New Chapter 11 Filing - Central Grocers Inc.

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Central Grocers Inc.

  • 5/4/17 Recap: May the Fourth be with you. Illinois-based food coop - the 7th largest in the nation - founded in, gulp, 1917, filed for bankruptcy to pursue a sale of its Strack & Wan Til stores and its distribution center (after certain creditors tried to force a bankruptcy on it). The company was initially founded with 32 supermarket owners seeking increased purchasing power through strength in numbers. Today, the coop supplies over 400 stores in the Chicago area. The coop supports its own brand, Centrella, which, being frank here, is probably value detract because nothing says "quality" like shoddy label design. That "Beef Stew" and "Chunk Pineapple" (see below) looks tasty AF, doesn't it? This makes us want to blow chunks. Seriously, though, this is another story of disruption. Disruption caused by the commodities markets, in part, with beef, chicken, eggs and dairy generally being at relatively low prices. But also disruption caused by new entrants into the grocery segment, including Walmart, Target, Costco, and dollar stores. And, of course, Amazon, which is increasingly becoming Darth Vader, even though we're pretty certain nobody we know actually uses AmazonFresh for produce and the like. But, whatever, when in doubt, blame Amazon. That's a much better excuse than 1917-style design sensibility and a classic innovator's dilemma.
  • Jurisdiction: D. of Delaware (transferred to N.D. of Illinois)
  • Capital Structure: $225mm '18 RCF (PNC Bank NA), $22.5mm TL (Bank of the West)  
  • Company Professionals:
    • Legal: Weil (Ray Schrock, Stephen Karotkin, Sunny Singh, Daniel Gwen, Danielle Donovan) & (local) Richards Layton & Finger PA (Mark Collins, Paul Heath, Brett Haywood, David Queroli) & (local) McDonald Hopkins LLC (David Agay, Rion Vaughan)
    • Financial Advisor: Conway MacKenzie Inc. (Donald Harer, Alpesh Amin, Michael Musso, John Cannon, Matthew Sedigh, Daniel Johnson, Lauren Leach, Harry Bramson, Jennifer Chaing, Joseph Wirija, Michael Kulkarni, Michael Flynn)
    • Investment Banker: Peter J. Soloman Company (Derek Pitts)
    • Claims Agent: Prime Clerk LLC (*click on company name for docket)
  • Other Parties in Interest:
    • PNC Bank NA
      • Legal: Blank Rome LLP (Regina Stango Kelbon, Victoria Guilfoyle, Mark Rabinowitz, Gregory Vizza, Michael Schaedle)
    • Bank of the West
      • Legal: Thompson Coburn LLP (Mark Bossi, Victor Des Laurier, Diona Rogers)
    • Successful Bidder
      • Legal: Duane Morris LLP (Lawrence Kotler, Rosanne Ciambrone)
    • Official Committee of Unsecured Creditors
      • Legal: Kilpatrick Townsend & Stockton LLP (Todd Meyers, David Posner, Gianfranco Finizio) & (local) Saul Ewing LLP (Mark Minuti, Lucian Murley) & (local) Arnstein & Lehr LLP (Barry Chatz, Kevin Morse, William Williams)
      • Financial Advisor: FTI Consulting Inc. (Conor Tully)

Updated 7/13/17

http://www.central-grocers.com/

http://www.central-grocers.com/

New Chapter 15 Filing - Boart Longyear Ltd.

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Boart Longyear Ltd.

