3/29/17 Recap: File this under the most heavily leaked/discussed bankruptcy filing of all time: the Japanese government seemed to make an announcement about the proposed filing every hour. So...Pennsylvania-based nuclear power company filed for bankruptcy (30 debtors in total) after its parent, Toshiba, took a uuuuuuuuuge $6b+ write-down due to delayed and above-budget construction of plants in Georgia and South Carolina. The company secured a $800mm commitment for a DIP facility to fund the cases after a competitive DIP process with powerhouses like Goldman Sachs, Highbridge and Silver Point duking it out with Apollo. We've already covered this company a lot in previous weeks so suffice it to say that the upshot of this filing is that it will lead many to question the viability of nuclear as an alternative power source.
Jurisdiction: SD of New York
Company Professionals:
Primary Legal: Weil (Gary Holtzer, Garrett Fail, Robert Lemons, David Griffiths, Charles Persons, David Cohen)
Legal for Toshiba Nuclear Energy Holdings (UK) Limited: Togut Segal & Segal LLP (Albert Togut, Brian Moore, Kyle Ortiz)
Proposed DIP Lenders: Apollo Investment Corporation, AP WEC Debt Holdings LLC, Midcap Financial Trust, Amundi Absolute Return Apollo Fund PLC, Ivy Apollo Strategic Income Fund, Ivy Apollo Multi Asset Income Fund
Legal: Paul Weiss Rifkand Wharton & Garrison LLP (Jeffrey Saferstein, Claudia Tobler, Kevin O'Neill)
Proposed DIP Agent: Citibank NA
Legal: Shearman & Sterling LLP (Fredric Sosnick, Ned Schodek)
Competing (but losing) DIP Providers: Goldman Sachs Bank USA, HPS Investment Partners LLC, Silver Point Finance LLC
Georgia Power Company, Oglethorpe Power Corporation, Municipal Electric Authority of Georgia and City of Dalton Georgia
Legal: Jones Day (Gregory Gordon, Dan Prieto, Amanda Rush, Anna Kordas, Jeffrey Ellman)
Municipal Electric Authority of Georgia
Legal: Alston & Bird LLP (Dennis Connolly)
South Carolina Electric & Gas Company and South Carolina Public Service Authority
Legal: Reed Smith LLP (Paul Singer, Derek Baker, Tarek Abdalla)
Oglethorpe Power Corporation (An Electric Membership Corporation)
Legal: Dechert LLP (Michael Sage, Stephen Wolpert) & Parker Hudson Rainer & Dobbs LLP (C. Edward Dobbs)
Exelon Generation Company LLC
Legal: Ballard Spahr LLP (Matthew Summers)
Official Committee of Unsecured Creditors
Legal: Proskauer Rose LLP (Martin Bienenstock, Timothy Karcher, Vincent Indelicato)
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)
