New Chapter 11 Filing - Adeptus Health Inc.

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 - Gordmans Stores Inc.

Gordmans Stores Inc.

• 3/13/17 Recap: Clearly Warren Buffett doesn't own this dog. The Omaha, NE-based publicly-traded (GMAN) specialty retailer (apparel and home fashions) with 72 stores in 16 states (according to PE sponsor Sun Capital Partners) or 106 stores in 22 states (according to the company) filed bankruptcy to continue the 5-month long evisceration of Sun Capital Partners' retail portfolio. Oh, and liquidate. Choice quote: "It is likely that other retailers may commence chapter 11 cases in the near term, as retail is set to replace the troubled oil and gas industry as the most distressed sector this year." Just in case anyone is scratching their heads as to how this liquidation could possibly be happening, note that e-commerce made up less than 1-percent of the Company's sales. This REALLY begs the question: what value was Sun Capital Partners bringing to the table? Do they not have operating partners? Sheesh.
• Jurisdiction: D. of Nebraska
• Capital Structure: $68.75mm RCF (Wells Fargo) + $31.25mm RCF (PNC Bank NA) of which $29mm in total outstanding, $30mm TL (Wells Fargo - $15mm, Pathlight - $7.5mm & Gordon Brothers Finance - $7.5mm)($27.9mm outstanding). 
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (Jayme Sprayragen, Patrick Nash, Brad Weiland, Jamie Netznik, Alexandra Schwarzman) & Kutak Rock LLP (Lisa Peters, Jeffrey Wegner)
  • Financial Advisor: Clear Thinking Group LLC (Joseph Marchese)
  • Investment Banker: Duff & Phelps Securities LLC (Joshua Benn)
  • Proposed Stalking Horse Liquidators: Tiger Capital Group LLC & Great American Group LLC
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
• Other Parties in Interest:
  • Wells Fargo Bank, NA
    • Legal: Riemer & Braunstein LLP (Donald Rothman, Steven Fox) & Greenberg Traurig LLP (Jeff Wolf) & (local) Croker Huck Kasher DeWitt Anderson & Gonderinger LLP (Robert, Gonderinger, David Skalka)
  • Sponsor: Sun Capital Partners
    • Legal: Morgan Lewis & Bockius LLP (Neil Herman)
  • Potential Bidder: Hilco Merchant Resources LLC & Gordon Brothers Retail Partners LLC
    • Legal: Paul Hastings LLP (Chris Dickerson, Matthew Murphy, Marc Carmel) & (local) Telpner Peterson Law Firm LLP (Charles Smith, Nicole Hughes)
  • Official Committee of Unsecured Creditors
    • Legal: Frost Brown Todd LLC (Ronald Gold, Douglas Lutz, Adam J. (A.J.) Webb) & (local) Koley Jessen PC (Brian Koenig)
    • Financial Advisor: Province Inc. (Paul Huygens)

Updated 4/14/17

New Chapter 11 Filing - EMAS Chiyoda Subsea Limited

EMAS Chiyoda Subsea Limited

• 2/28/17 Recap: Some offshore blood here. The Houston-based deepwater subsea construction service company (which sounds pretty bada$$ btw) suffered from declining revenue and cash flow (read: declining demand), high costs and increasingly limited access to credit. Hence, bankruptcy. With the benefit of a $90mm dual-tranche DIP, the Company will sell its marine base in Texas and otherwise use bankruptcy to restructure the balance sheet.
• Jurisdiction: S.D. of Texas
• Capital Structure: $480mm secured debt & $175mm unsecured debt    
• Company Professionals:
  • Legal: Skadden Arps (George Panagakis, Justin Winerman, Robert Fitzgerald) & (local) Porter Hedges LLP (John Higgins, Joshua Wolfshohl, Eric English, Brandon Tittle)
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
• Other Parties in Interest:
  • Tranche A Lender (Subsea 7 Finance UK PLC)
    • Legal: Arnold & Porter Kaye Scholer (Mark Liscio) & (local) Freshfields Bruckhaus Deringer (Linda Martin)
  • Tranche B Lender (Chiyoda Corp.)
    • Legal: White & Case LLP (Roberto Kampfner) & (local) Haynes & Boone LLP (Charles Beckham Jr.)
  • DNB Bank ASA, Singapore Branch (agent and security trustee)
    • Legal: Milbank Tweed Hadley & McCloy (Dennis Dunne, Tyson Lomazow, Nelly Almeida) & (local) Haynes & Boone LLP (Bradley Foxman)

Updated 3/26/17

New Chapter 11 Filing - AtopTech Inc.

