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)
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
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)
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)
10/1/16 Recap (updated 11/29/16): Fast casual chain seeks expedited asset sale to stalking-horse lenders (who had agreed not to credit bid their debt). Outcome: no competing bid came in and so the company sold to the stalking horse bidder for $10mm, including, in the end, a credit bid, after all.
