New Chapter 11 - Remington Outdoor Company

Remington Outdoor Company

3/25/18

Remington Outdoor Company, a gun manufacturer, has finally filed for bankruptcy - a day after Americans took to the streets to #MarchforourLives. Ah, bankruptcy irony. The company's operations are truly national in scope; it has manufacturing facilities in New York and Alabama and a primary ammunition plant in Arkansas. Its "principal customers are various mass market retail chains (e.g., Wal-Mart and Dick's Sporting Goods) and specialty retail stores (e.g., Bass Pro Shops and Cabela's) and wholesale distributors (e.g., Sports South)." Guns! #MAGA!!

Why did the company have to file for bankruptcy? We refer you to our mock "First Day Declaration" from February here. Much of it continues to apply. Indeed, our mockery of the change in tone from President Obama to President Trump was spot on: post Trump's election, the company's inventory supply far exceeded demand. The (fictional) threat of the government going house-to-house to collect guns is a major stimulant to demand, apparently. Here is the change in financial performance,

"At the conclusion of 2017, the Debtors had realized approximately $603.4 million in sales and an adjusted EBITDA of $33.6 million. In comparison, in 2015 and 2016, the Debtors had achieved approximately $808.9 million and $865.1 million in sales and $64 million and $119.8 million in adjusted EBITDA, respectively."

Thanks Trump. 

We'd be remiss, however, if we didn't also note that NOWHERE in the company's bankruptcy filings does it mention the backlash against guns or the company's involvement in shootings...namely, the one that occurred in Las Vegas. 

The company, therefore, negotiated with its various lenders and arrived at a restructuring support agreement. The agreement provides for debtor-in-possession credit ($193mm asset-backed DIP + $100mm term loan DIP + $45mm DIP, the latter of which is a roll-up of a bridge loan provided by lenders prior to the filing). Upon the effective date of a plan of reorganization, the third lien lenders and term lenders will own the reorganized company. 

• Jurisdiction: D. of Delaware 
• Capital Structure: $225mm ABL (Bank of America, $114.5mm funded), $550.5mm term loan (Ankura Trust Company LLC), $226mm 7.875% Senior Secured Notes due 2020 (Wilmington Trust NA), $12.5mm secured Huntsville Note     
• Company Professionals:
  • Legal: Milbank Tweed Hadley & McCloy LLP (Gregory Bray, Tyson Lomazow, Thomas Kreller, Haig Maghakian) & (local) Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, Timothy Cairns, Joseph Mulvihill)
  • Financial Advisor: Alvarez & Marsal LLC (Joseph Sciametta)
  • Investment Banker: Lazard (Ari Lefkovits)
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • DIP ABL Agent ($193mm): Bank of America NA (DIP ABL Lenders: Bank of America NA, Wells Fargo Bank NA, Regions Bank, Branch Banking and Trust Company, Synovus Bank, Fifth Third Bank, Deutsche Bank AG New York Branch)
    • Legal: Skadden Arps Slate Meagher & Flom LLP (Paul Leake, Shana Elberg, Jason Liberi, Cameron Fee)
  • Admin Agent to the DIP TL: Ankura Trust Company LLC
    • Legal: Davis Polk & Wardwell LLP (Damian Schaible, Darren Klein, Michele McGreal, Dylan Consla) & (local) Richards Layton & Finger LLP (Mark Collins, Michael Merchant, Joseph Barsalona)
  • Ad Hoc Group of TL Lenders 
    • Legal: O'Melveny & Myers LLP (John Rapisardi, Andrew Parlen, Joseph Zujkowski, Amalia Sax-Bolder) & (local) Richards Layton & Finger LLP (Mark Collins, Michael Merchant, Joseph Barsalona)
  • Third Lien Noteholders
    • Legal: Willkie Farr & Gallagher LLP (Rachel Strickland, Joseph Minias, Debra McElligott) & (local) Young Conaway Stargatt & Taylor LLP (Edmon Morton, Allison Mielke)
  • Wells Fargo Bank NA
    • Legal: Otterbourg PC (Andrew Kramer)
  • Cerberus Operations and Advisory Company, LLC
    • Legal: Schulte Roth & Zabel LLP (David Hillman)
  • Reorganized Board of Directors (Anthony Acitelli, Chris Brady, George W. Wurtz III, G.M. McCarroll, Gene Davis, Ron Coburn, Ken D'Arcy)
• Official Committee of Unsecured Creditors
  • Legal: Fox Rothschild LLP (Michael Menkowitz, Paul Labov, Jason Manfrey, Jesse Harris, Seth Niederman)