AtopTech Inc.

• 1/13/17 Recap: Tech company in the midst of infringement lawsuit files for bankruptcy to, among other things, effectuate a 363 sale.
• Jurisdiction: D. of Delaware 
• Capital Structure: $472k secured debt (Silicon Valley Bank)    
• Company Professionals:
  • Legal: Dorsey & Whitney LLP (Eric Lopez Schnabel, Janet Weiss, Stephen O'Neill, Jessica McKinley, Alessandra Glorioso, Robert Mallard, Robert Franklin, Thomas Hwang)
  • Investment Banker: Cowan & Company (Randy Lederman, Thomas Stierwalt, Patrick Fraley, Charles Tudor, Vance Tuminelli)
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Synopsys Inc.
      • Legal: Jones Day LLP (Krista Schwartz, Richard Wynne, Patrick Michael, Joshua Morse, Stacey Corr-Irvine, Peter Saba, Monika Weiner) & (local) Morris Nichols Arsht & Tunnell LLP (Derek Abbott)
    • Draper Athena Management Co., Ltd.
      • Legal: Shearman & Sterling LLP (Fredric Sosnick, Foteini Teloni)

Updated 4/2/17

New Chapter 11 Filing - Homer City Generation, L.P.

Homer City Generation

• 1/11/17 Recap: Pennsylvania-based GE-owned power company with three coal-fired electric power generating units files a prepackaged Chapter 11 to effectuate a deal to turnover the company's assets to its sale leaseback debtholders.  
• Jurisdiction: D. of Delaware
• Capital Structure: $147mm '19 8.137% senior secured notes, $466mm '26 8.734% senior secured notes (Bank of New York Mellon)
• Company Professionals:
  • Legal: Richards Layton & Finger PA (Mark Collins, Russell Siberglied, Paul Heath, Joseph Barsalona II, Andrew Dean)
  • Financial Advisor: Zolfo Cooper (John Boken)
  • Investment Banker: PJT Partners Inc. (Mark Buschmann, John Singh)
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
• Other Parties in Interest:
  • Ad Hoc Group of First Lien Bondholders:
    • Legal: O'Melveny & Meyers LLP (George Davis, Andrew Parlen, Matthew Kremer, Joseph Zujkowski) & (local) Young Conaway (Sean Beach)
    • Financial Advisor: Charles River Associates
    • Investment Banker: Houlihan Lokey 
  • Bank of New York Mellon
    • Legal: Emmet, Marvin & Marvin LLP (Thomas Pitta)
  • General Electric
    • Legal: Weil (Robert Lemons, Sunny Singh) & (local) Reed Smith LLP (Kurt Gwynne)

Updated 1/23/17

New Filing - Lensar Inc.

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 - Illinois Power Generating Company

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 - La Paloma Generating Company LLC

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 - Xtera Communications Inc.

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 15 Filing - Emeco Holdings Ltd.

Emeco Holdings Ltd.

• 11/2/16 Recap: Australian rental provider of heavy mining equipment with operations in Australia, Canada and Chile file a Scheme under the Corporations Act in Australia whereby the noteholders will merge the company with two non-debtor mining competitors and recapitalize the enterprise. 
• Jurisdiction: S.D. of New York
• Capital Structure: $286mm '19 9.875% senior secured notes (Bank of New York); $89mm ABL  
• Company Professionals:
  • Legal: Baker & McKenzie LLP (David Heroy, Erin Broderick)
  • Financial Advisor: Houlihan
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
• Other Parties in Interest:
  • Supporting Noteholder Committee (Ascribe II Investments LLC, Brookfield Credit Opportunities Master Fund LP, Goldman Sachs International)
    • Legal: Sullivan & Cromwell LLP (Michael Torkin, David Zylberberg)

Updated 12/30/16

New Filing - Basic Energy Services Inc.

Basic Energy Services Inc.

