New Chapter 11 and CCAA Filing - Modular Space Holdings, Inc.

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Modular Space Holdings Inc. 

  • 12/21/16 Recap: A "classic example of a good company with a bad balance sheet," the Virginia-based largest US-owned provider of temporary and permanent modular buildings files a prearranged bankruptcy and corresponding CCAA to restructure its balance sheet. The company struggled after the 2007 recession, with utilization levels dropping meaningfully. More recently, oil-related business in Texas and Western Canada has contracted significantly. Finally, a proposed merger with Williams Scotsman International Inc. which would have infused the company with new equity and help manage the balance sheet issues collapsed after new money equity investors grew skittish after Brexit. Subsequent equity investment proposals were rejected and a restructuring transaction pursued and ultimately agreed upon. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: $984.2mm total funded debt + $37.7mm of accrued interest ($609.2 ABL (Bank of America), $375mm 10.25% '19 senior secured second lien notes (Wells Fargo))
  • Company Professionals:
    • Legal: Cleary Gottlieb Steen & Hamilton LLP (James Bromley, Jane VanLare, Kara Hailey, Samuel Hershey) & (local) Young Conaway (Pauline Morgan, Joel Waite, Ian Bambrick)
    • Financial Advisor: Zolfo Cooper (David Orlofsky)
    • Investment Banker: Lazard Freres & Co. LLC and Lazard Middle Market LLC (Jason A. Cohen)
    • Claims Agent: KCC (*click on company name for docket)
  • Other Parties in Interest:
    • Wells Fargo Capital Finance LLC
      • Legal: Otterbourg PC (Andrew Kramer)
    • ABL Lenders
      • Legal: Parker Hudson Rainer & Dobbs (C. Edward Dobbs, James Rankin, Eric Anderson) & (local) Ashby & Geddes LLP (William Bowden)
    • Ad Hoc Group of Consenting Noteholders (AllianceBernstein, Blackrock, Brookfield, Carl Marks, Corre Partners, KLS Diversified, Manulife, and Symphony) 
      • Legal: Dechert LLP (Michael Sage, Brian Greer, Stephen Wolpert, Michael Maloney) & (local) Richards Layton & Finger PA (Daniel DeFranceschi, Robert Stern)
      • Financial Advisor: Moelis & Co.
    • Calera Capital Advisors
      • Legal: Morris Nichols

Updated 1/6/17

New Filing - Lensar Inc.

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Lensar Inc.

  • 12/16/16 Recap: Florida-based medical technology company that manufacturers lasers deployed in cataract surgeries filed for bankruptcy to effectuate a debt-for-equity swap with its senior lender (and DIP lender), PDL BioPharma Inc., a publicly-traded company that manages a portfolio of biotech, pharma and med-device products. A main objective of the case will be to protect approximately $125mm of NOLs. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: ~$60mm debt     
  • Company Professionals:
    • Legal: Ballard Spahr LLP (Matthew Summers, Vincent Marriott, Paul Harner)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for docket)
  • Other Parties in Interest:
    • DIP Lender: PDL BioPharma Inc.
      • Legal: Gibson Dunn & Crutcher LLP (Jeffrey Krause, Genevieve Weiner, Sam Newman)

