🥾New Chapter 15 Bankruptcy Filing & CCAA - The Aldo Group Inc.🥾

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The Aldo Group Inc.

May 7, 2020

Retail pain doesn’t respect borders. Canada-based The Aldo Group Inc. and eight (8) affiliated companies (collectively, the “Debtors”) filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 15 of the United States Bankruptcy Code in support of a CCAA filing in Canada.

Aldo is a shoe retailer with stores in more than 100 countries. The Group notes roughly 3,000 points of sale with 700 directly owned stores and the remainder as franchises. There are 289 stores in Canada and 429 in the US.

In terms of funded debt, the Aldo Canada has CDN$140mm outstanding. Of that amount, Aldo US is an obligor on a CDN$100mm piece. Both entities are also co-borrowers on a CDN$300mm unsecured syndicated loan. Both the Aldo Canada and Aldo US have significant outstanding amounts to trade creditors including landlords who haven’t been paid for April or May.

Operating performance has been dogsh*t long before COVID hit the scene. Per the debtors:

Over the past few years, the Aldo Corporate Group has declined in profitability and regularly reported losses. For instance, for the twelve month period ending February 1, 2020, Aldo Canada posted a net loss from operations of approximately CDN$74,800,000 and Aldo U.S. posted a net loss of approximately USD$52,800,000. Taking into consideration yearend write-offs of amounts due from subsidiaries and affiliated and write-offs of future tax benefits that were recorded as an asset, Aldo Canada posted a net loss of approximately CDN$170,300,000 and Aldo U.S. posted a net loss of approximately USD$97,300,000.

Pre-COVID, the debtors were attempting an operational restructuring designed to de-emphasize brick-and-mortar stores and prop up e-commerce, wholesale and franchise channels. You know, like, the old playbook. They were also seeking to refinance the credit facility with an ABL. The “transformation” was allegedly on track when the pandemic struck precipitating an immediate liquidity crunch. Hence, the filing.

The debtors will use the filing to evaluate its store profitability, shed leases and contracts and restructure the unsecured loans both in Canada and the US.

It seems pretty safe to say that a good number of those US stores will join the retail garbage bin much to the chagrin of landlords.

  • Jurisdiction: D. of Delaware (Judge Owens)

  • Capital Structure: see above.

  • Professionals:

    • Legal: Hogan Lovells US LLP (Peter Ivanick, Lynn Holbert, Alex Sher, Baraka Nasari) & Morris Nichols Arsht & Tunnell LLP (Eric Schwartz, Matthew Harvey, Paige Topper)

    • Canadian Monitor: Ernst & Young Inc.

    • Investment Banker: Greenhill & Co. Canada Ltd.

    • Claims Agent: Epiq (*click on the link above for free docket access)

  • Other Parties in Interest:

    • Largest Unsecured Creditor: Bank of Montreal

      • Legal: Chapman and Cutler LLP (Stephen Tetro, Aaron Krieger) & Womble Bond Dickinson US LLP (Matthew Ward, Morgan Patterson)

😷New Chapter 15 Filing - China Hospitals Inc.😷

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China Hospitals Inc.

November 24, 2019

So, this is, uh, ONE. HELL. OF. A. FACT. PATTERN.

Back in 2014, Classroom Investments Inc., a wholly-owned subsidiary of Ontario Teachers’ Pension Plan Board (!), entered into a share purchase and subscription agreement and shareholder’s agreement with Frank Hu, the founder, director and majority shareholder of an entity called China Hospitals. Pursuant to the agreement, Classroom Investments Inc. would acquire 20% of China Hospitals in exchange for $175mm.

We know what you must be thinking: what crazy earth-bending technology must China Hospitals have possessed such that Classroom Investments Inc. felt compelled to make such an investment — an investment imputing a valuation of ~$875mm on China Hospitals? Was the cure for cancer uncovered by China Hospitals?!? Did that solve male pattern baldness?!??

Spoiler alert: nope. Actually, the proceeds were supposed to be used to roll-up four hospitals — Puyang Oilfield General Hospital, Qingfeng People’s Hospital, Anqiu People’s Hospital and Shouguang People’s Hospital (in addition to general corporate purposes). Pursuant to the understanding, China Hospitals was to IPO within 30 months.

