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Solvent debtor
The Ohio-based concern’s term loans were primarily underwritten and syndicated by investment banks.
Incremental debt provisions have existed for a long time, but stiff competition is driving manoeuvres to increase leverage.
Healthcare has been a problematic sector, with a default rate of 7.5%.
Under a decision by the Third Circuit appeals court, Akoustis may have to pay post-petition interest to debtors.