9/8/17 Recap: Minnesota-based technology wholesaler filed for bankruptcy to pursue a sale process. The company seeks approval of a $15mm DIP credit facility to finance the cases. Major customers include Best Buy, Amazon, Costco, Walmart and Target. Fitbit and Symantec are listed among the companies largest creditors.
Jurisdiction: D. of Minnesota
Capital Structure: $76.7mm RCF (Wells Fargo)
Company Professionals:
Legal: Stinson Leonard Street LLP (Robert Kugler, Edwin Caldie, Phillip Ashfield, Andrew Glasnovich)
Financial Advisor: Conway MacKenzie Inc. (Peter A. Richichi)
Claims Agent: JND Corporate Restructuring (click on the case name above for free docket access)
3/10/17 Recap: Preppers alert! The Minneapolis-based outdoor retailer that specializes in guns guns and more guns has run out of "dry powder" (score!) and finds itself in chapter 11. This comes around the same time that the Cabela's/Bass merger looks to be hanging by a thread. Tough time for outdoor retail. On the brightside, folks who are so scared by the recent election can now get a break on MREs and other survival gear as they go off-grid or to Canada. So, there's that.
5/3/17 Update: The company has sold to Camping World Inc. and, attendant to the sale, entered into an agency agreement with a JV of liquidating firms noted below to handle the assets left out of the sale.
Jurisdiction: D. of Minnesota
Capital Structure: $390mm ABL (Wells Fargo Bank NA) & $35mm TL (Pathlight Capital LLC) debt
Company Professionals:
Legal: Fredrikson & Byron PA (Ryan Murphy, Clinton Cutler, Cynthia Moyer, James Brand, Sarah Olson, Steven Kinsella)
Financial Advisor: Lighthouse Management Group (Timothy Becker, James Bartholomew)
Investment Banker: Houlihan LokeyCapital Inc. (Stephen Spencer)
Real Estate Advisor: Hilco Real Estate LLC (Ryan Lawlor)
Liquidators: Tiger Capital Group LLC (Dan Kane, Michael McGrail), Great American Group LLC (Scott Carpenter, Alan Forman), Gordon Brothers Retail Partners LLC (Mackenzie Shea), Hilco Merchant Resources LLC (Ian Fredricks)
Legal for Liquidators: Wachtell Lipton Rosen & Katz (Scott Charles, Neil Snyder) & Riemer & Braunstein LLP (Steven Fox)
Claims Agent: Donlin Recano (*click on the company above for free docket)
Other Parties in Interest:
Prepetition ABL & DIP Lender: Wells Fargo Bank NA
Legal: Choate Hall & Stewart LLP (Sean Monahan, Kevin Simard)
Term Loan Agent: Pathlight Capital LLC
Legal: Morgan Lewis & Bockius LLP (Mark Silva, Julia Frost-Davis, Amelia Joiner)
Official Committee of Unsecured Creditors
Legal: Lowenstein Sandler LLP (Jeffrey Cohen, Keara Waldron, Barry Bazian) & (local) Barnes & Thornburg LLP (Connie Lahn, Peter Clark, Christopher Knapp, Roger Maldonado)