Of course, even that surprising goal wasn’t achieved. Why? Because Frank Hu apparently fat-fingered the funds to a different bank account under his control. Okay, okay…more like sticky-fingered. But that wasn’t all: Hu engaged in a string of shady transactions that “effectively stripped Classroom of its bargained-for economic interest in China Hospitals….” Said another way, Mr. Hu did basically none of what he was supposed to; he simply absconded with the money.

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In 2015, Classroom took the matter to the Hong Kong International Arbitration Centre, and the arbitration tribunal issued a “final award” holding China Hospitals and Mr. Hu jointly and severally liable “in the amount of $231,805,125.09, comprising the sum of (a) Classroom’s original investment of $175,000,000, (b) interest accrued from January 29, 2014 to June 15, 2018 in the amount of $45,969,863.01 as well as post-award interest at a rate of 8% from June 15, 2018 until complete payment, and (c) costs in the amount of $10,835,262.08 (collectively, the “Arbitration Award”).” Any guesses as to whether Classroom got paid? Spoiler alert: of course not. This left Classroom apoplectic.

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Classroom next petitioned the Grand Court of the Cayman Islands to prevent the dissipation of China Hospitals’ assets. The Grand Court appointed a liquidator and the liquidator has been winding down the business since. The liquidators, however, would like to get access to a Bank of America account that is believed to hold — or, at least, held as of March 30, 2016 — over $202mm in cash. Given all of the accusations of malfeasance here, Classroom is obviously of the view that the $202mm constitutes its money. To hinder anyone from doing anything with those proceeds — to the extent they exist (🤔) the liquidators filed a Chapter 15 in the Southern District of New York. Per The Wall Street Journal:

During a hastily scheduled hearing Monday, lawyers for the liquidators asked Judge Shelley Chapman to allow them to use the U.S. proceeding to seek more information about an American bank account potentially holding more than $200 million and to bar anyone from removing funds from the account.

The judge granted those requests and scheduled another hearing in the chapter 15 case for Dec. 16.

Who wants to bet that the money is still there? 😬

*****

The greatest question this ridiculousness leaves us with is this: what the bloody f*ck was the Ontario Teachers’ Pension Plan Board doing investing in this particular man for this particular purpose? The OTPP is an organization responsible for administering the defined-benefit pensions for school teachers in Ontario. School teachers, people. What kind of return were they expecting on a $175mm investment on a Chinese hospital roll-up that was supposed to, in short order, IPO? And why? Who got fired for this nonsense?

The investment is not, as it turns out, terribly out of form. The OTPP owns and manages a portfolio of Canadian and international assets including real estate, infrastructure (airports, railways), national lotteries (in the UK and Ireland), a Spanish funeral provider, and a minority interest in the New York Yankees’ regional sports network (YES). So, yeah, sure, in the ever-present need for large-yield-wielding assets, why not invest in a shady-a$$ Chinese hospital rollup?!? 👍

When a downturn eventually does occur, we’re likely to see a number of private equity deals by pension funds go sideways (callback to iPic Entertainment Inc., now owned by the Teachers’ Retirement System of Alabama and the Employees’ Retirement System of Alabama). It’s going to be fun to see, with the benefit of hindsight, the quality of due diligence!

Or lack thereof.

  • Jurisdiction: S.D. of New York (Judge Chapman)

  • Professionals:

    • Legal: Kirkland & Ellis LLP (Christopher Marcus, Lauren Friedman, W. Benjamin Winger)

    • Claims Agent: Omni Management

New Chapter 15 Bankruptcy Filing - Noble Group Limited

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Noble Group Limited

October 17, 2018

Noble Group Limited, an over-levered global commodity trader that deals in oil, nat gas, coal and metals, filed for chapter 15 protection in order to hinder U.S.-based creditors from obstructing the company’s proposed schemes of arrangement filed in the UK last week. The schemes seek to de-lever the company and recapitalize it with a combination of new debt and equity as well as a corporate reorganization that includes a transfer of assets to a new Bermudan holdco. The company hopes to effectuate the schemes by late November and has a restructuring support agreement in place with its creditors in order to do so.

