New Chapter 11 Filing - The Bon-Ton Stores Inc.

The Bon-Ton Stores Inc.

  • 2/4/18 Recap: See here
  • Jurisdiction: D. of Delaware (Judge Walrath)
    • Capital Structure: $339mm Tranche A RCF (Bank of America), $150 Tranche A-1 Term Loan, $350mm second lien notes (Wells Fargo Bank NA)     
  • Company Professionals:
    • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Kelley Cornish, Elizabeth McColm, Claudia Tobler, Alexander Woolverton, Michael Colarossi, Diane Meyers, Moses Silverman) & Young Conaway Stargatt & Taylor LLP (Pauline Morgan, Sean Greecher, Andrew Magaziner, Elizabeth Justison)
    • Financial Advisor: AlixPartners LLC (Holly Etlin, Carrianne Basler, Jim Guglielmo, John Creighton, Ben Chesters, Jamie Strohl, Mitch Chubinsky, Thomas Cole, Daniel Law) 
    • Investment Banker: PJT Partners LP (Steven Zelin, James Baird, Jon Walter, Vinit Kothary, Sartag Aujla)
    • Real Estate Advisor: A&G Realty Partners LLC
    • Intellectual Property Disposition Consultant: Hilco IP Services (David Peress)
    • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Bank of America NA
      • Legal: Morgan Lewis & Bockius LLP (Julia Frost-Davies, Robert A.J. Barry, Amelia Joiner) & Richards Layton & Finger PA (Mark Collins, Joseph Barsalona)
    • Second Lien Noteholders: Alden Global, LLC; B. Riley FBR, Inc.; Bennett Management Corporation; Brigade Capital Management, LP; Riva Ridge Master Fund, Ltd.; Cetus Capital LLC; Contrarian Capital Management LLC; and Wolverine Asset Management, LLC
      • Legal: Jones Day (Bruce Bennett, Joshua Mester, Sidney Levinson, Genna Ghaul, Charles Whittman-Todd) & (local) Cole Schotz PC (Norman Pernick, J. Kate Stickles)
    • Official Committee of Unsecured Creditors
      • Legal: Pachulski Stang Ziehl & Jones LLP (Jeffrey Pomerantz, Robert Feinstein, Bradford Sandler)
      • Financial Advisor: Zolfo Cooper LLC (David MacGreevey)
    • Prospective Buyer: DW Partners LP
      • Legal: DLA Piper LLP (Stuart Brown, R. Craig Martin, Jason Angelo, Richard Chesley, John Lyons, Oksana Rosaluk)

Updated 4/10/18

New Chapter 11 Filing - Michigan Sporting Goods Distributors Inc.

Michigan Sporting Goods Distributors, Inc.

  • 2/14/17 Recap: Happy Valentine's Day, honey, your favorite midwestern sporting goods store is going out of business and I picked up some sweet Nike kicks for you at (an alleged) 60% off. Great for you. Great for me. Not so great for the 1300 employees, Nike (who is owed $3.8mm), Under Armour (owed $2.4mm), and the company CEO who owns 86% of the equity. Berkeley Research Group is at the helm of another liquidation: never before has a single firm's use of "tombstones" been so literal. 
  • Jurisdiction: W.D. of Michigan
  • Capital Structure: $49.4mm funded secured ABL debt (Wells Fargo)    
  • Company Professionals:
    • Legal: Warner Norcross & Judd LLP (Stephen Grow, R. Michael Azzi)
    • Financial Advisor: Berkeley Research Group LLC (Steve Coulombe)
    • Investment Banker: Stout Risius Ross Advisors LLC (Michael Krakovsky)
    • Liquidators: Tiger Capital Group LLC and Great American Group LLC
    • Intellectual Property Disposition Consultant: Hilco IP Services LLC (Gabriel Fried)
    • Real Estate Advisors: A&G Realty Partners LLC (Michael Jerbich)
      • Legal: Wachtell Lipton Rosen & Katz (Neil Snyder) & (local) Dickinson Wright PLLC (Allison Bach)
    • Claims Agent: Rust Consulting/Omni Bankruptcy (*click company name above for docket)
  • Other Parties in Interest:
    • Wells Fargo NA
      • Choate Hall & Stewart LLP (Jonathan Marshall, Katherine Reynolds, Kevin Simard) & (local) Bodman PLC (Mark Bakst)
    • Official Committee of Unsecured Creditors
      • Legal: Cooley LLP (Cathy Herschkopf, Seth Van Aalten, Robert Winning, Evan Lazerowitz)
    • Phoenix Capital Management Co.
      • Legal: Sugar Felsenthal Grais & Hammer LLP (S. Jason Teele, Nicole Stefanelli)

Updated 4/2/17

New Chapter 22 Filing - Wet Seal LLC

 

Wet Seal LLC

  • 2/2/17 Recap: Chapter 22 of Versa Capital owned retailer filed to liquidate via joint venture with Hilco Merchant Services and Gordon Brothers. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: $10-50mm debt 
  • Company Professionals:
  • Legal: Young Conaway (Robert Brady, Michael Nestor, Jaime Chapman, Andrew Magaziner) & (special counsel - avoidance actions) ASK LLP (Joseph Steinfeld)
  • Financial Advisor: Berkeley Research Group LLC (Stephen Coulombe)
  • Claims Agent: Donlin Recano (*click on company name for docket)
  • Liquidators: Hilco Merchant Resources (David Peress) and Gordon Brothers Retail Partners LLC
  • Intellectual Property Disposition Consultant: Hilco IP Services LLC
    • Legal: Riemer & Braunstein LLP (Steven Fox)
  • Other Parties in Interest:
    • Official Committee of Unsecured Creditors
      • Legal: Cooley LLP (Jay Indyke, Cathy Hershcopf, Seth Van Aalten, Max Schlan, Lauren Reichardt) & (local) Saul Ewing LLP (Mark Minuti)
      • Financial Advisor: Province Inc. (Stilian Morrison)

 Updated 4/14/17