' rights offering
today, scathingly criticizing the ad hoc group's $75 million rights offering as outrageously expensive, and "shock[ing to] the conscience." The objection details the ways in which the rights offering provides outsized fees to the noteholder group, along with the nominal recovery to secured note claims
, who would shoulder the costs of the ad hoc transaction. Mudrick says that it presented the...
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