  • 4/27/17 Recap: The company, a provider of (i) drilling services, drilling equipment and performance tooling for mining and mineral drilling companies and (ii) products and services for non-mining drilling customers (i.e., water drilling and non-conventional energy), filed a Chapter 15 petition in the US in support of a larger restructuring filed a few days ago in Australia. The Australian proceeding had been agreed upon by Centerbridge Partners LP, Ares Management LLC and Ascribe II Investments LLC who, collectively, own the majority of the company's secured and unsecured funded debt and common and preferred equity. Notably, however, First Pacific Advisors LLC is NOT on board with the proposed restructuring is already showing signs of litigating (initially by way of seeking a TRO). Generally, this, like many other cases in the recent past, is a macroeconomic story relating to the decline in exploration and production and corresponding decline in drill rig utilization rates and pricing leverage. It is also, however, a story - as we often see - of too much debt. The company attempted a previous recapitalization and debt reduction in 2014; it also implemented a number of operational initiatives. Clearly, these efforts didn't do the trick. And because "[n]o immediate [macro] relief appears to be on the horizon," the company seeks to delever and survive for the next commodities supercycle. 
  • Jurisdiction: S.D. of New York
  • Capital Structure: $205mm 10% secured notes (US Bank NA), $116mm TL-A & $140mm TL-B (Wilmington Trust), $8mm ABL (PNC Bank), $15mm Second Out Facility (Wilmington Trust), $20mm Delayed Draw TL (Wilmington Trust), $295mm 7% unsecured notes (US Bank NA). Publicly-traded under "BLY" on the Australian Securities Exchange.    
  • Company Professionals:
    • Legal: Milbank Tweed Hadley & McCloy LLP (Dennis Dunne, Evan Fleck, Dennis O'Donnell) & Ashurst (James Marshall)
    • Financial Advisor: FTI Consulting Inc. (Paul Hansen)
    • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Supporting Noteholder Committee: Ares Management LLC, Ascribe II Investments LLC
      • Legal: Sullivan & Cromwell LLP (Michael Torkin, David Zylberberg)
    • Centerbridge Partners LP
      • Legal: Kirkland & Ellis LLP (Anup Sathy, Gregory Pesce, John Luze)
    • First Pacific Advisors LLC
      • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Andrew Rosenberg, Alice Belisle Eaton, Alexander Woolverton, Daniel Youngblut) & (Australia) Gilbert+Tobin (Dominic Emmett, David Clee)
    • PNC Bank NA
      • Legal: Holland & Knight LLP (Michelle Suarez, Arthur Rosenberg, Robert Jones, Brian Smith)

Updated 5/31/17

New Chapter 11 Filing - Adeptus Health Inc.

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Adeptus Health Inc.

  • 4/19/17 Recap: Publicly-traded ($ADPT) Texas-based for-profit hospital operator filed for bankruptcy to effectuate a sale of the business to Deerfield Management Company. The company blames significant working capital needs, challenges with revenue cycle management, and reduced utilization and patient volume for its filing. Deerfield is providing the company a $45mm DIP credit facility. 
  • Jurisdiction: N.D. of Texas
  • Capital Structure: $212.75mm total debt. $61.9mm RCF (Bank of America), $132mm TL (A-1 and A-2, latter with Goldman Sachs Lending Partners), $13.09mm LOC (Bank of America), $7.5mm bridge loan (Deerfield Management Company)    
  • Company Professionals:
    • Legal: Norton Rose Fulbright LLP (Louis Strubeck Jr., Kristian Gluck, John Schwartz, Liz Boydston, Timothy Springer)
    • Financial Advisor/CRO: FTI Consulting (Andrew Hinkelman)
    • Investment Banker: Houlihan Lokey Capital Inc.
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Deerfield Management Company LP
      • Legal: Katten Muchin Rosenman LLP (Peter Siddiqui, Paige Barr)
    • MatlinPatterson Global Opportunities Master Fund LP
      • Legal: Ropes & Gray LLP (Mark Somerstein, Keith Woffard) & (local) Porter Hedges LLP (John Higgins, Joshua Wolfshohl)
    • Wexford Spectrum Investors LLC and Debello Investors LLC
      • Legal: Winstead PC (Phillip Lamberson, Rakhee Patel, Annmarie Chiarello)
    • Healthcare Ombudsman: Daniel McMurray
      • Legal: Neubert, Pepe & Monteith PC (Mark Fishman) & (local) Quilling Selander Lownds Winslett & Moser PC (Joshua Shephard)
      • Medical Operations Advisor: Focus Management Group USA (Daniel McMurray, James Grobmyer, Angeline Bernard, Sandra Casper)
    • Official Committee of Unsecured Creditors
      • Legal: Akin Gump Strauss Hauer & Feld LLP (Sarah Link Schultz, Marty Brimmage, David Botter, Alexis Freeman)
      • Financial Advisor: CohnReznick LLP (Chad Shandler)
    • Official Committee of Equity Security Holders
      • Legal: Brown Rudnick LLP (Edward Weisfelner, Bennett Silverberg, Jeffrey Jonas) & Winstead PC (Rakhee Patel, Phil Lamberson)
      • Financial Advisor: Miller Buckfire & Co. LLC & Stifel Nicolaus & Co. (Richard Klein)

