5/22/17 Recap: Publicly-traded (on the Canadian exchange) provider of sound, sight, and scent solutions for retail, restaurant and hospitality companies has filed for CBCA and Chapter 15 to effectuate a deleveraging transaction. The transaction in brief: noteholders are swapping their 9.25% notes for $500mm new second lien notes and common stock in the reorganized company (subject to upsize via rights offering participation). Equity will get 17 cents on the dollar. The company will also install a $315mm first lien facility. So, it sounds like the company will still have a f*ck-ton of debt on it. But we're just thankful that the company that brags that "We Put People in the Mood to Buy" will still be providing customers of Qdoba, McDonald's & Ikea, to name a few, with the full sensory experience that inspires needless consumerism of unhealthy and/or bad quality food and wares. Those annoying text message offers you might randomly get? Yeah, it's possible that's from Mood Media. Remember muzak? Yeah, that's also Mood Media. Muzak filed for bankruptcy back in February '09 (with Kirkland & Ellis as counsel then too) and emerged a year later with Silver Point Capital Management as the majority owner. Mood Media then bought Muzak for $345mm in March 2011. Pursuant to this transaction, Apollo Global Management LP and GSO Capital Partners will own this sucker.
Jurisdiction: S.D. of New York
Capital Structure: $250mm first lien term loan (Credit Suisse AG), $350mm '20 9.25% senior unsecured notes (Bank of New York Mellon), $50mm '23 10% senior unsecured MMGSA notes (Computershare Trust Company NA)(subsidiary level)
10/30/16 Recap: New Hampshire-based publicly-traded designer, manufacturer, and distributer of sporting equipment (including Bauer Hockey and Easton Baseball) files for Chapter 11 and CCAA to effectuate an asset sale to Sagard Capital Partnes and Fairfax Financial for $575mm.
Jurisdiction: D. of Delaware
Capital Structure: $200mm ABL, $330mm TL, publicly-traded equity.
Company Professionals:
Legal: Paul Weiss (Kelley Kornish, Alice Eaton, Claudia Tobler, Christopher Hopkins, Diane Meyers, Moses Silverman, Kevin) & (local) Young Conaway (Pauline Morgan, Sean Greecher, Justin Rucki, Shane Reil, Kenneth Listwak, Andrew Magaziner) & (Canadian counsel) Stikeman Elliott (Kathryn Esaw, Frank Selke, Maria Konyukhova, Peter Howard)
Financial Advisor: Alvarez & Marsal (Brian Fox, Jay Herriman, Brian Corio, Michael Stewart, Greg Karpel)
Investment Banker: Centerview Partners (Mark Puntus, Ryan Kielty, David Zubricki, Mike Klain)
Claims Agent: Prime Clerk (*click on company name for docket)
Other Parties in Interest:
Canadian Monitor: E&Y (Brian Denega, Jean-Daniel Breton, Marin Daigneault)
Legal: Allen & Overy (Ken Coleman) & (local) Buchanan Ingersoll (Kathleen Murphy, Mary Caloway) & (Canadian counsel) Thornton Grant (Robert Thornton, D.J. Miller, Rachel Bengino)
ABL DIP Agent: Bank of America
Legal: Choate Hall & Steward (John Ventola, Douglas Gooding, Jonathan Marshall) & (local) Richards Layton & Finger LLP (Mark Collins, John Knight, Brent Haywood)
TL DIP Agent: 9938982 Canada & Sagard Capital Partners
Legal: Kirkland & Ellis LLP (Christopher Marcus, George Klidonas) & (local) Klehr Harrison (Dominic Pacitti)
Financial Advisor: Rothschild Inc. (Neil Augustine)
First Lien Lenders Steering Committee:
Legal: Weil (Matthew Barr, Gabriel Morgan, David Cohen) & (local) Morris Nichols (Robert Dehney, Gregory Werkheiser) & (Canadian counsel) Goodmans (Joe Latham, Brendan O'Neill, Ryan Baulke)
Financial Advisor: FTI Consulting (Daniel Hugo)
Prepetition TL Agent
Legal: Davis Polk
Fairfax Financial
Legal: Shearman & Sterling (Fred Sosnick, Stephen Blank)
Unsecured Creditors' Committee
Legal: Blank Rome LLP (Stanley Tarr, Josef Mintz, Andrew Eckstein, Michael Schaedle) & (Canadian counsel) Cassels Brock & Blackwell LLP (Ryan Jacobs, Hillary Fender, Monique Sassi, Natalie Levine, Shayne Kukulowicz)
Financial Advisor: Province Inc. (Paul Huygens, Victor Delaglio, Michael Winters, Sanjuro Kietlinski, Ricky Ng, Jim Dong)
Ad Hoc Equity Committee (MatlinPatterson Global Advisors LLC, Scoggin Capital Management LLC)
Legal: Brown Rudnick LLP (Robert Stark, Stephen Levine, Bennett Silverberg, Andrew Carty, James Stoll) & (local) Montgomery McCracken (Natalie Ramsey, Mark Fink, Davis Wright) & (Canadian counsel) McMillan LLP (Andrew Kent, Jeffrey Levine, Caitlin Fell, Stephen Brown-Okruhlik)
Financial Advisor: Houlihan Lokey Capital Inc. (Adam Dunayer, Justin Zammit, Sam Stringer, Corbon Heizer)
10/19/16 Recap: Canadian midstream waste management services provider to the E&P sector files Chapter 15 to help effectuate a debt-for-equity conversion pursuant to a September CBCA filing.
