As we have reported previously, LSC Communications is expected to file for bankruptcy protection shortly. (According to Bloomberg, they have been working with bankers at Evercore and attorneys at Sullivan & Cromwell.) In the latest indication, earlier this week the WSJ reported on tightening terms in the debtor-in-possession financing market, as lawyers and advisers “say they expect a deluge of debt restructurings and chapter 11 filings due to the massive disruption caused by the novel coronavirus.” DIP financing usually comes with lots of protection and collateral for the lenders, but these uncertain times are “turning what looked like sure bets […]
