DLLTD announced it is extending its consent solicitation expiration to April 28 from April 8.

• The company is asking holders of the DIFL 8.75% Sr Secured due 2024 to consent to an increase of secured debt at DIFL (the most senior part of the capital structure) by up to US$100Mn and to change the required leverage ratios to accommodate the higher secured debt.
• DIFL is required to maintain a secured debt leverage below 3x; it was 2x at the end of 2019 but with the issuance of new secured debt at that entity as proposed by the exchange offer, the leverage would surpass 3x, breaching the covenant. 
• There seems to be opposition from holders of the '24s to this change as those holders only get less asset coverage as more secured debt is added onto DIFL.

(Source: OpCo)