5/5/17 Recap: Illinois-based heavy crane operating company that services refineries, power and chemical plants filed for bankruptcy under the weight of its outstanding debt on equipment and union obligations. The downturn in the oil and gas industry, unfortunately, led to projected revenue misses and a liquidity crisis. The filing is meant to address the capital structure and equipment footprint.
Jurisdiction: N.D. of Illinois
Capital Structure: $51.6mm secured debt (First Midwest)
Company Professionals:
Legal: Sugar Felsenthal Grals & Hammer LLP (Jonathan Friedland, Elizabeth Vandesteeg, Jack O'Connor, Nicole Stefanelli, Leland Chait)
Financial Advisor: Conway MacKenzie Inc. (Jeffrey Zappone, J. Kotas, J. Marek)
Investment Banker: FocalPoint Securities LLC (Michael Fixler, Bryant Yu, Clinton Miyazono, Patrick Shin)
Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for free docket access)
Other Parties in Interest:
Prepetition Lender & DIP Lender: First Midwest
Legal: Foley & Lardner LLP (Mark Prager)
Official Committee of Unsecured Creditors
Legal: Brown Rudnick LLP (Gerard Cicero, Bennett Silverberg) & (local) Freeborn & Peters LLP (Shelly DeRousse, Devon Eggert, Elizabeth Janczak)
Financial Advisor: Emerald Capital Advisors (John Madden, Christopher Saitta)
2/14/17 Recap: Happy Valentine's Day, honey, your favorite midwestern sporting goods store is going out of business and I picked up some sweet Nike kicks for you at (an alleged) 60% off. Great for you. Great for me. Not so great for the 1300 employees, Nike (who is owed $3.8mm), Under Armour (owed $2.4mm), and the company CEO who owns 86% of the equity. Berkeley Research Group is at the helm of another liquidation: never before has a single firm's use of "tombstones" been so literal.
Jurisdiction: W.D. of Michigan
Capital Structure: $49.4mm funded secured ABL debt (Wells Fargo)
Company Professionals:
Legal: Warner Norcross & Judd LLP (Stephen Grow, R. Michael Azzi)
Financial Advisor: Berkeley Research Group LLC (Steve Coulombe)
Investment Banker: Stout Risius Ross Advisors LLC (Michael Krakovsky)
Liquidators: Tiger Capital Group LLC and Great American Group LLC
Intellectual Property Disposition Consultant: Hilco IP Services LLC (Gabriel Fried)
Real Estate Advisors: A&G Realty Partners LLC (Michael Jerbich)