Updated 1/20/17

New Filing - Optima Specialty Steel LLC

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Optima Specialty Steel

  • 12/15/16 Recap: Miami-based independent specialty steel products manufacturer files for bankruptcy in the District of Delaware, capitulating under the weight of debt-laden acquisitions predicated on synergies and efficiencies that, shockingly, couldn't counteract various macroeconomic headwinds. The company cites low oil prices, a strong US dollar, excess capacity, slowing growth in other parts of the world (read: China), and decreased demand for specialty steel products. Unable to pay its December 15 debt maturity, the company filed to take advantage of the automatic stay - funded by cash collateral initially and seeking a DIP by January - and try to reorganize as a going concern.
  • Jurisdiction: D. of Delaware
  • Capital Structure: $171.7mm 12.5% senior secured notes (Wilmington Trust), $87.5mm 12% senior unsecured note (Wilmington Trust; privately-placed with DDJ Capital Management LLC)     
  • Company Professionals:
    • Legal: Greenberg Traurig (Dennis Meloro, Nancy Mitchell, Paul Keenan, John Dodd, Ari Newman, Maria DiConza)
    • Financial Advisor: Ernst & Young LLP (Briana Richards)
    • Investment Banker: Miller Buckfire & Co., LLC (James Doak)
    • Claims Agent: Garden City Group (*click on company name for docket)
  • Parties in Interest:
    • Ad Hoc Group of Unaffiliated Holders of Senior Secured Notes
      • Legal: Akin Gump Strauss Hauer & Feld LLP (Philip Dublin, Jason Rubin)
    • Official Committee of Unsecured Creditors
      • Legal: Squire Patton Boggs (US) LLP (Stephen Lerner, Norman Kinel, Nava Hazan, Elliot Smith) & (local) Whiteford Taylor & Preston LLP (Christopher Samis, L. Katherine Good, Chantelle McClamb)
    • Wilmington Trust
      • Legal: Morrison & Foerster LLP (Jonathan Levine, James Newton) & (local) Morris Nichols Arsht & Tunnell LLP (Eric Schwartz, Matthew Harvey)
    • DDJ Capital Management LLC
      • Legal: Latham & Watkins LLP (Richard Levy, Ted Dillman)

Updated 1/6/17

New Filing - Gracious Home LLC

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Gracious Home LLC

  • 12/15/16 Recap: New York based consumer products retailer of home furnishings (i.e., china, glassware, metalware, and all kinds of other things that millennials scoff at buying) files for bankruptcy to salvage what's left of its liquidating business after failing to renegotiate with its lender and landlords. This is its second bankruptcy filing in 6 years.
  • Jurisdiction: S.D. of New York 
  • Debt: $6.5mm secured debt (Signature Bank)
  • Company Professionals:
    • Legal: Trenk DiPasquale Della Fera Sodono (Joseph DiPasquale, Irena Goldstein)
    • Financial Advisor: B. Riley & Co. (Perry Mandarino, Adam Rosen, Daniel Golynskiy)
    • Claims Agent: Prime Clerk LLC (*click on company name for docket)
    • Other Parties in Interest:
      • Official Committee of Unsecured Creditors:
        • Legal: Seward & Kissel LLP (John Ashmead, Robert Gayda, Catherine LoTempio, Michael Tenenhaus) 
        • Financial Advisor: Wyse Advisors LLC (Michael Wyse)
      • Gracious Home Lending LLC
        • Legal: Arent Fox LLP (Robert Hirsh)

Updated 5/12/17

New Filing - Stone Energy Corporation

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Stone Energy Corporation

  • 12/14/16 Recap: Louisiana-based oil-and-gas producer files prepackaged chapter 11 case to sell its Appalachia assets to TH Exploration III LLC (an affiliate of Tug Hill Inc.), and shed approximately $850mm of debt and $46mm of annual interest expense. The company faces a potential equity committee appointment - all the rage these days.
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $360mm RCF, $300mm '17 1.75% convertible unsecured notes, $775mm '22 7.5% unsecured notes     
  • Company Professionals:
    • Legal: Latham & Watkins LLP (David Heller, Josef Athanas, Caroline Reckler, Matthew Warren, Matthew Dillard, Christopher Harris) & (local) Porter Hedges LLP (John Higgins, Joshua Wolfshohl, Aaron Power)
    • Financial Advisor: Alvarez & Marsal LLC (Dean Swick)
    • Investment Banker: Lazard (David Kurtz) & Tudor Pickering & Holt & Co. (Chad Michael)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Agent of RCF (BofA)
      • Legal: O'Melveny & Meyers LLP (George Davis, Suzzanne Uhland, Michael Lotito, Sean Davis)
      • Financial Advisor: RPA Advisors
    • Bank of New York Mellon Trust Company N.A.
      • Legal: Heller Draper Patrick Horn & Dabney LLC (William Patrick III, Tristan Manthey, Cherie Dessauer Nobles)
    • Ad Hoc Group of Unsecured Lenders
      • Legal: Akin Gump (Charles Gibbs, David Zensky, Kevin Zuzolo, Meredith Lahaie, Michael Stamer)
      • Investment Banker: Intrepid Partners
    • Buyer: TH Exploration III LLC
      • Legal:
    • Exxon Mobil Corporation
      • Legal: Haynes & Boone LLP (Charles Beckham)
    • Independent Directors of the Board of Directors
      • Legal: Andrews Kurth Kenyon LLP (Robin Russell, Timothy Davidson, Ashley Harper)
    • Ad Hoc Committee of Shareholders
      • Legal: Quinn Emanuel Urquhart & Sullivan LLP (K. John Shaffer, Benjamin Finestone, David Gerger, Emily Smith, Victor Noskov)

Updated 1/20/17.