  • Jurisdiction: S.D. of New York

  • Capital Structure: $2.29b RCF, 3.625% ‘18 senior notes, 6.75% ‘20 senior notes, 8.75% ‘22 senior notes

  • Company Professionals:

    • Legal: Kirkland & Ellis LLP (James Sprayragen, Marc Kieselstein, Adam Paul, Catherine Jun, Gerardo Mijares-Shafai)

  • Other Parties in Interest:

    • Ad Hoc Group of Lenders

      • Legal: Akin Gump Strauss Hauer & Feld LLP (Philip Dublin, Kevin Zuzolo)

New Chapter 15 Filing - Odebrecht Oleo E Gas S.A.

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Odebrecht Oleo E Gas S.A.

  • 11/3/17 Recap: The disruption to the oil and gas energy that shot through the United States in 2015-2016 also captured some international victims. In this instance, the Brazilian operator of offshore drilling rigs filed for Extrajudicial Reorganization in Brazil back in May, 2017. In October, the Brazilian Court entered an order approving a reorganization plan approved by the necessary percentages of interested parties. To further bind said parties, the company filed for Chapter 15 to help effectuate the plan approved by the Brazilian court. 
  • Jurisdiction: S.D. of New York (Judge Garrity)
  • Capital Structure: $1.09b 6.35% '21 notes, $1.9b 6.75% '22 notes, $1.68b 6.625% notes.      
  • Company Professionals:
    • Legal: Davis Polk & Wardwell LLP (Eli Vonnegut)
  • Other Parties in Interest:
    • Ad Hoc Group of Bondholders
      • Legal: Cleary Gottlieb Steen & Hamilton LLP (Richard Cooper, Luke Barefoot)

New Chapter 11 Filing - CGG Holding (US) Inc.

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CGG Holding (US) Inc.

  • 6/14/17 Recap: Global geophysical and geoscience company servicing customers primarily in oil and gas E&P is the latest victim of the oil and gas downturn of the past two-or-so years. The company's success is tied heavily to the E&P space and those clients were reluctant to invest in data acquisition projects to identify areas for future production or increased current production; therefore, you can imagine what happened to revenues and what that means when you're looking at a debt-stack as aggressive as this one. Indeed revenues and earnings were cut by 67% from 2012 to 2016. Ad hoc groups of secured lenders and high yield bondholders as well as as certain holders of the converts and certain shareholders of CGG SA, the foreign entity that filed in France and for Chapter 15, have entered into a Lock-up agreement delineating a balance sheet restructuring. The upshot is that the high yield bondholders and converts will own the majority of the equity in the reorganized company. 
  • Jurisdiction: S.D. of New York (Judge Glenn)
  • Capital Structure: $810mm secured debt ($300mm French Revolver of CGG SA - Wilmington Trust (London), $165mm US Revolver - Credit Suisse AG, $342mm US TL - Wilmington Trust NA), $1.6b senior unsecured high yield bonds (The Bank of New York Mellon) and $402.7mm convertible notes (issued by CGG SA).     
  • Company Professionals:
    • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Alan Kornberg, Brian Hermann, Lauren Shumejda, Christopher Hopkins) & (Chapter 15 for CGG SA) Linklaters LLP (Margot Schonholz, Robert Trust, Christopher Hunker)
    • Financial Advisor: AlixPartners LLP (Becky Roof, Susan Brown, Brad Hunter, John Creighton, Francisco Echevarria,John Somerville, David Shim)
    • Investment Banker: Morgan Stanley & Lazard (Kenneth Ziman)
      • Legal (Lazard): Sidley Austin LLP (Thomas Labuda Jr., Andrew Propps)
    • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Ad Hoc Secured Lender Committee (Och Ziff, Goldman Sachs International, Makuria Investment Management (UK) LLP, T. Rowe Price)
      • Legal: Kirkland & Ellis LLP (Kon Asimacopolous, Stephen Hessler, Anthony Grossi, Hannah Crawford)
    • Ad Hoc Committee of Holders of High Yield Bonds (Alden Global Capital, Attestor Capital LLP, Boussard & Gavaudan Asset Management LP, Contrarian Capital Management LLC, Aurelius Capital Management LP, Third Point LLC)
      • Legal: Wilkie Farr & Gallager LLP (John Longmire, Weston Eguchi)
    • Indenture Trustee for Senior Noteholders: Bank of New York Mellon
      • Legal: Hogan Lovells US LLP (Christopher Donoho, John Beck)