Updated 7/13/17

New Chapter 11 Filing - Angelica Corporation

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Angelica Corporation

  • 4/3/17 Recap: Thanks Obama! Alpharetta Georgia based provider of linens to the healthcare industry filed for bankruptcy to effectuate a sale to KKR Credit Advisors (US) LLC for $125mm (including a $17.4mm credit bid) - exclusive of liabilities emanating out of certain collective bargaining agreements because, well, why should anyone care about low-earning laundry employees, right? Not when you've got slicked back hair and a sick new Hamptons house to party in this Summer, right, bro? The company pointedly cites ObamaCare as a major source of pricing pressure as healthcare providers "became ever more cost-conscious to mitigate lower expected reimbursements from insurance companies." Reacting to the legislation, private customers joined forces via Group Purchasing Organizations, using strength in numbers as leverage to drive discounts with companies like Angelica. This, coupled with hospital consolidation - also apparently resultant from ObamaCare - led the company to suffer from significant revenue declines. The company has secured a $65mm DIP from certain ABL lenders to fund the bankruptcy case.
  • Jurisdiction: S.D. of New York
  • Capital Structure: $50.5mm ABL (funded, Wells Fargo Capital Finance LLC) & $85mm TL debt (Cortland Capital Market Services LLC)    
  • Company Professionals:
    • Legal: Weil (Matthew Barr, Jill Frizzley, Kevin Bostel, Joshua Apfel, Prashant Rai, Matthew Skrzynski)
    • Financial Advisor: Alvarez & Marsal LLC (John Makuch, Joel Rogers, Paul Kinealy, Bryan Fleming)
    • Investment Banker: Houlihan Lokey Capital Inc. (Bradley Jordan)
    • Claims Agent: Prime Clerk LLC (*click on company name for docket)
  • Other Parties in Interest:
    • ABL Agent: Wells Fargo Capital Finance LLC
      • Legal: Greenberg Traurig LLP (David Kurzweil, Nathan Haynes, John Dyer, Michael Leveille)
    • TL Agent: Cortland Capital Market Services LLC
      • Legal: Holland & Knight LLP (Joshua Spencer, Renee Lewis, Barbra Parlin)
    • Stalking Horse Bidder: KKR Credit Advisors (US) LLC
      • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Brian Hermann, Lauren Shumejda)
    • Largest Secured Creditors: KKR Asset Management LLC, Wells Fargo Capital Finance LLC, GACP Finance Co., LLC, Regions Bank
    • Official Committee of Unsecured Creditors
      • Legal: Cole Schotz PC (Michael Sirota, Daniel Geoghan, Ryan Jareck, Warren Usitine, Mark Tsukerman, Jacob Frumkin, Rebecca Hollander)
      • Financial Advisor: FTI Consulting Inc. (Conor Tully, Marshall Eisler, Sean Eimer, Harrison West, Marili Hellmund-Mora)

Updated 5/31/17

New Chapter 11 Filing - Goodman Networks Inc.

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Goodman Networks Inc.

