Wed 05/03/2023 18:04 PM
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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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