New Filing - Violin Memory Inc.

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Violin Memory Inc.

  • 12/14/16 Recap: Marc Andreeson of A16Z once famously said that software would eat the world. Case and point: Violin Memory Inc. The publicly-traded Santa Clara California-based flash-drive hardware and (only recently) software services provider files for bankruptcy after software providers cannibalized its product, two failed attempts to sell the company, and a failed attempt to secure DIP financing. The objective of the filing is a "value-maximizing sale" of the assets: hey, its three strikes and you're out, not two. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: $10mm '17 5% RCF (Silicon Valley Bank - terminated as of petition date), $120mm '19 4.25% convertible notes (Wilmington Trust)
  • Company Professionals:
    • Legal: Pillsbury & Winthrop LLP (Deryck Palmer, David Forsh, Cecily Dumas) & (local) Bayard PA (Scott Cousins, Justin Alberto, Gregory Flasser)
    • Financial Advisor & Investment Banker: Houlihan Lokey [(Andrew Turnbull, Ryan Sandahl, Randall Tatman, Angus Schaller, Brendan Wolf, Derek Kuns)
    • Claims Agent: Prime Clerk LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Ad Hoc Group of Convertible Noteholders (Jefferies Group LLC, Nokota Management LP, Pine River Capital Management LP, Silverback Asset Management LLC, Soros Fund Management LLC)
      • Legal: Weil (Gary Holtzer, David Griffiths)
    • Wilmington Trust
      • Legal: Brown Rudnick LLP (Daniel Saval) & (local) Drinker Biddle & Reath LLP (Steven Kortanek)
    • Unsecured Creditors' Committee
      • Legal: Cooley LLP (Lauren Reichardt, Robert Winning, Jay Indyke, Eric Haber, Michael Klein) & (local) Elliott Greenleaf PC (Eric Sutty, Rafael Zahralddin-Aravena)
      • Financial Advisor: The DAK Group (Sheon Karol, Ari Fuchs, Claudia Levine)

Updated 3/21/17

New Filing - Illinois Power Generating Company

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Illinois Power Generating Company

  • 12/9/16 Recap: Wholly-owned subsidiary of Dynegy Inc. files for Chapter 11 to effectuate a prepackaged plan of reorganization that has significant support from noteholders - just not enough support to avoid a filing. Top unsecured creditors include a who's who of recent restructuring favorites like Peabody Energy and Arch Coal.  
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $825mm of total funded debt. $300mm '18 7% senior notes, $250mm '20 6.3% senior notes, $275mm '32 7.95% senior notes     
  • Company Professionals:
    • Legal: Latham & Watkins LLP (D.J. Baker, Caroline Reckler, Kim Posin, Josef Athanas, Jeffrey Mispagel) & (local) Andrews Kurth Kenyon LLP (Robin Russell, Timothy A. Davidson, Joseph Buoni, Ashley Harper)
    • Financial Advisor: Ducera Partners LLC (Derron Slonecker, Mark Davis, Adrian Reiter) & Waterloo Capital Management Inc. (Jeff Hunter)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Ad Hoc Group of Consenting Noteholders (Caspian Capital LP, Farmstead Capital Management LLC, Lord Abbett & Co. LLC, Pacific Investment Management Company LLC, Venor Capital Management)
      • Legal: Willkie Farr & Gallagher LLP (Jennifer Hardy, Joseph Minias, Weston Eguchi)
    • Parent Company: Dynegy Inc.
      • Legal: White & Case LLP (Thomas Lauria, Matthew Brown)

Updated 3/26/17

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.

New Filing - Choxi.com, Inc.