  • 3/13/17 Recap: Frisco Texas-based minority-business-enterprise (MBE) and wireless network and satellite television systems servicer filed a prepackaged chapter 11 case to de-lever its balance sheet by $212.5mm. This is a story, in many respects, about a concentrated revenue base and too much debt. 83% of the company's revenue is attributable to AT&T and "substantial completion of AT&T's 4G network build-out has diminished the associated demand for Goodman's services." Consequently, the company wasn't generating enough revenue to sustain its capital structure. Now, holders of the secured debt will receive cash, $112.5mm of new debt, PIK preferred stock and common stock. To preserve the MBE status, current equity will get PIK preferred stock and 50.1% of the common stock. Query whether that level of retained equity is a lesson to those who invested in this MBE structure. 
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $25mm RCF (MidCap Financial Trust), $325mm '18 12.125 % secured notes (Wells Fargo)
  • Company Professionals: 
    • Legal: Kirkland & Ellis LLP (Patrick Nash, Joshua Sussberg, Joseph Graham, Laura Krucks, Alexander Cross) & (local) Haynes & Boone LLP (Stephen Pezanosky, Kelli Norfleet)
    • Financial Advisor: FTI Consulting (John Debus)
    • Investment Banker: June Creek Interests (Andy Jent)
    • Claims Agent: KCC (*click on company name for docket)
  • Other Parties in Interest:
    • Ad Hoc Committee of Second Lien Bondholders (Alden Global, AllianceBernstein Global LP, J.P. Morgan Investment Management Inc., J.P Morgan Chase Bank N.A., Phoenix Investment Advisor LLC, Principal Global Investors LLC, Invesco Senior Secured Management Inc., Sound Point Capital Management LP)
      • Legal: Akin Gump (Michael Stamer, Charles Gibbs, Meredith Lahaie, Sara Brauner)
      • Financial: Greenhill & Co. Inc.
  • Wells Fargo
    • Legal: Reed Smith LLP (Eric Schaffer, Lloyd Lim, Maura Nuno)
  • AT&T Corp.
    • Legal: Sidley Austin LLP (Brian Lohan)

Updated 3/28/17

New Chapter 11 Filing - Gander Mountain Company

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Gander Mountain Company

  • 3/10/17 Recap: Preppers alert! The Minneapolis-based outdoor retailer that specializes in guns guns and more guns has run out of "dry powder" (score!) and finds itself in chapter 11. This comes around the same time that the Cabela's/Bass merger looks to be hanging by a thread. Tough time for outdoor retail. On the brightside, folks who are so scared by the recent election can now get a break on MREs and other survival gear as they go off-grid or to Canada. So, there's that.
  • 5/3/17 Update: The company has sold to Camping World Inc. and, attendant to the sale, entered into an agency agreement with a JV of liquidating firms noted below to handle the assets left out of the sale. 
  • Jurisdiction: D. of Minnesota
  • Capital Structure: $390mm ABL (Wells Fargo Bank NA) & $35mm TL (Pathlight Capital LLC) debt
  • Company Professionals: 
    • Legal: Fredrikson & Byron PA (Ryan Murphy, Clinton Cutler, Cynthia Moyer, James Brand, Sarah Olson, Steven Kinsella)
    • Financial Advisor: Lighthouse Management Group (Timothy Becker, James Bartholomew)
    • Investment Banker: Houlihan Lokey Capital Inc. (Stephen Spencer)
    • Real Estate Advisor: Hilco Real Estate LLC (Ryan Lawlor)
    • Liquidators: Tiger Capital Group LLC (Dan Kane, Michael McGrail), Great American Group LLC (Scott Carpenter, Alan Forman), Gordon Brothers Retail Partners LLC (Mackenzie Shea), Hilco Merchant Resources LLC (Ian Fredricks)
      • Legal for Liquidators: Wachtell Lipton Rosen & Katz (Scott Charles, Neil Snyder) & Riemer & Braunstein LLP (Steven Fox)
    • Claims Agent: Donlin Recano (*click on the company above for free docket)
  • Other Parties in Interest:
    • Prepetition ABL & DIP Lender: Wells Fargo Bank NA
      • Legal: Choate Hall & Stewart LLP (Sean Monahan, Kevin Simard)
    • Term Loan Agent: Pathlight Capital LLC
      • Legal: Morgan Lewis & Bockius LLP (Mark Silva, Julia Frost-Davis, Amelia Joiner)
    • Official Committee of Unsecured Creditors
      • Legal: Lowenstein Sandler LLP (Jeffrey Cohen, Keara Waldron, Barry Bazian) & (local) Barnes & Thornburg LLP (Connie Lahn, Peter Clark, Christopher Knapp, Roger Maldonado)
      • Financial Advisor: FTI Consulting LLC (Steven Simms, Dewey Imhoff, Matt Diaz, Timothy Gaines, Jessica Jedynak, Clement Chiun)
    • Buyer: Camping World Inc.
      • Legal: Latham & Watkins LLP (Zachary Judd, Caroline Reckler, Matthew Warren, Jason Gott)