Updated: 4/27/18

New Chapter 11 Filing - The Gymboree Corporation

The Gymboree Corporation

• 6/12/17 Recap: Yawn...another private equity owned retailer in bankruptcy. Why? Standard fare for everyone following the retail story at this point: a substantial brick-and-mortar presence (1300 stores) in need of rightsizing, higher expenses than web-based competitors, an underdeveloped wholesale operation, an underdeveloped web presence, insufficient "omnichannel" capabilities (the go-to buzzword for retailers these days), and more debt than competitors like Children's Place and the Gap. In other words, private equity, that's why (here, Bain Capital Private Equity LP). Notably, "[a]pproximately 35% of their domestic real estate space is concentrated with Simon Property Group, Inc. and GGP Inc. (previously General Growth Properties, Inc.)" ($SPG, $GGP) and, in the first instance, the company is seeking to close 450 stores. Hmmm. The Company will operate under a $105mm DIP term loan credit facility ($35mm new money) and a $273.5mm DIP revolving credit facility; it will also seek to avail itself of $80mm in new equity capital by way of a fully-backstopped rights offering. The upshot of all of this financial mumbo-jumbo is that the term lenders will own the majority of the company. 
• Jurisdiction: E.D. of Virginia
• Capital Structure: $81mm '17 ABL RCF (Bank of America NA), $47.5mm '17 ABL Term Loan (Pathlight Capital LLC), 788.8mm '18 TL (Credit Suisse), $171mm '18 unsecured notes (Deutsche Bank Trust Company Americas)    
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (James Sprayragen, Anup Sathy, Joshua Sussberg, Steven Serajeddini, Matthew Fagen, Laura Elizabeth Krucks, Timothy Bow, Gabor Balassa, Ben Tyson) & (local) Kutak Rock LLP (Michael Condyles, Peter Barrett, Jeremy Williams)
  • Legal (Special Committee): Munger Tolles & Olson LLP (Thomas Wolper, Seth Goldman, Kevin Allred)
  • Financial Advisor: AlixPartners LLC (James Mesterharm, Liyan Woo)
  • Investment Banker: Lazard Freres & Co. LLC (David Kurtz, Christian Tempke)
  • Real Estate Consultant: A&G Realty Partners LLC (Andrew Graiser)
  • Liquidators: Tiger Capital Group LLC and Great American Group LLC
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Consenting Term Loan Lenders & DIP Term Loan Agent: Credit Suisse AG, Cayman Islands Branch
    • Legal: Milbank Tweed Hadley & McCloy LLP (Dennis Dunne, Evan Fleck) & (local) McGuireWoods LLP (Dion Hayes, Sarah Boehm, K. Elizabteh Sieg)
    • Financial Advisor: Rothschild & Co.
  • DIP ABL Administrative Agent
    • Legal: Morgan Lewis & Bockius LLP (Julia Frost-Davies, Robert A.J. Barry, Amelia Clark Joiner) & (local) Hunton & Williams LLP (Tyler Brown, Justin Paget)
  • DIP ABL Term Agent
    • Legal: Choate Hall & Stewart LLP (Kevin Simard, Jennifer Fenn) & (local) Whiteford Taylor Preston LLP (Christopher Jones)
  • Sponsor: Bain Capital Private Equity LP 
    • Legal: Weil Gotshal & Manges LLP (Matthew Barr, Robert Lemons) & (local) Wolcott Rivers Gates (Cullen Speckhart)
  • Ad Hoc Group of Senior Unsecured Noteholders
    • Legal: Akin Gump Strauss Hauer & Feld LLP (Daniel Golden, Jason Rubin)
  • Pathlight Capital
    • Legal: Choate Hall & Stewart LLP (Kevin Simard, Jonathan Marshall) & (local) Whiteford Taylor & Preston LLP (Christopher Jones)
  • Indenture Trustee: Deutsche Bank Trust Company Americas
    • Legal: Moses & Singer LLP (Alan Gamza, Kent Kolbig, Jessica Boneque) & (local) Hirschler Fleischer PC (Robert Westermann, Rachel Greenleaf)
  • Official Committee of Unsecured Creditors
    • Legal: Hahn & Hessen LLP (Mark Power, Mark Indelicato, Janine Figueiredo, Alison Ladd) & (local) Tavenner & Beran PC (Lynn Tavenner, Paula Beran, David Tabakin)

