24 Hour Fitness (the “Company”), an industry-leading fitness brand for over 35 years, today announced that, due to the disproportionate impact of the COVID-19 pandemic, the Company has voluntarily filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. In conjunction with the Chapter 11 filing, the Company expects to secure approximately $250 million in debtor-in-possession (DIP) financing. Lazard is acting as financial advisor, FTI Consulting is acting as restructuring advisor and Weil, Gotshal & Manges LLP is acting as the Company’s legal counsel in connection with the Company’s Chapter 11 cases.

Playa Hotels & Resorts N.V. (NASDAQ: PLYA) (the “Company”) today announced that it has raised $204 million of additional debt financing, has sold $20 million of its ordinary shares at a price of $4.10 per share in a private transaction, and has entered into the Fourth Amendment to Amended & Restated Credit Agreement with its senior secured credit facility lenders. The Company has raised $204 million of additional debt financing from affiliates of Davidson Kempner Capital Management LP.

Medley Capital Corporation announced today that, on June 12, 2020, the board of directors of the Company, including its special committee, has approved an expense support agreement under which MCC Advisors LLC and Medley LLC agreed (jointly and severally) to cap the management fee and all of the Company’s other operating expenses (except interest expenses, certain extraordinary strategic transaction expenses, and other expenses approved by the Special Committee at $667,000 per month.

Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced that the Company has successfully completed the refinancing of its senior secured term loan B and revolving credit facility through a combination of proceeds from the recent sale of $175 million 3% convertible senior notes due 2025 and a new $125 million senior secured term loan A credit facility. The Company expects to realize significant interest savings as a result of the successful completion of its debt refinancing.

Petrus Resources Ltd. announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from June 15, 2020 to June 22, 2020.

Kongsberg Automotive (the “Company”) has renegotiated certain terms of its Euro 70 million revolving credit facility (“RCF”) with its banks, Danske Bank and J P Morgan. Under this relief agreement (“Relief Agreement”), the Company can utilize 80% of its RCF line without being subject to the NIBD/EBITDA covenant testing. The utilization rate under the original RCF agreement before covenant testing was 40%.

The Federal Reserve’s Main Street Lending Program is now open for lender registration. Lenders can find the necessary registration documents on the program site and are encouraged to begin making Main Street program loans immediately.

Amazon is introducing a new digital credit line for U.S.-based merchants with partner bank Goldman Sachs, CNBC has learned exclusively. Small business owners who sell items on the e-commerce giant’s platform will soon be receiving targeted invitations from Goldman’s Marcus brand for credit lines of up to $1 million, according to people with knowledge of the project.

Extraction Oil & Gas, Inc. (NASDAQ: XOG) (together with its subsidiaries, “Extraction” or the “Company”) announced today that the Company has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Court”). The Company has obtained a committed $125 million debtor-in-possession financing facility (the “DIP Facility”), which contemplates $50 million in new money, up to $15 million of which will become immediately available upon Bankruptcy Court’s order, and a “roll up” of $75 million of revolving loans under the Company’s existing revolving credit agreement. The DIP Facility is underwritten by Wells Fargo Bank, National Association .

North Mill Capital provided a $750,000 accounts receivable facility for GearTek, Inc. The funds were used to pay off the previous lender and provide additional working capital for the company.

TD Bank, America's Most Convenient Bank®, has named Jeff Fazio Head of Small Business Specialists, a new role created to lead the Specialist team of approximately 100 employees throughout TD's Maine to Florida footprint that focus on small businesses with revenues of $1 million and under. In this position, Fazio will oversee pipeline management, work with product teams on strategy and product enhancement and closely collaborate with the Small Business Credit Center to refine the lending process.

Revitalization Partners adds Rod Stevens, a seasoned executive who has successfully turned around complex commercial real estate projects on behalf of high net worth individuals, financial institutions, development firms and municipalities, to the Seattle-based corporate advisory firm. He will serve as Senior Director.

The U.S. high yield default rate is poised to reach 5% in June for the first time since July 2016, up from 4.6% at May 31 driven by energy defaults, according to a new Fitch Ratings report.

Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that it has successfully redetermined its Reserve Based Loan (“RBL” or “Credit Facility”) with its syndicate of banks, maintaining its credit capacity of $225 million. Pipestone Energy has closed on its RBL redetermination with its corporate banking syndicate, consisting of National Bank Financial Inc., Bank of Montreal, ATB Financial, and Canadian Western Bank...

Remote work, home sheltering, store closures, supply-chain disruptions and declining ad expenditures among largest drivers.

Capital Southwest Corporation, an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that it supported Coastal Television Broadcasting Holdings LLC and its affiliates’ recent acquisitions of stations controlled by Wyoming Media Group (collectively, “WMG”) with term loans and a revolving credit facility. Capital Southwest led the financing transaction and will act as the sole administrative agent on the credit facilities. Main Street Capital Corporation was a co-investor in the credit facilities.

The Brink’s Company (NYSE:BCO) today announced an amendment to its existing credit agreement that provides long-term covenant relief and added flexibility to execute its strategic plan. The amendment changes the methodology for calculating the company’s leverage ratio by using a net first lien leverage ratio (net secured debt leverage ratio) instead of a total net debt leverage ratio.

In response to the newly passed Paycheck Protection Program Flexibility Act, SFNet issued a letter to Treasury Secretary Mnuchin, SBA Administrator Carranza and Members of Congress reiterating its calls to make secured lenders and factors eligible as borrowers under the Paycheck Protection Program Interim Final Rule, noting that these institutions "who are a critical conduit of capital flows for our economy are now facing material economic hardship, not only from reduced economic activity, but by the displacement of revenue streams due to the success of PPP!"

Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDQ: UMPQ), announced today that Tory Nixon has been promoted from chief banking officer to bank president. The announcement is part of Umpqua's increasing focus on serving the small and middle market businesses that are such a critical part of local economies across the West Coast. Cort O'Haver will continue to serve as CEO of both Umpqua Bank and Umpqua Holdings.