Updated 5/3/17

New Chapter 11 Filing - Answers Holdings Inc.

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Answers Holdings Inc.

  •  3/3/17 Recap: Apax Partners' backed website operator has filed for bankruptcy because it never evolved from Internet 1.0, has too much debt, its main site, Answers.com, is the red-headed step-child of Quora, and, quite frankly, not a single person receiving the PETITION newsletter has visited the site(s) since 2006. Yahoo, Facebook, Amazon (AWS), Amex and Silicon Valley Bank are among the top 10 creditors. The debtors solicited a prepackaged plan and so all of the above will be unimpaired - somewhat ironic given that algorithmic changes by Google and Facebook - in addition to a mountain of debt - are the real root causes of the company's decline.
  • Jurisdiction: SD of New York
  • Capital Structure: $40mm revolver, $325mm '21 first lien TL, $180mm '22 second lien TL.   
  • Company Professionals:
    • Legal: Kirkland & Ellis LLP (James Sprayragen, Jonathan Henes, Christopher Greco, Melissa Koss, John Weber, Anthony Grossi)
    • Financial Advisor: Alvarez & Marsal LLC (Justin Schmaltz, Erin McKeighan)
    • Investment Banker: Rothschild (Steven Antinelli)
    • Claims Agent: Rust Bankruptcy/Omni Consulting (*click on company name for docket)
  • Other Parties in Interest:
    • Ad Hoc Group of Consenting First Lien Lenders
      • Legal: Jones Day LLP (Scott Greenberg, Michael Cohen, Bryan Kotliar)
      • Financial Advisor: Houlihan Lokey
    • First Lien Agent: Credit Suisse AG
      • Legal: Gibson Dunn & Crutcher LLP (David Feldman, J. Eric Wise)
    • Ad Hoc Group of Consenting Second Lien Lenders (Deerpath Capital Management LP, North Haven Credit Partners LP, Summit Partners Credit Advisors LP)
      • Legal: Akin Gump Strauss Haur & Feld LLP (David Botter, David Simonds)
        • Financial Advisor: FTI Consulting Inc.
    • Second Lien Agent: Wilmington Trust NA
      • Legal: Alston & Bird LLP (Jason Solomon, David Wender)
    • Sponsor Entities: Apax Partners LP, Clarity Holdco LP, Clarity GP LLC
      • Legal: Simpson Thacher & Bartlett LLP (Elisha Graff, Edward Linden)
    • Proposed Board of Directors of the Reorganized Entity: William Ruckelshaus, Eric Ball, Peter Daffern, Eugene Davis, John Federman, Lonne Jaffe, Brian Mulligan.

Updated 4/2/17

New Chapter 11 Filing - Ultrapetrol (Bahamas) Ltd.

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Ultrapetrol (Bahamas) Ltd.

