New Chapter 11 Filing - FirstRain Inc.

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FirstRain, Inc.

  • 6/5/17 Recap: California-based enterprise SaaS company that services Fortune 1000 companies with its software and analytics-driven apps to discover/read/discern/summarize useful insights about other companies/markets filed a prepackaged bankruptcy. The plan contemplates $7.5mm of total consideration including a $4mm DIP credit facility and the plan is to pay the DIP Lender in full, general unsecureds in full and provide the prepetition lender a partial recovery. ESW Capital LLC will own the company on the backend of the restructuring.
  • Jurisdiction: D. of Delaware (Judge Silverstein)
  • Capital Structure: $5.5mm secured debt (Pacific Western Bank as successor to Square 1 Bank)    
  • Company Professionals:
    • Legal: The Rosner Law Group LLC (Frederick Rosner, Scott James Leonhardt)
    • Investment Banker: Atlas Technology Group LLC
    • Claims Agent: JND Legal Administration (*click on company name above for free docket access)
  • Other Parties in Interest:
    • DIP Lender: ESW Capital LLC
      • Legal: Haynes and Boone LLP (Trevor Hoffman, Arsalan Muhammad) & (local) Morris Nichols Arsht & Tunnell LLP (Derek Abbott, Matthew Talmo)
    • Prepetition Lender: Pacific Western Bank
      • Legal: Levy Small & Lallas (Leo Plotkin) & (local) Chipman Brown Cicero & Cole LLP (William Chipman Jr.) 

Updated 7/18/17

New Filing - Scout Media Holdings Inc.

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Scout Media Holdings Inc.

  • 12/8/16 Recap: Digital sports media company files a responsive chapter 11 to an earlier involuntary filing with an unsustainable balance sheet and various litigations listed as the causes. There's some juicy inferences here about the former CEO perhaps not adhering to his fiduciary duties as they relate to uses of liquidity. The filing supports attempts to sell the business and/or wind-down the business in an orderly manner with the support of a $6.2mm DIP Facility.
  • Jurisdiction: D. of Delaware
  • Capital Structure: $11mm first lien debt (Multiplier Capital LP), $11.6mm second lien secured bridge loans.     
  • Company Professionals:
    • Legal: Womble Carlyle Sandridge & Rice LLP (Matthew Ward, Nicholas Verna, Morgan Patterson, Ericka Johnson)
    • Financial Advisor: Sherwood Partners Inc. (Andrew De Camara)
    • Claims Agent: Epiq Bankruptcy Solutions LLC
  • Other Parties in Interest:
    • DIP & First Lien Lender: Multiplier Capital LP 
      • Legal: Levy Small & Lallas (Leo Plotkin) & Chipman Brown Cicero & Cole (William Chapman Jr.)
    • Official Committee of Unsecured Creditors
      • Legal: Kelley Drye & Warren LLP (James Carr, Jason Adams)
      • Financial Advisor: BDO Consulting LLP (Michelle Michaelis)

Updated 1/21/17.