11/23/16 Recap: Confusing mess but the upshot is that the court-appointed administrator (FTI Consulting) seeks to claw back depositor funds that were transferred to a separate entity under Eastern Caribbean Central Bank regulatory supervision.
Jurisdiction: S.D. of New York
Capital Structure: ~$6mm of deposits at issue.
Company Professionals:
Legal: Reed Smith LLP (James McCarroll, Jordan Siev, Kurt Gwynne)
Financial Advisor: FTI Consulting (William Tacon, Ian Morton)
11/20/16 Recap: Ohio-based global supplier of products related to transmissions and drivetrains files for Chapter 11 to effectuate a prepackaged case handing the company over to the first lien lenders. The cases will be funded by Silver Point Finance LLC as DIP lender ($55mm).
Jurisdiction: S.D. of New York
Capital Structure: $376.6mm first lien TL (RBC), $48mm RCF (RBC), $170mm second lien TL (Cortland Capital Markets)
Company Professionals:
Replacement Legal: Jones Day LLP (Scott Greenberg, Carl E. Black, Daniel Merrett, Stacey Corr-Irvine)
Original Legal: Willkie Farr (Rachel Strickland, Christopher Koenig, Jennifer Hardy, Debra McElligott)
Financial Advisor: FTI Consulting LLC (Daniel Hugo, Dewey Imhoff, Stuart Gleichenhaus, Joe Lu, Carl Jones, Scott Hoffman, Luke McCrory, Patrick Rauh)
11/15/16 Recap: Texas-based publicly-traded provider of high-capacity optical transport systems for telecom service providers filed for bankruptcy with intent to sell the company to Neptune Bidco, as DIP Lender and stalking horse bidder (DIP = $7.4mm, Bid = $10mm inclusive of DIP amount).
11/14/16 Recap: Large US-based apparel manufacturer and retailer with 193 total stores files for bankruptcy - months, uh, after emerging from bankruptcy. Company filed with a $30mm DIP proposal from Encina Business Credit LLC. Plan is to sell (for parts) expeditiously to Gilden Activewear SRL for $66mm (IP, remaining wholesale inventory and wholesale POs during restructuring).
Jurisdiction: D. of Delaware
Capital Structure: $215mm of funded debt ($90mm DIP-rolled-into-TL-exit + $82mm of additional financing) & $15mm unsecured UK facility (Standard General)
Company Professionals:
Legal: Jones Day LLP (Carl Black, Scott Greenberg, Michael J. Cohen, Erin Brady, Stacey Corr-Irvine, Genna Ghaul, Christpher Lovrien) & (local) PachulskiStang Ziehl & Jones LLP (Laura Davis Jones, James O'Neill, Joseph Mulvihill)
Financial Advisor: Berkeley Research Group LLC (Mark Weinsten, Joseph D'Ascoli) & FTI Consulting (Andrew Hinkelman, Chuck Goad, Adam Saltzman, Frank Marshall, William Breashears, Zach Contreras)
Claims Consultants: Resources Global Professionals (Thora Thoroddsen, Evelyne Anglade, Scott Ashcraft, Luis Barreda, Sharon Dannewitz, Yolanda Hoelscher, Rodney Teruya)
Lead Lenders & Equityholders: Monarch Alternative Capital LP, Coliseum Capital Management LLC, Goldman Sachs Asset Management LP, Pentwater Capital Management LP, Standard General.
Legal (except Standard General): Milbank Tweed (Gerard Uzzi, Eric Stodola) & (local) Fox Rothschild (Jeffrey Schlerf, L. John Bird)
Legal (Standard General): Debevoise & Plimpton LLP (Natasha Labovitz, Shannon Rose Selden, Craig Bruens, Erica Weisgerber) & (local) Young Conaway (Edmon Morton, Joseph Barry)
Largest Unsecured Creditors: Standard General, FTI Consulting, Moelis, Garden City Group
Unsecured Creditors' Committee:
Legal: Cooley LLP (Cathy Hershcopf, Seth Van Aalten, Robert Winning, Sarah Carnes, Michael Klein, Max Schlan) & (local) Bayard PA (Justin Alberto, Evan Miller, Gregory Flasser)
Financial Advisor: Emerald Capital Advisors (John Madden, Ryan O'Sullivan, Lawrence Jacobs, Christopher Moffatt, Jack Allen, Christopher Saitta, Daniel Pace, Ryan Feulner)
11/09/16 Recap: Austin-based outdoor gear and apparel retailer with 10 retail stores and an e-commerce presence files for bankruptcy. Blames changing shopping trends and consumer behavior and pressure from e-commerce (cough, Amazon) and bigbox retailers and onerous leases for need to restructure (under $3mm DIP).