Updated 7/11/17 6:41 CT

New Chapter 15 Filing - U.S. Steel Canada Inc.

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U.S. Steel Canada Inc.

  • 6/2/17 Recap: Large steel producer files for Chapter 15 to satisfy a condition of its proposed plan in its 2014-originated CCAA case. 
  • Jurisdiction: S.D. of New York
  • Company Professionals:
    • Legal (Foreign Representative): Weil (Marcia Goldstein, Robert Lemons)
    • Legal (Debtor): McCarthy Tetrault LLP 
    • Monitor: Ernst & Young Inc. (Alex Morrison)
    • Legal: (Monitor): Bennett Jones LLP
    • DIP Lender: Brookfield Capital Partners Ltd.
    • Legal (DIP Lender): Osler Hoskin & Harcourt LLP

New Chapter 15 Filing - Mood Media Corporation

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Mood Media Corporation

  • 5/22/17 Recap: Publicly-traded (on the Canadian exchange) provider of sound, sight, and scent solutions for retail, restaurant and hospitality companies has filed for CBCA and Chapter 15 to effectuate a deleveraging transaction. The transaction in brief: noteholders are swapping their 9.25% notes for $500mm new second lien notes and common stock in the reorganized company (subject to upsize via rights offering participation). Equity will get 17 cents on the dollar. The company will also install a $315mm first lien facility. So, it sounds like the company will still have a f*ck-ton of debt on it. But we're just thankful that the company that brags that "We Put People in the Mood to Buy" will still be providing customers of Qdoba, McDonald's & Ikea, to name a few, with the full sensory experience that inspires needless consumerism of unhealthy and/or bad quality food and wares. Those annoying text message offers you might randomly get? Yeah, it's possible that's from Mood Media. Remember muzak? Yeah, that's also Mood Media. Muzak filed for bankruptcy back in February '09 (with Kirkland & Ellis as counsel then too) and emerged a year later with Silver Point Capital Management as the majority owner. Mood Media then bought Muzak for $345mm in March 2011. Pursuant to this transaction, Apollo Global Management LP and GSO Capital Partners will own this sucker.
  • Jurisdiction: S.D. of New York
  • Capital Structure: $250mm first lien term loan (Credit Suisse AG), $350mm '20 9.25% senior unsecured notes (Bank of New York Mellon), $50mm '23 10% senior unsecured MMGSA notes (Computershare Trust Company NA)(subsidiary level)    
  • Company Professionals:
    • Legal: Kirkland & Ellis LLP (James Sprayragen, Edward Sassower, Joshua Sussberg, Adam Paul, Bradley Giordano, Whitney Fogelberg) & (Canadian counsel) Stikeman Elliott LLP (Alexander Rose)
    • Financial Advisor: Allen & Company LLC
    • Investment Banker: Origin Merchant Partners
    • Claims Agent: JND Legal Administration (*click on company name above for free docket access)
  • Other Parties in Interest:
    • MMGSA noteholders: GSO Capital Partners LP, Apollo Global Management LLC
      • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Robert Agar) & (Canadian counsel) Goodmans LLP (Brendan O'Neill)
      • Financial Advisor: Credit Suisse
    • New Lender: HPS Investment Partners LLC
    • The Bank of New York Mellon & BNY Trust Company of Canada
      • Legal: Emmet Marvin & Martin LLP (Edward Zujkowski, Thomas Pitta)

Updated 7/11/17

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 15 Filing - Ocean Rig UDW Inc.

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Ocean Rig UDW Inc.