Updated 7/11/17 at 7:25 pm CT

New Chapter 11 Filing - Gulfmark Offshore Inc.

Gulfmark Offshore Inc.

• 5/17/17 Recap: Everyone has been waiting for the offshore action and it's finally here. Except, its fairly anticlimactic. Here, the publicly-traded Houston-based offshore oil and gas logistics services provider filed for bankruptcy to effectuate a financial restructuring pursuant to a Restructuring Support Agreement signed with holders of its unsecured senior notes. The noteholders will get approximately 36% of the equity in the newly reorganized company along with rights to purchase an additional 60% equity slug pursuant to a backstopped $125mm rights offering. Existing equity will get a small equity "kiss" and some warrants. This is so boring that EVEN WE can't really find much to make fun of. 
• Jurisdiction: D. of Delaware
• Capital Structure: $100mm RCF ($72mm funded)(Royal Bank of Scotland), NOK600mm Norwegian Facility ($44.3mm funded)(DNB Bank ASA), $430mm '22 6.375% unsecured senior notes (funded)(US Bank NA)    
• Company Professionals:
  • Legal: Weil (Gary Holtzer, Ronit Berkovich, Debora Hoehne) & (local) Richards Layton & Finger PA (Mark Collins, Zachary Shapiro, Brett Haywood, Christopher De Lillo)
  • Financial Advisor: Alvarez & Marsal LLC (Brian Fox, Kevin Larin, RIchard Niemerg, Don Koetting, Lacie Melasi, Robert Country)
  • Investment Banker: Evercore Group LLC (Stephen Hannan, David Andrews, Sachin Lulla, Pranav Goel, Arth Patel)
  • Claims Agent: Prime Clerk LLC (*click on company name above for access to free docket)
• Other Parties in Interest:
  • Indenture Trustee: US Bank NA
    • Legal: Foley & Lardner LLP (Derek Wright, Mark Prager)
  • Ad Hoc Group of Unsecured Noteholders
    • Legal: Milbank Tweed Hadley & McCloy LLP (Dennis Dunne, Evan Fleck, Nelly Almeida) & (local) Morris Nichols Arsht & Tunnell LLP (Gregory Werkheiser, Robert Dehney)
      • Financial Advisor: Houlihan Lokey Capital Inc.
  • Prepetition Multicurrency RCF Lender: Royal Bank of Scotland
    • Legal: Sullivan & Cromwell LLP (Michael Torkin, Brian Glueckstein, David Zylberberg) & (local) Young Conaway Stargatt & Taylor LLP (Pauline Morgan, Joseph Barry, Ian Bambrick)
    • Financial Advisor: FTI Consulting Inc.
  • Prepetition NOK Lender: DNB Bank ASA
    • Legal: Hughes Hubbard & Reed LLP (Christopher Kiplok, Anson Frelinghuysen, Erin Diers) & (local) Bayard PA (Erin Fay)
    • Financial Advisor: Guggenheim Securities LLC
  • Gulfmark Rederi AS
    • Legal: Norton Rose Fulbright US LLP (Jason Boland, William Greendyke) & (local) Womble Carlyle Sandridge & Rice LLP (Matthew Ward)

