BANKRUPTCY & LEGAL
Citibank Agents $1.5B DIP for Weatherford
Weatherford International received approval from the U.S. Bankruptcy Court for access to up to $1.5 billion in DIP financing. According to court records, Citibank will serve as administrative agent, issuing bank and collateral agent for the financing.
Wells Fargo Agents Up to $100MM DIP for Legacy Reserves
Legacy Reserves has executed a global restructuring support agreement with its lenders and a group of the company’s unsecured noteholders. According to a related 8-K filing, with court approval, Wells Fargo will serve as administrative agent for up to $100 million in DIP financing and will refinance portions of the company’s existing reserve-based credit facility.
SEC Charges Walmart With FCPA Violations
The Securities and Exchange Commission charged Walmart with violating the Foreign Corrupt Practices Act by failing to operate a sufficient anti-corruption compliance program for more than a decade as the retailer experienced rapid international growth.
Credit Suisse Refuses to Return Funds Stolen in $1B Fraud
CS Victims, a group of defrauded clients, charged, despite assurances to a Geneva Court, Credit Suisse has refused to return funds stolen from clients during a nearly $1 billion, years-long fraud executed by one of its employees. The employee has already been convicted by a criminal court.