Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Amortized Cost and Fair Value of Debt
The table below sets forth the amortized cost and fair value of the Company’s Senior Secured UBS Term Loan and Backstop Notes as of September 30, 2023, and December 31, 2022. The fair value of this debt is not indicative of the amounts at which the Company could settle this debt.
Financial Instrument and Fair Value Level Measurement September 30, 2023 December 31, 2022
($ in thousands)
Senior Secured UBS Term Loan (Level 2)
Amortized cost $ 297,979  $ 298,956 
Fair value $ 284,222  $ 283,612 
Backstop Notes (Level 3)
Amortized cost $ 117,806  $ 117,545 
Fair value $ 94,311  $ 92,900 
Schedule of Significant Level 3 Measurement Inputs The following table sets forth information regarding the Company’s significant Level 3 inputs as of September 30, 2023, and December 31, 2022:
Financial Instrument disclosed as Level 3 Input September 30, 2023 December 31, 2022
($ in thousands, except stock price)
Backstop Notes Principal amount $120,000 $120,000
Term to maturity date 5.00 years 5.75 years
Stock price $0.61 $1.26
Credit spreads 689 bps 759 bps
Selected equity volatility 98.6  % 85.6  %