Updated 7/12/17 9:301 am CT

New Chapter 11 Filing - Mountain Creek Resort

Mountain Creek Resort

• 5/15/17 Recap: This gives whole new meaning to the term "ski bums." Owner and operator of four-season resort (including a water park and a ski resort) filed for bankruptcy after suffering through (i) seasons of warm winters, (ii) a downturn in the residential real estate market locally, and (iii) a poor litigation outcome that put the business on the hook for millions. The company has lined up $6mm in DIP financing to fund its case. Meanwhile, folks living in the Township of Vernon, New Jersey, can sh*t bricks (see comments within) and try and figure out what the hell happens now that the $27mm owed to the Sussex County Municipal Utilities Authority is in danger of not being paid. See, the prior owner of the resort entered into various agreements with the Township for the construction of sewer capacity to support the Resort. The Township issued bonds to finance the costs of construction and the resort is apparently contractually obligated to reimburse the Township for costs associated with the issuance (naturally, the geniuses in the government didn't bother with a security interest (other than a paltry/limited LOC) and, even if they did, they'd probably be SOL anyway given M&T Bank's senior status in the capital structure). 
• Jurisdiction: D. of New Jersey
• Capital Structure: $22.7mm senior debt (M&T Bank), $7mm junior debt (HSK-MC LLC) & various promissory notes    
• Company Professionals:
  • Legal: Lowenstein & Sandler LLP (Kenneth Rosen, Jeffrey Prol, Nicole Fulfree, Michael Papandrea)
  • Financial Advisor: Getzler Henrich & Associates LLC (Mark Samson)
  • Investment Banker: Houlihan Lokey Capital (Jeffrey Altman)
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • M&T Bank
    • Legal: Greenberg Traurig LLP (Diane Vuocolo, Kevin Ray)
  • Township of Vernon
    • Legal: McElroy Deutsch Mulvaney & Carpenter LLP (Eric Perkins, Louis Modugno)
  • Prepetition Lender & DIP Lender: HSK Adventures Inc.
    • Legal: Tarter Krinsky & Drogin LLP (Rocco Caveliere, Scott Markowitz, Alex Spizz, Arthur Goldstein)
  • Official Committee of Unsecured Creditors
    • Legal: Trenk DiPasquale Della Fera & Sodono PC (Joseph DiPasquale, Adam Wolper, Robert Roglieri)

Updated 7/12/17

New Chapter 11 Filing - Marsh Supermarkets Holding LLC

Marsh Supermarkets Holding LLC

• 5/11/17 Recap: After weeks of rumors and run-up, another Sun Capital Partners portfolio company has filed for bankruptcy with the hope of selling its remaining 44 locations to a buyer. A buyer is not currently lined up. The company cited the usual reasons for the filing: (a) the increasingly competitive grocery space with mega-retailers and specialty chains crowding the market, and (b) falling produce and retail food prices. We're frankly surprised that they didn't bother to mention Amazon like everyone else. When it doubt, "Amazon Effect" it. But we digress. Anyway, it also noted that capital investment (particularly relating to technological advances) trailed big players like Kroger ($KR) and Meijer. While those players reaped the benefits of their heavy investments, Marsh could not keep up, foot traffic declined, revenue suffered, and liquidity constraints increased. This is pretty basic sh*t. 
• Jurisdiction: D. of Delaware
• Capital Structure: $60mm RCF debt ($5.2mm funded + $2.5mm LOC)(Wells Fargo Bank NA), $25.7mm June 2016 junior note, $6.3mm October 2016 junior note    
• Company Professionals:
  • Legal: Young Conaway Stargatt & Taylor LLP (Robert Brady, Michael Nestor, Robert Poppiti Jr., Ashley Jacobs, Shane Reil)
  • Financial Advisor/CRO: Clear Thinking Group LLC (Lee Diercks, Anthony Gehringer, A.R. Williams, Thomas Burke)
  • Investment Banker: Peter J. Soloman Company (Scott Moses, Derek Pitts, Greg Grambling, Brandon Yoshimura, Dan Stolar)
  • Liquidator: Hilco Merchant Resources
    • Legal: Pepper Hamilton LLP (Douglas Hermann, Michael Custer)
  • Real Estate Advisor: Hilco Real Estate LLC (Ryan Lawlor)
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Senior Lien Agent: Wells Fargo Bank NA
    • Legal: Otterbourg PC (Jonathan Helfat, Daniel Fiorillo)
  • Junior Noteholder: Marsh Group Finance LLC
    • Legal: Kirkland & Ellis LLP (James Stempel) & (local) Morris Nichols Arsht & Tunnell LLP (Curtis Miller)
  • Official Committee of Unsecured Creditors
    • Legal: Cooley LLP (Cathy Hershcopf, Seth Van Aalten, Robert Winning, Max Schlan, Sarah Carnes) & (local) Bayard PA (Justin Alberto, Erin Fay, Gregory Flasser)
    • Financial Advisor: FTI Consulting Inc. (Conor Tully)