  • 2/6/17 Recap: Private equity backed marine shipping company files for prepackaged chapter 11 to effectuate sale of assets, the proceeds from which will be used to pay down debt. Sparrow Capital Investments Ltd. will purchase the company's river business holding companies for $73mm in cash. Barry Ridings of Lazard will be on the reorganized company's Board of Directors (and collect an $80k paycheck).
  • Jurisdiction: S.D. of New York
  • Capital Structure: $566mm '21 8.875% notes & credit facilities with International Finance and OPEC Fund.     
  • Company Professionals:
    • Legal: Zirinsky Law Partners PLLC (Bruce Zirinsky, Sharon Richardson) & Hughes Hubbard LLP (Christopher Kiplok, Erin Diers, Dustin Smith) & Seward & Kissel (Ronald Cohen, Lawrence Rutkowski, Anthony Tu-Sekine)
    • Financial Advisor: AlixPartners International LLP (Rebecca Roof, Stephen Spitzer, Peter Baldwin, Jon Bryant)
    • Investment Banker: Miller Buckfire & Co. LLC (Kevin Haggard)
    • Claims Agent: Prime Clerk LLC (*click on case name above for free docket)
  • Other Parties in Interest:
    • Ad Hoc Group of Noteholders
      • Legal: Milbank Tweed Hadley & McCloy LLP (Tyson Lomazow)
      • Financial Advisor: PJT Partners Inc.
    • Offshore Agent: DVB Bank SE and DVB Bank Americas N.V.
      • Legal: White & Case LLP (Scott Greissman, Mark Franke)
      • Financial Advisor: Houlihan Lokey
    • IFC/OPEC Fund
      • Legal: Mayer Brown LLP (Frederick Hyman, Sean Scott,)
      • Financial Advisor: FTI Consulting Canada ULC
    • Sparrow Capital Investments Ltd.
      • Legal: Chadbourne & Parke LLP (Andrew Rosenblatt, Marc Ashley, Robert Kirby)

Updated 3/30/17

New Chapter 11 Filing - Vanguard Natural Resources

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Vanguard Natural Resources

  • 2/2/17 Recap: Houston-based oil and gas producer files chapter 11 pursuant to a restructuring support agreement that, if implemented, will permit the company to cut over $700mm of debt. The company has secured a $50mm DIP. 
  • Jurisdiction: SD of Texas
  • Capital Structure: $1.372b '18 L+250 RBL (Citibank N.A.), $76mm '20 7% second lien notes, $51'm '19 8.375% unsecured notes (Wilmington Trust), $382mm '20 7.875% unsecured notes (UMB Bank)    
  • Company Professionals:
    • Legal: Paul Hastings LLP (Chris Dickerson, James Grogan, Todd Schwartz, Alexander Bongartz, Brendan Gage)
    • Financial Advisor: Opportune LLP (Scott Anchin)
    • Investment Banker: Evercore Partners (Daniel Aronson, Marco Acerra)
    • Claims Agent: Prime Clerk (*click on company name for docket)
  • Other Parties in Interest:
    • Ad Hoc Group of 2L noteholders (Fir Tree Inc., Wexford Capital LP, York Capital Management Global Advisors)
      • Legal: Morrison & Foerster LLP (Jonathan Levine, John Pintarelli, Daniel Harris) & (local) Jackson Walker LLP (Monica Blacker, Matthew Cavenaugh)
    • Ad Hoc Committee of Senior Noteholders & UMB Bank NA
      • Legal: Milbank (Dennis Dunne, Andrew LeBlanc, Samuel Khalil) & (local) Porter Hedges LLP (John Higgins, Eric English)
      • Investment Bank: PJT Partners Inc.
    • RBL Lender: Citibank NA
      • Legal: Weil (Stephen Karotkin, Joseph Smolinsky, Blaire Cahn, Christopher Lopez)
    • UMB Bank
      • Legal: Kelley Drye & Warren LLP (Eric Wilson, Benjamin Feder, T. Charlie Liu)
    • Wilmington Trust
      • Legal: Pryor Cashman LLP (Seth Lieberman, Patrick Sibley, Matthew Silverman) & (local) Cole Schotz PC (Michael Warner, Benjamin Wallen)
    • Independent Directors of the Board
      • Legal: Andrews Kurth Kenyon LLP (Robin Russell, Tad Davidson, Joseph Buoni)
    • Unsecured Noteholder & Preferred Unitholder: Panning Capital Management 
      • Legal: Munger Tolles & Olson LLP (Thomas Wolper, Seth Goldman) & (local) Norton Rose Fulbright US LLP (William Greendyke, Jason Boland, Bob Bruner, Louis Strubeck) 
    • Ad Hoc Equity Committee
      • Legal: Gardere Wynne Sewell LLP (John Melko, Sharon Beausoleil, Michael Riordan, Sean Wilson, Holland O'Neil)
    • Official Committee of Unsecured Creditors
      • Legal: Akin Gump (Charles Gibbs, Michael Stamer, Abid Qureshi, Meredith Lahaie, Kevin Zuzolo)
      • Financial Advisor: FTI Consulting