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Choxi.com, Inc. (aka Nomorerack.com)

  • 12/5/16 Recap: E-commerce retailer funded to the tune of $52mm that is now almost certainly completely wiped out filed for bankruptcy in response to an involuntary filing by three creditors owed $300+k on account of goods sold. Despite being named after a URL, the URL is no longer active and so we can't even see what kind of fancy wares they had (tried) to sell.   
  • Jurisdiction: S.D. of New York   
  • Company Professionals:
    • Legal: Klesdadt Winters Jureller Southard & Stevens, LLP (Tracy Klesdadt, Christopher Reilly, Stephanie Sweeney)
    • Financial Advisor: CBIZ Tax Accounting & Advisory New York LLC (Blanche Zelmanovich)
    • Claims Agent: Rust Consulting/Omni Bankruptcy LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Unsecured Creditors' Committee
      • Legal: Nutovic & Associates (Isaac Nutovic)
      • Financial Advisor: CBIZ Tax Accounting & Advisory New York LLC (Blanche Zelmanovich)

Updated 12/29/16

New Filing - La Paloma Generating Company LLC

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La Paloma Generating Company LLC

  • 12/06/16 Recap: California-based (NW of LA) nat-gas fired merchant power provider that services SoCal files for bankruptcy citing a litany of reasons: (i) adverse market for nat-gas fired electricity given the rise of wind and solar power in CA; (ii) the regulatory environment; (iii) cap and trade; (iv) its unsustainable debt load; and (v) the army of O'Melveny lawyers servicing the deal. Okay, not the last part but see below: that sure is a surge of (man)power. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: $524mm of total funded debt. $35mm '20 1st lien (BofA), $292mm '20 1st lien TL (BofA), $110mm '20 second lien TL (Sun Trust), $87mm '19 LPAC TL, $34mm LOCs (SunTrust)     
  • Company Professionals:
    • Legal: O'Melveny & Meyers LLP (John Rapisardi, George Davis, Peter Friedman, Diana Perez, Andrew Sorkin, Matthew Kremer, Valerie Cohen) & (local) Richards Layton & Finger PA (Mark Collins, Jason Madron, Andrew Dean) & (conflicts counsel) Curtis Mallet-Prevost Colt & Mosle LLP (Steven Reisman, Turner Smith, Peter Behmke, Cindi Giglio)
    • Financial Advisor: Alvarez & Marsal LLC (Emmett Bergman)
    • Investment Banker: Jefferies LLC (Jeffrey Finger)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Sponsor: EIG Global Partners LLC (Niranjan Ravindran)
    • First Lien Lender: Bank of America
      • Legal: Moore & Van Allen (David Eades, Glenn Huether) & (local) Buchanan Ingersoll & Rooney PC (Mary Caloway, Kathleen Murphy)
    • Ad Hoc Group of Second Lien Noteholders
      • Legal: Morgan Lewis & Bockius LLP (Glenn Siegel, Joshua Dorchak, Elaine Fenna, Jody Barillare)
    • Second Lien Lender: Sun Trust Bank
      • Legal: King & Spalding LLP (Sara Borders, Thaddeus Wilson) & (local) Morris James LLP (Stephen Miller)
    • 1st Lien Debtholder: Beal Bank USA (LNB)
      • Legal: White & Case LLP (Thomas Lauria, Christopher Shore) & (local) Fox Rothschild LLP (Jeffrey Schlerf)
    • Collateral Agent: Bank of New York Mellon
      • Legal: Bryan Cave LLP (Stephanie Wickouski, Michelle McMahon)

Updated 12/29/16

New Filing - Limitless Mobile LLC

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Limitless Mobile LLC

  • 12/5/16 Recap: Pennsylvania-based 3G/4G LTE network provider of mobile phone and home internet services to retail customers in rural areas filed chapter 11 to restructure its debt, winddown its retail operations and attempt to continue its wholesale business pursuant to a $4mm Tower Bridge DIP loan. Basically this thing is an investment cesspool: after a $9+mm loan and $25.2mm grant from the US government and a $30mm equity (and spectrum) infusion from Tower Bridge, the company determined that it had an "extended runway to profitability." Who modeled this for the US Government before doling out the grant?
  • Jurisdiction: D. of Delaware
  • Capital Structure: $9.2mm debt (Rural Utilities Service - United States) & $9mm (Tower Bridge LLM Partners LLC)    
  • Company Professionals:
    • Legal: Dilworth Paxson LLP (Catherine Pappas, Martin Weis, Jesse Silverman, Lawrence McMichael, Erik Coccia)
    • Claims Agent: Rust Omni (*click on company name for docket)
  • Other Parties in Interest:
    • Tower Bridge LLM Partners LLC
      • Legal: Gellert Scali Busenkill & Brown LLC (Ronald Gellert, Evan Rassman)
    • Unsecured Creditors Committee
      • Legal: Saul Ewing LLC (Lucian Murley, Sharon Levine)
      • Financial Advisor: Gavin/Solmonese LLC (Edward Gavin)

