Pyxus, Giant Tobacco Supplier, Files for Bankruptcy [TheStreet.com]
PYXUS INTL INC (PYX)
Company Research
Source: TheStreet.com
Giant tobacco supplier Pyxus International(PYXGet ReportThe company has suffered for years from a global decline in tobacco usage. The coronavirus pandemic, meanwhile, turned out to be the straw that broke the camel’s back, putting a clamp on global trade.Pyxus depends on tobacco leaf from more than 300,000 farmers in 30 countries, The Wall Street Journal reported.Under the terms of the bankruptcy filing, Pyxus' second lien noteholders will convert approximately $635 million of the company's debt into equity or cash, and its first lien noteholders will extend the maturity date of their existing notes by four years.Pyxus has commitments for a $206.7 million debtor-in-possession loan from some existing noteholders, the company said in a statement.“The DIP Facility, combined with the Company's projected cash flows, are expected to provide liquidity to support its operations during the restructuring process, allowing the company to emerge with a strengthened balance sheet to complement it
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