DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt was comprised of the following as of the periods indicated:

Debt	March 31, 2024		December 31, 2023
	(amounts in thousands)
Short-term borrowing:
DIP Facility(1)	$	32,000	$	—
Long-term debt, current: (2)
Old Credit Facility
Old Revolver, matures August 19, 2024	220,126		220,126
Old Term B-2 Loan, due November 17, 2024	632,415		632,415
Plus unamortized premium	—		836
	852,541		853,377
Old 2027 Notes
6.500% notes due May 1, 2027	460,000		460,000
Plus unamortized premium	—		2,477
	460,000		462,477
Old 2029 Notes
6.750% notes due March 31, 2029	540,000		540,000
Accounts receivable facility, as amended, matures January 9, 2026	75,000		75,000
Total debt before deferred financing costs	1,959,541		1,930,854
Deferred financing costs	—		(6,831)
Total debt, prior to reclassification to Liabilities subject to compromise	1,959,541		1,924,023
Less amounts reclassified to Liabilities subject to compromise	(1,852,541)		—
Less amount reclassified to Short-term borrowing	(32,000)		—
Total Long-term debt, net	$	75,000	$	1,924,023
Outstanding standby letters of credit	$	—	$	—

(1)The scheduled maturity of the DIP Facility will be the earlier of (i) 180-days following the entry of the order entered by the Bankruptcy Court on February 20, 2024 confirming the Plan (the "Confirmation Order") while regulatory approval is pending,

(ii) the effective date of the Plan, and (iii) the time determined by an acceleration as a result of an event of default. The Company exercised the 180-day extension option on February 23, 2024.

(2)As of December 31, 2023, the Company had $1.9 billion of consolidated debt. The filing of the Chapter 11 Cases on January 7, 2024 constituted an event of default with respect to the Company's existing debt obligations other than its old accounts receivable facility, which accounted for $75.0 million of the Company's consolidated debt. As a result of the filing of the Chapter 11 Cases, all of such debt of the Debtors (which excludes the accounts receivable facility) became immediately due and payable, but any efforts to enforce such payment obligations were automatically stayed as a result of the Chapter 11 Cases. These debt obligations and substantially all other prepetition obligations of the Debtors are subject to settlement under the Plan which was confirmed by the Bankruptcy Court on February 20, 2024.

Schedule of Net Interest Expense

The components of net interest expense are as follows:

	Three Months Ended March 31,
Net Interest Expense	2024		2023
	(amounts in thousands)
Interest expense	$	5,156	$	31,372
Amortization of deferred financing costs	210		1,265
Amortization of original issue premium of Senior Notes	—		(256)
Total net interest expense	$	5,366	$	32,381