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Pyxus Int'l Files For Chapter 11 Bankruptcy

Pyxus International Inc. (PYX) said that it filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware as part of a "prepackaged" Chapter 11 Case.

The company noted that the Chapter 11 process did not include its international subsidiaries or affiliates.

In connection with the filing, the company entered into a Restructuring Support Agreement with noteholders holding more than 92% in principal amount of the company's first lien notes and more than 67% in principal amount of its second lien notes.

As per the terms of the Restructuring Support Agreement, Pyxus' second lien noteholders will convert about $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.

In addition, Pyxus has secured commitments for a $206.7 million Debtor-in-Possession financing facility from certain existing noteholders. The company will use proceeds from the DIP Facility to refinance the Company's existing asset-based revolver, for working capital and general corporate purposes, and to pay expenses incurred in connection with the Chapter 11 Cases.

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