Jurisdiction: N.D. of Texas
Capital Structure: $65mm RCF
Company Professionals:
Legal: Kelly Hart & Hallman LLP (Michael McConnell, Nancy Ribaudo)
11/9/16 Recap: Sophia Amoruso's provocative female-fashion e-commerce retailer with two California brick-and-mortar locations collapses under the weight of its own growth, global currency effects, and the inability to tap capital markets given depressed valuations for retailers, generally, and e-commerce businesses, specifically, and files for bankruptcy to delever its balance sheet. There is no stalking horse bidder for the assets. 87% of its revenues are from e-commerce. The company had at least $65mm of venture capital funding (Index Ventures, Ron Johnson).
Jurisdiction: C.D. of California
Capital Structure: $15mm secured debt (Hercules Technology Growth Capital Inc.), $5mm unsecured convertible bridge loan (at 3x liquidation preference)(Stamos & Johnson Fund I, LLP)
Company Professionals:
Legal: Robins Kaplan LLP (Scott Gautier, Lorie Ball, Kevin Meek)
Investment Banker: Peter J. Soloman Company
Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name for docket)
11/08/16 Recap: Portland-based aviation services company with ties to the oil and gas and defense industries files for bankruptcy to delever balance sheet pursuant to a prenegotiated bankruptcy agreement with its lenders. The Company seeks a $180mm DIP credit facility (with $60mm of new money) to fund operations over the course of the restructuring.
11/02/16 Recap: Privately-owned Gulf of Mexico and Louisiana focused energy and exploration company files for bankruptcy backed by a $50mm DIP from Morgan Stanley Energy Capital (of which $32mm represents a rollup) and an RSA to sell the company to an affiliate of Highbridge Capital LLC, a second lien lender.
Jurisdiction: S.D. of Texas
Capital Structure: $150mm RBL (Morgan Stanley), $160mm second lien TL, $71mm unsecured note (Sankaty Advisors LLC)
Company Professionals:
Legal: Jones Day (Thomas Howley, Paul Green, Jonathan Fisher, Cassie Suttle) & (conflicts counsel) Jackson & Walker LLP (Patricia Tomasco)
Financial Advisor: Imperial Capital LLC (Robert Warshauer, Justin Byrne, Kyle Anderson, John Radigan)
Claims Agent: Prime Clerk (*click on company name for docket)
Other Parties in Interest:
DIP Lender: Morgan Stanley Energy Capital
Legal: Simpson Thacher (Nicholas Baker)
Financial Advisors: FTI Consulting
Second Lien Lender: Highbridge Capital/HPS Investment Partners LLC
11/1/16 Recap: E-commerce provider of concierge-based virtual shopping experiences files for bankruptcy to achieve a balance sheet restructuring via sale of the business to proposed stalking horse bidder, Derby SPV Inc.
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)
10/27/16 Recap: Distributor of parts for earth-moving equipment made by the likes of Caterpillar and Deere files for bankruptcy due to decreased revenues. The WSJ highlights that the company doesn't specify what caused the decline but it's pretty obvious: both CAT and DE new builds are down as farmers and others rely more heavily on rentals given depressed commodity prices.
Jurisdiction: N.D. of Texas
Capital Structure: $27mm funded ABL (Wells Fargo)
Company Professionals:
Legal: Gardere Wynne Sewell LLP (Marcus Helt, Thomas Scannell, Mark Moore)
10/24/16 Recap: Publicly-traded E&P servicer files prepackaged chapter 11 cases to equitize $824.6mm of unsecured debt and bolster liquidity via $125mm rights offering.