• 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.  
• Jurisdiction: D. of Delaware
• Capital Structure: $100mm '19 ABL, $165mm '21 13.5% TL, $475mm '19 7.75% senior notes, $300m '22 7.75% senior notes. 
• Company Professionals:
  • 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)
  • Term & DIP Lenders (Goldman Sachs Merchant Banking, Riverstone Holdings LLC)
    • Legal: Davis Polk (Marshall Heubner, Darren Klein, Adam Shpeen) & (local) Potter Anderson LLP (Jeremy Ryan, R. Stephen McNeill)
    • Investment Banker: PJT Partners Inc.
  • Unsecured Bondholders:
    • Legal: Fried Frank (Brad Scheler, Peter Siroka, Carl Stapen) & (local) Blank Rome LLP (Michael DeBaecke)
    • Investment Banker: GLC Advisors
  • Agent to Postpetition Lenders: US Bank
    • Legal: Lowenstein Sandler LLP (Jeffrey Prol, Nicholas Vislocky, Theodore Sica)
  • Bank of America Leasing & Capital LLC
    • Legal: Norton Rose & Fulbright (Kristian Gluck, Greg Wilkes) & (local) Womble Carlyle (Kevin Mangan)
  • 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)

Updated 12/30/16

New Filing - American Gilsonite Company

 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 Filing: Key Energy Services Inc.

Key Energy Services Inc.

• 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.
• Jurisdiction: D. of Delaware
• Capital Structure: $100mm '20 4.5% RCF (Wells Fargo), $315mm '20 9.25% TL (Cortland Capital Markets), $675mm '21 6.75% senior unsecured notes.     
• Company Professionals:
  • 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)
  • Financial Advisor: Alvarez & Marsal LLC (Ed Mosley)
  • Investment Banker: PJT Partners (Mike Genereux)
  • Claims Agent: Epiq Bankruptcy Solutions LLC
• Other Parties in Interest:
  • ABL Admin Agent (BofA):
    • 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

Updated 12/30/16

New Chapter 15 Filing - Inversora Electrica de Buenos Aires S.A.

Inversora Electrica de Buenos Aires S.A.

• 10/13/16 Recap: Company files chapter 15 proceeding to help effectuate Argentinian APE proceeding that commenced in 2015.
• Jurisdiction: S.D. of New York
• Company Professionals:
  • Legal: Shearman & Sterling LLP (Fredric Sosnick, Sara Coelho)
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for docket)

Updated 12/4/16

New Filing - Garden Fresh Restaurant Intermed. Holdings LLC

Garden Fresh Restaurant Intermed. Holdings 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.  
• 8/8/17 Update: Perpetual Capital Partners and CR3 Capital LLC acquired the reorganized company for an undisclosed amount.
• Jurisdiction: D. of Delaware
• Capital Structure: ~$195mm of funded debt     
• Company Professionals:
  • Legal: Morgan Lewis (Neil Herman, James Moore, Benjamin Cordiano, Katherine Lindsay) & (local) Young Conaway (Kenneth Enos, Michael Nestor, Ian Bambrick, Michael Neiburg, Travis Buchanan)
  • Financial Advisor: RAS Management Advisors LLC (Timothy Boates, Michael Rizzo)
  • Investment Banker: Piper Jaffrey (Teri Stratton, Peter Schwab, Jean Hosty, John Twichell, Jason Wang, Cooper Ziecik, Galen Hand)
  • Real Estate Advisor: Hilco Real Estate LLC (Ryan Lawlor)
  • Claims Agent: Epiq Bankruptcy Solutions, LLC
• Other Parties in Interest:
  • Term Loan A Agent: Cerberus Business Finance LLC
    • Legal: Klee Tuchin (Michael Tuchin, David Guess, Sasha Gurvitz) & (local) Richards Layton (Mark Collins).
  • Term Loan B Agent & DIP Lender: Cortlandt Capital Market Services LLC
    • Legal: Holland & Knight LLP (Barbra Parlin) & (local) Pachulski Stang (Laura Davis Jones)
  • Term Loan C and Term Loan D Agent: Apollo Investment Management
    • Legal: Vinson & Elkins LLP (Steven Abramowitz) & (local) Morris Nichols (Robert Dehney, Matthew Henry)
  • Other Lenders:
    • 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)

Updated - Done