Updated 7/12/17

New Chapter 11 Filing - Central Grocers Inc.

Central Grocers Inc.

• 5/4/17 Recap: May the Fourth be with you. Illinois-based food coop - the 7th largest in the nation - founded in, gulp, 1917, filed for bankruptcy to pursue a sale of its Strack & Wan Til stores and its distribution center (after certain creditors tried to force a bankruptcy on it). The company was initially founded with 32 supermarket owners seeking increased purchasing power through strength in numbers. Today, the coop supplies over 400 stores in the Chicago area. The coop supports its own brand, Centrella, which, being frank here, is probably value detract because nothing says "quality" like shoddy label design. That "Beef Stew" and "Chunk Pineapple" (see below) looks tasty AF, doesn't it? This makes us want to blow chunks. Seriously, though, this is another story of disruption. Disruption caused by the commodities markets, in part, with beef, chicken, eggs and dairy generally being at relatively low prices. But also disruption caused by new entrants into the grocery segment, including Walmart, Target, Costco, and dollar stores. And, of course, Amazon, which is increasingly becoming Darth Vader, even though we're pretty certain nobody we know actually uses AmazonFresh for produce and the like. But, whatever, when in doubt, blame Amazon. That's a much better excuse than 1917-style design sensibility and a classic innovator's dilemma.
• Jurisdiction: D. of Delaware (transferred to N.D. of Illinois)
• Capital Structure: $225mm '18 RCF (PNC Bank NA), $22.5mm TL (Bank of the West)  
• Company Professionals:
  • Legal: Weil (Ray Schrock, Stephen Karotkin, Sunny Singh, Daniel Gwen, Danielle Donovan) & (local) Richards Layton & Finger PA (Mark Collins, Paul Heath, Brett Haywood, David Queroli) & (local) McDonald Hopkins LLC (David Agay, Rion Vaughan)
  • Financial Advisor: Conway MacKenzie Inc. (Donald Harer, Alpesh Amin, Michael Musso, John Cannon, Matthew Sedigh, Daniel Johnson, Lauren Leach, Harry Bramson, Jennifer Chaing, Joseph Wirija, Michael Kulkarni, Michael Flynn)
  • Investment Banker: Peter J. Soloman Company (Derek Pitts)
  • Claims Agent: Prime Clerk LLC (*click on company name for docket)
• Other Parties in Interest:
  • PNC Bank NA
    • Legal: Blank Rome LLP (Regina Stango Kelbon, Victoria Guilfoyle, Mark Rabinowitz, Gregory Vizza, Michael Schaedle)
  • Bank of the West
    • Legal: Thompson Coburn LLP (Mark Bossi, Victor Des Laurier, Diona Rogers)
  • Successful Bidder
    • Legal: Duane Morris LLP (Lawrence Kotler, Rosanne Ciambrone)
  • Official Committee of Unsecured Creditors
    • Legal: Kilpatrick Townsend & Stockton LLP (Todd Meyers, David Posner, Gianfranco Finizio) & (local) Saul Ewing LLP (Mark Minuti, Lucian Murley) & (local) Arnstein & Lehr LLP (Barry Chatz, Kevin Morse, William Williams)
    • Financial Advisor: FTI Consulting Inc. (Conor Tully)