Legal: Weil (Ray Schrock, Ronit Berkovich, Jessica Liou, Arkady Goldinstein, David Zubkis, Elizabeth Kagedan, Alexander Welch) & (local) Richards Layton (Daniel DeFranceschi, Michael Merchant, Brendan Schlauch, David Queroli, Zachary Shapiro)
Financial Advisor: AlixPartners (David Johnston, Charles Braley, Brian Huffman)
Investment Banker: Moelis & Co. (Adam Keil)
Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
Other Parties in Interest:
ABL Admin Agent: Bank of America
Legal: Vinson & Elkins (Paul E. Heath) & (local) Morris Nichols (Robert Dehney, Eric Schwartz, Marcy McLaughlin)
Creditors (Ascribe Capital, Atlas Enhanced Master Fund, Broad Street Energy Advisors, Blackgold Capital Management, Brigade Capital Management, Covalent Partners, Susquehanna Advisors Group Inc., Phoenix Investment Advisor LLC, Silver Point Capital LP, Whitebox Advisors LLC)
Claims Agent: Epiq Bankruptcy Solutions LLP (*click on company name for docket)
Other Parties in Interest:
Ad Hoc Noteholder and DIP Lender Group: Varde Partners, Axar Capital Management, PennantPark Investment Advisers, River Birch Capital, Tinicum Incorporated
Legal: Stroock Stroock & Lavan (Kris Hansen, Erez Gilad, Matt Garofalo) & (local) Young Conaway (Robert Poppiti Jr., Matthew Lunn)
Financial Advisor: Houlihan
Wilmington Trust
Legal: Pryor Cashman LLP (Seth Lieberman, Patrick Sibley, Matthew Silverman) & (local) Reed Smith LLP (Kurt Gwynne, Emily Devan)
10/24/16 Recap: Oilfield services operator filed prepackaged plan to delever its balance sheet by 75% unsecured debt-for-equity swap subject to dilutive rights offering.
Legal: Sidley Austin LLP (James Conlan, Larry Nyhan, Jeffrey Bjork, Andrew O'Neill, Christina Craige, John Hutchinson) & (local) Young Conaway (Robert Brady, Edwin Harron, Ryan Bartley)
Legal: Latham & Watkins (Richard Levy, James Ktsanes) & (local) Reed Smith (Kurt Gwynne, Emily Devan)
Term Lenders: (BlueMountain Capital Management LLC, TPG Specialty Lending Inc., Tennenbaum Capital Partners)
Legal: Davis Polk (Damian Schaible, Eli Vonnegut, Angela Libby) & (local) Richards Layton (Mark Collins, Andrew Dean)
Investment Banker: Evercore
Supporting Unsecured Noteholders:
Legal: Sullivan & Cromwell (Michael Torkin, David Jakus, Lee Parnes)
Investment Bank: Houlihan Lokey
Supporting Noteholders & Supporting Term Lenders
Legal: Cleary Gottlieb (Sean O'Neal, Humayan Khalid, Matthew Rappoport) & (local) Morris Nichols (Robert Dehney, Eric Schwartz, Andrew Remming, Andrew Roth-Moore)
Wells Fargo, as TL Agent
Legal: Greenberg Traurig
Unsecured Noteholders: Silver Point Capital LP, Contrarian Capital Management, Scoggin Capital Management, Platinum Equity Advisors, Quantum Partners, Goldman Sachs Global Special Situations Group
10/17/16 Recap: Manufacturer of ceramics, transducers and sonar equipment sold to the US Navy and defense contractors like Northrop Grumman, Lockhead Martin and Raytheon files for chapter 11 to address onerous long-term contracts and attempt an expeditious sale of the business.
10/8/16 Recap: NYC-based maker of cloud-based location software and wearable watch hardware for kids files for chapter 11 bankruptcy to effectuate an expedited sale to potential White Knight stalking horse bidder while receiving DIP financing from AT&T.
10/4/16 Recap: private integrated midstream oil and gas services provider files for chapter 11 to re-invigorate and effectuate a failed (363) sale process prior to filing.
10/3/16 Recap: Operator of 123 farm-sourced self-serve restaurants under the Souplantation & Sweet Tomatoes brands seeks expedited sale after suffering cash flow pressure from sector headwinds, workers' comp liability, minimum wage and health benefit pressures and rent increases.
Ares Capital Corporation, Beach Point Capital, Sun Capital
UCC:
Legal: Kelley Drye & Warren LLP (Lauren Schlussel, Jason Adams, Eric Wilson, Scott Fleisher, Charlie Liu) & (local) Drinker Biddle & Reath LLP (Steven Kortanek, Joseph Argentina, Robert Malone)
Financial Advisor: Province Advisors (Paul Huygens, Thomas Jones, Carol Cabello, Jorge Gonzalez, Jin Dong)
