👢New Chapter 11 Bankruptcy & CCAA Filing - Payless👢

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Payless Holdings LLC

February 18, 2019

Update coming on Wednesday.

  • Jurisdiction: E.D. of Missouri (Judge Surratt-States)

  • Professionals:

    • Legal: Akin Gump Strauss Hauer & Feld LLP (Ira Dizengoff, Meredith Lahaie, Kevin Zuzolo, Julie Thompson, Caitlin Griffin, Patrick Chen, Abid Qureshi) & (local) Armstrong Teasdale LLC (Richard Engel Jr., Erin Edelman, John Willard)

    • Legal (Canadian CCAA): Cassels Brock & Blackwell LLP

    • Legal (Independent Managers): Seward & Kissel LLP

    • Board of Directors: Heath Freeman, Martin Wade, R. Joseph Fuchs, Scott Vogel, Patrick Bartels

    • Financial Advisor: Ankura Consulting Group LLC (Stephen Marotta, Adrian Frankum, Swapna Deshpande)

    • Investment Banker: PJ Soloman LP (Derek Pitts)

    • Asset Disposition Advisor: Malfitano Advisors LLC (Joseph Malfitano)

    • Liquidators: Great American Group LLC and Tiger Capital Group LLC

    • Corporate Communications Consultant: Reevemark LLC

    • Real Estate Advisors: A&G Realty Partners

    • CCAA Monitor: FTI Consulting Inc.

    • CCAA Monitor

      • Legal: Bennett Jones

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

  • Other Parties in Interest:

    • Pre-petition ABL Agent: Wells Fargo NA

    • Pre-petition Term Agent: Cortland Products Corp.

New Chapter 11 Filing - Foundation Healthcare Inc.

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Foundation Healthcare Inc.

  • 6/22/17 Recap: Once publicly-traded owner ($FDNH) and manager of surgical facilities that, at its peak, owned and/or managed 5 surgical hospitals, 9 ambulatory surgical centers and 3 outpatient departments in the Southeastern United States filed for bankruptcy to liquidate. Boom, done. 
  • Jurisdiction: N.D. of Texas (Nelms)
  • Company Professionals:
    • Legal: Husch Blackwell LLP (Vickie Driver, Christina Stephenson)
    • Financial Advisor/CRO: Ankura Consulting Group LLC (Michael Miller)
    • Claims Agent: Donlin Recano & Company Inc. (*click on company name above for free docket access)

Updated 7/11/17

New Chapter 11 Filing - Michigan Sporting Goods Distributors Inc.

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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