Updated 12/29/16

New Filing - Northstar Offshore Group

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Northstar Offshore Group

  • 12/2/16 Recap: The E&P-oriented debtors filed a voluntary case converting an earlier August involuntary filing. The company is tied to the defunct Platinum Partners, which we covered in some detail here and here. 
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $30mm LOCs (First National Bank of Central Texas) & $80mm 12% '19 second lien private notes (ex-interest of $13.7mm)   
  • Company Professionals:
    • Legal: Diamond McCarthy LLP (Kyung Lee, Charles Rubio, Christopher Murphy, Michael Fritz)
    • Restructuring Advisor: CR3 Partners (Donald Martin)
    • Financial Advisor: M1 Energy Capital Management (Richard Bernardy)
    • Investment Banker: Parkman Whaling LLC (Thomas Hensley Jr.)
    • Claims Agent: Prime Clerk (*click on company name for docket)
  • Other Parties in Interest:
    • Sponsor: Platinum Partners
      • Legal: Holland & Knight (Robert Jonres, Warren Gluck, Barbra Parlen, Arthur Rosenberg)
    • Official Committee of Unsecured Creditors
      • Legal: DLA Piper LLP (Vincent Slusher, David Avraham, Adam Lanza, Daniel Simon, Andy Zollinger)
      • Financial Advisor: FTI Consulting Inc. (Conor Tully, David Rush, Michael Cordasco, Paul Jordan, James Aharonian, Marili Hellmund-Mora)
    • Creditor: Spartan Offshore Drilling LLC
      • Legal: Vinson & Elkins LLP (Reese O'Connor)
    • DIP Lender: Arena Limited SPV LLC
      • Legal: Andrews Kurth Kenyon LLP (Timothy A. Davidson, Joseph Rovira)
    • First National Bank of Central Texas
      • Legal: Dykema Cox Smith (Deborah Williamson)

Updated 5/18/17

New Filing - Dowling College Inc.

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Dowling College Inc.

  • 11/29/16 Recap: Following the loss of its accreditation and a failed sale to a strategic, the non-profit educational institution filed for Chapter 11 with plans to effectuate a liquidation by way of sale of its Oakdale NY campus and residential portfolio. UMB Bank will fund a approximately $5mm DIP.
  • Jurisdiction: E.D. of New York
  • Capital Structure: ~$59mm municipal debt     
  • Company Professionals:
    • Legal: Klestadt Winters Jureller Southard & Stevens LLP (Sean Southard, Lauren Kiss) 
    • Financial Advisor: RSR Consulting LLC (Robert Rosenfeld) 
    • Claims Agent: Garden City Group LLC (*click on company name for docket)
  • Other Parties in Interest:
    • DIP Lender: UMB Bank
      • Legal: Mintz Levin Cohn Ferris Glovsky and Popeo PC (Ian Hammel, Eric Blythe) & (local) Garfunkel Wild PC (Adam Berkowitz)
    • Official Committee of Unsecured Creditors
      • Legal: SilvermanAcampora LLP (Ronald Friedman, Gerard Luckman, Kenneth Silverman)

Updated 12/30/16

New Filing - Caribbean Commercial Investment Bank Ltd.

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Caribbean Commercial Investment Bank Ltd.

