Ameriforge Group Inc. (d/b/a AFGlobal Corporation)

• 5/1/17 Recap: Houston-based manufacturer of products for a variety of markets (oil and gas, power, aerospace and industrial) filed a prepackaged bankruptcy case to delever its balance sheet by approximately $680mm. The company's first lien lenders will get nearly all of the equity in the reorganized entity. Second lien lenders will get some option value in the form of an equity kiss and warrants/options. The company has secured $70mm in new money and seeks to be out of bankruptcy in roughly three weeks: some of these cases are getting VERY speedy.
• Jurisdiction: S.D. of Texas
• Capital Structure: $89.5mm '17 first lien funded RCF and $519mm '19 first lien senior secured TL-B (Deutsche Bank Trust Company Americas), $143.3mm '20 second lien secured TL (Delaware Trust Company).   
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (James Sprayragen, Edward Sassower, William Guerrieri, Christopher Hayes, Bradley Giordano, Chad Husnick) & (local) Jackson Walker LLP (Patricia Tomasco, Matthew Cavenaugh, Jennifer Wertz)
  • Financial Advisor: Alvarez & Marsal LLC (James Grady)
  • Investment Banker: Lazard Middle Markets LLC (Brandon Aebersold, Parry Sorenson)
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Ad Hoc Group of First Lien Lenders (Carlyle Strategic Partners, Deutsche Bank Trust Company Americas, Eaton Vance Management, Stellex Capital Management)
    • Legal: Jones Day LLP (Scott Greenberg, Michael Cohen, Bryan Kotliar, Paul Green)
    • Financial Advisor: Houlihan Lokey Capital Inc. (Adam Dunayer)
  • Ad Hoc Group of Second Lien Lenders
    • Legal: Akin Gump Strauss Hauer & Feld LLP (Ira Dizengoff, Philip Dublin, Jason Rubin, Charles Gibbs)
    • Financial Advisor: PJT Partners LP (Jon Walters, Paul Sheaffer)
  • Sponsor: First Reserve Heavy Metal LP
    • Legal: Simpson Thacher & Bartlett LLP (Sandy Qusba, Elisha Graff)
• Prepetition 1L Agent & DIP Agent: Deutsche Bank Trust Company
  • Legal: White & Case LLP (Scott Greissman, Adam Zatz)
• Prepetition 2L Agent: Delaware Trust Company
  • Legal: Bryan Cave LLP (Jeremy Finkelstein, Stephanie Wickouski, Keith Miles Aurzada)

Updated 7/13/17