  • 3/28/17 Recap: Offshore drilling contractor files for bankruptcy under Chapter 15 to EFF the "vulture investors." Seriously. The Company has secured a TRO to block creditors from obstreperously vulturing their way through a potential debt restructuring. While we're somewhat serious about the foregoing, the Company is also in the midst of four interrelated schemes of arrangement and the Chapter 15 is meant to give the Company breathing room to effectuate a debt-for-equity swap thereunder - exchanging $3.7b of debt for new equity, $450mm of new secured notes, and $288mm of cash. The cause of impairment is the obvious: an "unprecedented decline in recent years in petroleum prices and exploration and development activity," which made interest coverage and refinancing difficult.  
  • Jurisdiction: S.D. of New York
  • Capital Structure: $1.83b '20 TLB, $1.27b '21 TLB, $460mm '17 6.5% DRH secured notes (U.S. Bank NA), $423mm '19 7.25% unsecured notes .     
  • Company Professionals:
    • Legal: Orrick Herrington & Sutcliffe LLP (Evan Hollander, Raniero D'Aversa Jr., Monica Perrigno, Ayanna Lewis-Gruss)
    • Financial Advisor: AlixPartners LLC (Eleanor Fisher, Simon Appell)
    • Investment Banker: Evercore
    • Information Agent: Prime Clerk LLC
  • Other Parties in Interest:
    • Highland Floating Rate Opportunities Fund, Highland Global Allocation Fund, Highland Opportunistic Credit Fund, Highland Loan Master Fund LP, NexPoint Credit Strategies Fund 
      • Legal: Venable LLP (Jeffrey Sabin, Konstantinos Katsiris, Carol Weiner Levy)
    • Ad Hoc Group of TL Lenders
      • Legal: Milbank Tweed Hadley & McCloy LLP (Gerard Uzzi, Mark Shinderman, James Behrens, Brian Kinney)
    • Ad Hoc Group of Holders of 6.5% DRH Secured Notes
      • Legal: Kirkland & Ellis LLP (Jayme Sprayragen, Edward Sassower, Brian Schartz, Patrick Nash)
    • Indenture Trustee: US Bank, NA
      • Legal: Kelley Drye & Warren LLP (James Carr, Benjamin Feder)

Updated 3/31/17 3:53 pm

New Chapter 15 Filing - Forge Group Power Pty Ltd.

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Forge Group Power Pty. Ltd.

  • 1/3/17 Recap: Australian-based company that assists with the engineering, procurement and construction of mining and oil and gas projects files for chapter 15 to ward off US-based litigation that threatens the administration of its '14 launched Australian liquidation. The company cites a legal retainer with Alston & Bird LLP held in a California-based Wells Fargo account as contacts to the US. The company originally launched liquidation proceedings after suffering from weakened commodity prices, reduced Chinese demand and reduced industry-wide capex in the face of weakened mining demand.
  • Jurisdiction: N.D. of California
  • Capital Structure: $249mm secured debt     
  • Company Professionals:
    • Legal: Alston & Bird LLP (Leib Lerner, Jeffrey Tsai) & Linklaters LLP (Aaron Javian, Adam Lurie)

Updated 1/4/17

New Chapter 15 Filing - Architel Systems Corporation

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Architel Systems Corporation

  • 12/21/16 Recap: Architel Systems Corporation, Nortel Communications Inc., and Northern Telecom Canada Limited commenced Chapter 15 cases ancillary to to their pre-existing Canadian CCAA proceedings.
  • Jurisdiction: D. of Delaware
  • Monitor's Professionals:
    • Legal: Allen & Overy LLP (Ken Coleman, Jonathan Cho) & (local) Buchanan Ingersoll & Rooney (Mary Caloway, Kathleen Murphy)

Updated 12/31/16

New Chapter 15 Filing - Foreign Economic Industrial Bank Limited, "Vneshprombank" Ltd.

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Foreign Economic Industrial Bank Limited, "Vneshprombank" Ltd.