Updated 7/13/17

http://www.central-grocers.com/

New Filing - Commonwealth of Puerto Rico

Commonwealth of Puerto Rico & Puerto Rico Sales Tax Financing Corporation ("COFINA")

• 5/3/17 Recap: The Commonwealth of Puerto Rico filed a petition for relief under Title III of the the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). Much has been written on this situation and so we're going to keep this brief. We're also going to shed the snark. Why? Well, because this is truly a sad story. GNP in Puerto Rico has declined over 14% in the last decade. The unemployment rate is 12.1% as of 10/16. The labor participation rate plummeted to 40%. The population has declined by 10% over the last decade. 46.1% of PR's residents live below the federal poverty level: the national average is 14.7% and Detroit's poverty level at the time of filing for Chapter 9 was 36%. Brutal. All in, the Commonwealth has $74 billion of bond debt and $48 billion of unfunded pension liabilities. A total dumpster fire.
• Jurisdiction: United States District Court for the District of Puerto Rico
• Capital Structure:

• Professionals:
  • Counsel to the Oversight Board: Proskauer Rose LLP (Martin Bienenstock, Scott Rutsky, Philip Abelson, Ehud Barak, Maja Zerjal, Timothy Mungovan, Steven Ratner, Paul Possinger) & O'Neill & Borges LLC (Hermann Bauer)
  • Strategic Consultant to the Oversight Board: McKinsey & Co.
  • Municipal Investment Banker to the Oversight Board: Citigroup Global Markets
  • Financial Advisor to the Oversight Board: Ernst & Young LLP
  • Counsel to the Puerto Rico Tax Agency and Financial Advisory Authority: O'Melveny & Myers LLP (John Rapisardi, Suzzanne Uhland, Peter Friedman)
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Ad Hoc Retiree Committee
    • Legal: Bennazar Garcia & Milian CSP (A.J. Bennazar-Zequeira) & Clark Hill PLC (Robert Gordon, Shannon Deeby, Jennifer Green)
  • National Public Finance Guarantee Corporation
    • Legal: Weil (Marcia Goldstein, Kelly DiBlasi, Gabriel Morgan)
  • Ambac Assurance Corporation
    • Legal: Milbank Tweed & McCloy LLP (Dennis Dunne, Andrew Leblanc, Atara Miller)
  • UBS Family of Funds
    • Legal: White & Case LLP (John Cunningham)
  • Oppenheimer Funds
    • Legal: Kramer Levin Naftalis & Frankel LLP (Thomas Mayer, Amy Caton, Douglas Buckley, David Blabey Jr., Phillip Bentley)
  • American Federation of State, County and Municipal Employees
    • Legal: Saul Ewing LLP (Dipesh Patel, Sharon Levine)
  • The Employees Retirement System of the Government of the Commonwealth of Puerto Rico
    • Legal: DLA Piper LLP (Richard Chesley, Rachel Albanese)
  • Goldman Sachs Asset Management LP
    • Legal: McDermott Will & Emery LLP (James Kapp, Megan Thibert-Ind, William Smith)
  • Trustee: Bank of New York Mellon 
    • Legal: Reed Smith LLP (Luke Sizemore, Eric Schaffer, Kurt Gwynne)

Updated 5/11/17

From the Commonwealth's petition.

New Chapter 11 Filing - Nuverra Environmental Solutions Inc.

Nuverra Environmental Solutions Inc.

