FirstRain, Inc.

• 6/5/17 Recap: California-based enterprise SaaS company that services Fortune 1000 companies with its software and analytics-driven apps to discover/read/discern/summarize useful insights about other companies/markets filed a prepackaged bankruptcy. The plan contemplates $7.5mm of total consideration including a $4mm DIP credit facility and the plan is to pay the DIP Lender in full, general unsecureds in full and provide the prepetition lender a partial recovery. ESW Capital LLC will own the company on the backend of the restructuring.
• Jurisdiction: D. of Delaware (Judge Silverstein)
• Capital Structure: $5.5mm secured debt (Pacific Western Bank as successor to Square 1 Bank)    
• Company Professionals:
  • Legal: The Rosner Law Group LLC (Frederick Rosner, Scott James Leonhardt)
  • Investment Banker: Atlas Technology Group LLC
  • Claims Agent: JND Legal Administration (*click on company name above for free docket access)
• Other Parties in Interest:
  • DIP Lender: ESW Capital LLC
    • Legal: Haynes and Boone LLP (Trevor Hoffman, Arsalan Muhammad) & (local) Morris Nichols Arsht & Tunnell LLP (Derek Abbott, Matthew Talmo)
  • Prepetition Lender: Pacific Western Bank
    • Legal: Levy Small & Lallas (Leo Plotkin) & (local) Chipman Brown Cicero & Cole LLP (William Chipman Jr.) 

Updated 7/18/17