  • 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)
  • Other Parties in Interest:

New Filing - DACCO Transmission Parts (Transtar Holding Company)

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DACCO Transmission Parts (Transtar Holding Company)

  • 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)
    • Investment Banker: Ducera Partners LLC (Agnes Tang)
    • Lease Consultant: Hilco Real Estate LLC (Ryan Lawlor)
    • Claims Agent: Prime Clerk LLC (*click on company name for docket)
  • Other Parties in Interest:
    • RBC
      • Legal: Paul Hastings LLP (Randal Palach, Alexander Bongartz)
    • Ad Hoc Committee of Second Lien Lenders
      • Legal: Latham & Watkins LLP (Richard Levy, Matthew Warren)
    • Silver Point Capital (as DIP Lender)
      • Legal: Chapman & Cutler LLP (Steven Wilanowsky, Aaron Krieger)
    • Friedman Fleisher & Lowe LLC (as Sponsor)
      • Legal: Young Conaway (Michael Nestor)
    • Examiner
      • Legal: Jenner & Block LLP (Richard Levin)
    • Octagon Credit Investors LLC and Invesco Ltd.
      • Legal: King & Spalding LLP (Michael Rupe, Jeffrey Pawlitz)

Updated 3/30/17

New Filing - Xtera Communications Inc.

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Xtera Communications Inc.

  • 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).
  • Jurisdiction: D. of Delaware
  • Capital Structure: $8.2mm debt (Square 1 Bank), $10mm TL-A & $2mm TL-B (Horizon Technology Finance Corporation)     
  • Company Professionals:
    • Legal: DLA Piper LLP (Thomas Califano, Jamila Willis, Stuart Brown, Maris Kandestin)
    • Investment Banker: Cowen & Company (Lorie Beers)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • DIP Lender: HIG European Capital Partners
      • Legal: Allen & Overy LLP (Joseph Badtke-Berkow, Daniel Guyder)
    • Horizon Technology Finance Corporation
      • Legal: K&L Gates LLP (A. Lee Hogewood, Steven Caponi, Charles A. Dale III, Margaret Westbrook)
    • Wilmington Trust
      • Legal: Kaye Scholer LLP (Seth Kleinman, Michael Messersmith, Sarah Gryll) & (local) Morris Nichols (Andrew Roth-Moore, Curtis Miller)
    • Unsecured Creditors Committee
      • Legal: Lowenstein Sandler LLP (David Banker) & (local) Bayard PA (Justin Alberto)
      • Financial Advisor: BDO USA LLP (David Berliner)

Updated 12/1/16.

New (Chapter 22) Filing - American Apparel Inc.

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American Apparel Inc.

  • 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) Pachulski Stang 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)
    • Investment Banker: Houlihan Lokey (Saul Burian, Devin Shanahan, Sanaz Memarsadeghi, Ethan Kopp, Alexander Stolarz, Varun Desai)
    • Claims Agent: Prime Clerk (*click on company name for docket)
  • Other Parties in Interest:
    • DIP Lender: Encina Business Credit LLC
      • Legal: Riemer & Braunstein LLP (Steven Fox, Donald Rothman, Lon Singer, Alexander Rheaume) & (local) Ashby & Geddes PA (Gregory Taylor)
    • Agent to Prepetition Secured Lenders: Wilmington Trust
      • Legal: Covington & Burling LLP (R. Alexander Clark, Dianne Coffino) & Pepper Hamilton LLP (David Fournier)
    • Buyer: Gilden Activewear SRL
      • Legal: Sullivan & Cromwell LLP (Michael Torkin, Brian Hamilton, Miaoting Wu) & (local) Womble Carlyle (Matthew Ward)
    • 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)

Updated 3/30/17

New Filing - Jo-Jo Holdings Inc. (Backwoods Retail)

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Jo-Jo Holdings Inc. (Backwoods Retail)

  • 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)

New Filing - Nasty Gal Inc.

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Nasty Gal Inc.

  • 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)
  • Other Parties in Interest:
    • Hercules Technology Growth Capital Inc.
      • Legal: Cole Schotz (Stuart Komrower, Ryan Jareck) & (local) Pachulski (Jeffrey Pomerantz, Jeffrey Dulberg)
    • Boohoo F I Limited
      • Legal: Troutman Sanders LLP (Penelope Parmes, Harris Winsberg, Stephen Roach)
    • Unsecured Creditors' Committee
      • Legal: Levene Neale Bender Yoo & Brill LLP (Gary Klausner, Todd Arnold)
      • Financial Advisor: B. Riley & Co. 

Updated 12/30/16