  • 12/19/16 Recap:
    • Boring Bankruptcy Pro version: privately-held bank declared insolvent in Russia back in March files for Chapter 15 seeking 109 eligibility on the basis of a legal retainer held at Bank of America in New York and a lawsuit filed against the bank in the District Court for the Southern District of New York. The purpose of the filing is to leverage the "stay" and seek discovery of assets which may be located in the US.
    • Badass International Intrigue version: Wait, discovery of assets? What assets? Glad you asked. It appears that back in December 2015, the President and owner of the privately held bank, Ms. Larisa Markus was arrested on suspicion of "large scale" fraud after entering into lending agreements with affiliated companies with no intention to repay (see staggering debt number below). She apparently embezzled the funds with the assistance of her brother - who is on the run seeking asylum in Monaco - and parked the funds in New York-based LLCs which were then used to purchase condominium and cooperative apartments in New York City. No wonder (i) housing supply in NYC sucks and (ii) rents are too damn high. Clearly LLC regulations are warranted. And who the bloody hell was on those coop boards? PS. The missing funds are customer deposits and the bank currently only has RUB 3.3 billion to pay claims. 3.3/230 = no bueno. PPS. At least one of the properties has already been sold to a third-party. The proceeds? The whereabouts are unknown. Boom! Keri Russell is probably already gearing up for the adaptation. 
  • Jurisdiction: S.D. of New York
  • Debt: RUB 230 billion   
  • Company Professionals:
    • Legal: Blank Rome LLP (Rich Antonoff, Barry Seidel, Evan Zucker)

New Chapter 15 Filing: Catalyst Paper Corporation

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Catalyst Paper Corporation

  • 11/1/16 Recap: British Columbia-based paper manufacturer files Chapter 15 in support of a CBCA proceeding a mere four years after a previous CBCA/Chapter 15 restructuring to pursue a sale transaction with Kejriwal Group, an Indian paper manufacturer, and/or delever its balance sheet.
  • Jurisdiction: D. of Delaware, Canada
  • Capital Structure: $134mm CAD funded RCF, $15mm CAD funded TL, $260mm '17 senior secured PIK Toggle Notes.   
  • Company Professionals:
    • Legal: (Canadian counsel) Stikeman Elliott (Guy Martel, Jonathan McLean) & (US Counsel) Sidley Austin LLP (James Conlan, Dennis Twomey, Blair Warner, Allison Ross) & (local) Young Conaway (Edmon Morton, Ashley Jacobs, Matthew Lunn)
    • Financial Advisor: Houlihan
  • Other Parties in Interest:
    • Senior Secured Noteholders
      • Legal: Milbank Tweed (Abhilash Raval, Eric Reimer, Haig Maghakian) & (local) Richards Layton (Mark Collins, Michael Merchant, Andrew Dean)
    • Major Shareholders:
      • Mudrick Capital Management, Cyrus Capital Partners, Oaktree Capital Management, Stonehill Capital Management

New Chapter 15 Filing - Emeco Holdings Ltd.

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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 Chapter 15 Filing - EnQuest PLC

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EnQuest PLC

  • 10/26/16 Recap: UK-based independent oil and gas producer files Chapter 15 to complement its previously filed Scheme of Arrangement under the UK Insolvency Act. The Company intends to exchange its '22 senior notes, amend its '22 retail notes, and raise equity to sustain through the oil-and-gas downturn.
  • Jurisdiction: S.D. of New York
  • Capital Structure: $1.2b RCF (BNP Paribas), $650mm '22 7% senior notes, $155mm (british pound) '22 5.5% retail notes.    
  • Company Professionals:
    • Legal: Ashurst LLP (Giles Boothman) and (local) Paul Weiss (Alan Kornberg, Jeanne John, Adam Denhoff)
    • Financial Advisor: Rothchild

New Chapter 15 Filing - Platinum Partners Value Arbitrage Fund LP

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Platinum Partners Value Arbitrage Fund LP

  • 10/18/16 Recap: Asset management platform files Chapter 15 to wind-down positions after epic collapse in Q4 '15.  See "Feature." 
  • Jurisdiction: S.D. of New York
  • Capital Structure: ~$1b debt     
  • Company Professionals:

New Chapter 15 Filing - Tervita Corporation

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Tervita Corporation

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

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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