• 5/1/17 Recap: Once publicly-traded Arizona-based environmental solutions provider (obviously) to oil and natural gas shale-oriented energy and exploration companies filed for chapter 11 to delever its balance sheet pursuant to a restructuring support agreement and prepackaged plan of reorganization agreed to by its major lenders. The company seeks approval of a $31.5mm DIP to fund the cases. The term lenders will receive equity, cash, and board seats, the '21 noteholders 99.75% of the reorganized equity and the '18 noteholders will get the remainder (subject to a rights offering post-confirmation and a management incentive plan...of course). And as you might expect, the equityholders stand to recover bupkis. 
• Jurisdiction: D. of Delaware
• Capital Structure: $24.6mm ABL (funded - Wells Fargo Bank NA), $80mm TL, $327mm 12.5%/10% '21 senior secured second lien notes, $40.4mm '18 9.875% unsecured senior notes (Bank of New York Mellon Trust Company NA, replaced by Wilmington Trust Savings Fund Society FSB) 
• Company Professionals:
  • Legal: Shearman & Sterling LLP (Douglas Bartner, Fredric Sosnick, Sara Coelho, Stephen Blank) & (local) Young Conaway Stargatt & Taylor LLP (Pauline Morgan, Kenneth Enos, Jamie Luton Chapman)
  • Financial Advisor/CRO: AlixPartners LLC (Robert Albergotti, Dan Kelsall)
  • Investment Banker: Lazard Middle Market LLC (Andrew Torgove)
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Ad Hoc Group of '21 Supporting Noteholders
    • Legal: Fried Frank Harris Shriver & Jacobson LLP (Brad Scheler, Jennifer Rodburg, Carl Stapen) & Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, Peter Keane)
  • RCF Agent: Wells Fargo Bank NA
    • Legal: Goldberg Kohn Ltd. (Randall Klein, Dimitri Karcazes, Gary Zussman, Jacob Marshall) & (local) DLA Piper LLP (Stuart Brown, Daniel Brogan)
  • Trustee to '21 Senior Secured Second Lien Notes & TL Agent: Wilmington Savings Fund Society FSB
    • Legal: Morrison & Foerster LLP (Jonathan Levine, James Newton) & (local) Morris James LLP (Eric Monzo) 
  • Term Lenders: Ascribe Capital LLC, Gates Capital Management Inc.
  • Official Committee of Unsecured Creditors
    • Legal: Kilpatrick Townsend & Stockton LLP (Todd Meyers, Paul Rosenblatt, Jonathan Polonsky, Michael Langford, Lindsey Simon) & (local) Landis Rath & Cobb LLP (Richard Cobb, Matthew McGuire, Travis Ferguson, Matthew Pierce)
    • Financial Advisor: Batuta Capital Advisors LLC (Alexandre Zyngier)

Updated 7/13/17 1:56 am CT

New Chapter 15 Filing - Boart Longyear Ltd.

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 11 Filing - Panda Temple Power LLC

Panda Temple Power LLC

• 4/18/17 Recap: Texas-based gas-operated merchant power generator servicing the ERCOT region filed for bankruptcy because demand projections were too robust (in the face of increasing share serviced by alternative energy sources), depressed natural gas prices crushed revenues, and a regulatory attempt to reform to a capacity market failed, among other reasons. The company had been downgraded and operating pursuant to a forbearance with its lenders. Now, the company is in bankruptcy with a restructuring support agreement that outlines the terms of a transaction that will swap the term loan for 100% of the equity in the company. The company will have a $20mm DIP in play to effectuate the transaction.
• Jurisdiction: D. of Delaware
• Capital Structure: $398.7mm funded '22 first lien TL (inclusive of LOC and RCF - Wilmington Trust, NA)  
• Company Professionals:
  • Legal: Latham & Watkins LLP (Keith Simon, Annemarie Reilly, Marc Zelina) & (local) Richards Layton & Finger (John Knight, Paul Heath, Brendan Schlauch, Christopher De Lillo)
  • Investment Banker: Ducera Partners (Mark Davis)
  • Claims Agent: Prime Clerk LLC (*click on company name for docket)
• Other Parties in Interest:
  • Ad Hoc Group of Term Lenders (Ares Capital Corporation, Avenue Capital Management II LP, Brigade Capital Management LP, Canaras Capital Management, GSO Capital Partners LP, H.I.G. WhiteHorse Capital LLC, Lord Abbett & Co. LLC, MJX Asset Management LLC, Oaktree Capital Management LP, Siemens Financial Services Inc., SOF-X Credit Holdings LLC (Starwood Credit Advisors LLC), Western Asset Management Company)
    • Legal: Stroock Stroock & Lavan LLP (Jayme Goldstein, Jonathan Canfield, Joanne Lau) & (local) Young Conaway & Stargatt LLP (Edmon Morton, Matthew Lunn, Ashley Jacobs)
    • Financial Advisor: Houlihan Lokey
  • 3M Employee Retirement Income Plan Trust
    • Legal: Blank Rome LLP (Jeffrey Rhodes, Ira Herman, Stanley Tarr)