Updated 3/22/17

 

New Filing - Forbes Energy Services Ltd.

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Forbes Energy Services Ltd.

  • 01/22/17 Recap: Texas-based oil field services provider files bankruptcy to effectuate a prepackaged plan of reorganization pursuant to which noteholders will take 100% equity and a cash distribution. 
  • Jurisdiction: S.D. of Texas 
  • Capital Structure: $90 mm ABL (Regions Bank), $277mm '19 9% senior notes (Wells Fargo)
  • Company Professionals:
    • Legal: Pachulski Stang Ziehl & Jones LLP (Richard Pachulski, Ira Kharasch, Maxim Litvak, Joshua Fried) & (local) Snow Pence Green LLP (Phil Snow, Kenneth Green)
    • Financial Advisor: Alvarez & Marsal LLC (Marc Leibman, Gary Barton)
    • Investment Banker: Jefferies Group Inc. (Robert White)
    • Claims Agent: KCC (*click on name above for link to docket)
  • Other Parties in Interest:
  • Ad Hoc Group of Senior Unsecured Noteholders: Ascribe Capital, Solace Capital Partners LP, Courage Capital Management LLC, Pacific Investment Management Co., Phoenix Investment Advisor LLC
    • Legal: Fried Frank Harris Shriver & Jacobson LLP (Brad Scheler, Matthew Roose) & (local) McKool Smith PC (Hugh Ray, Christopher Johnson)
    • Financial Advisor: FTI Consulting Inc.
  • Regions Bank
    • Legal: Norton Rose Fulbright (William Greendyke) & Parker Hudson Rainer & Dobbs LLP (Eric Anderson)
  • Wells Fargo
    • Legal: Loeb & Loeb LLP (Bernard R. Given, Walter Curchack, Vadim Rubinstein)

Updated 1/30/17

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 - 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 (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 - Shoreline Energy LLC

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Shoreline Energy LLC

  • 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
      • Legal: Vinson & Elkins (William Wallander, Bradley Foxman, Reese O'Connor)
    • Unsecured Creditors' Committee
      • Legal: Arent Fox LLP (Robert Hirsh, George Angelich, Jordana Renert) & (local) Royston Rayzor Vickery & Williams LLP (Kevin Walters, Eugene Barr)
      • Financial Advisor: Conway MacKenzie LLC (John Young)

Updated 12/30/17

New Filing - American Gilsonite Company

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 American Gilsonite Company

  • 10/25/16 Recap: "Gilsonite" miner, processor, and oilfield services provider files prepackaged chapter 11 to effectuate debt-for-equity deal with 2nd lien noteholders and sponsor, Palladium Partners.  
  • Jurisdiction: D. of Delaware
  • Capital Structure: $20mm RCF (Key Bank), $270mm '17 11.5% 2nd lien notes (Wilmington Trust)    
  • Company Professionals:
    • Legal: Weil (Matthew Barr, Sunny Singh, Jessica Diab, Prashant Rai) & (local) Richards Layton (Mark Collins)
    • Financial Advisor: FTI (Alan Boyko)
    • Investment Banker: Evercore (Stephen Hannon)
    • 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)
    • Palladium Equity Partners
      • Legal: Simpson Thatcher (Elisha Graff, Ariana Watson Evarts) & (local) Landis Rath & Cobb (Richard Cobb)

Updated 12/30/16

New Chapter 15 Filing - Tervita Corporation

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Tervita Corporation