Updated 5/3/17 

New Chapter 22 Filing - Venoco LLC

Venoco LLC

• 4/17/17 Recap: Denver-based E&P company that FILED FOR BANKRUPTCY LITERALLY 13 MONTHS AGO and emerged 9 months ago filed for bankruptcy again because of "material operational and regulatory setbacks." The prior bankruptcy eliminated nearly $1b of debt and the restructuring was predicated upon various operational objectives. First, the Plains All American Pipleine line 901 going online. Well, that didn't happen. Second, regulatory approval of "the highly anticipated lease line adjustment." Spoiler alert: that didn't happen either. Third, the extension of the lease term by the Beverly Hills Unified School District of an onshore facility beyond its 12/16 expiration date. Any guesses what happened there? Right, nada. And, fourth, an insurer required that the company post an additional $35mm in collateral to support bonds issued by it. You guessed it: the company didn't have the money for that either which, of course, would have effectively terminated operations altogether. Hence, the bankruptcy filing.
• Jurisdiction: D. of Delaware     
• Company Professionals:
  • Legal: Bracewell LLP (Robert Burns, Robin Miles, David Riley, Mark Dendinger, Jason Hutt) & (local) Morris Nichols Arsht & Tunnell LLP (Robert Dehney, Andrew Remming, Marcy McLaughlin)
  • Financial Advisor/CRO: Zolfo Cooper LLC (Bret Fernandes)
  • Investment Banker: Seaport Global Securities LLC
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
  • Board of Directors: Mark DePuy, Gene Davis, Daniel Vogel, Jeffrey Bartlett, Chris Bement, Bill Lockyer
• Other Parties in Interest:
  • Significant Shareholders: Apollo Investment Corporation, MAST Capital Management LLC, Candlewood Special Situations Master Fund Ltd.
  • Exxon Mobil Corporation
    • Legal: Haynes and Boone LLP (Charles Beckham, Kelli Norfleet) & (local) Farnan LLP (Michael Farnan)

Updated 4/22/17 

New Chapter 11 Filing - Ciber Inc.

Ciber Inc.

• 4/10/17 Recap: Once publicly-traded Colorado-based IT staffing and consulting services company filed for bankruptcy to pursue a sale of its business to CapGemini S.A., as stalking horse bidder, for at least $50mm plus the assumption of certain liabilities. The sale is subject to a postpetition marketing process. Ciber lists Microsoft and Oracle as major corporate partners; it sells and supports both companies' product offerings. Ciber seems like the quintessential go-big-or-go-home kind of company. It fueled growth over the years with over 60 acquisitions at a cost of more than $1b, never fully integrating the new businesses. This failure to integrate led to some AWESOME results: like the time the company paid $14mm to European consultants for NEGATIVE PERFORMANCE. And we thought Wells Fargo had a monopoly on stupid bonus-based behavior. Speaking of Wells Fargo, it is the lender here and the straw that broke the camel's back was the company's inability to adhere to its Fixed Coverage Charge ratio, triggering a default under its asset-based loan. Now Wells Fargo is providing the DIP facility of $41mm to fund the cases which, by our simple mathematical calculations, amounts to $4.1mm per bankruptcy lawyer who has made a notice of appearance on behalf of the debtors already (see below).
• Jurisdiction: D. of Delaware
• Capital Structure: $60mm ABL (Wells Fargo Bank NA)     
• Company Professionals:
  • Legal: Morrison & Foerster LLP (Brett Miller, Dennis Jenkins, Daniel Harris, Benjamin Butterfield, Steve Rappoport, Todd Goren) & (local) Polsinelli PC (Christopher Ward, Justin Edelson, Jarrett Vine)
  • Financial Advisor/CRO: Alvarez & Marsal LLC (Jonathan Goulding, Matt Covington, Glenn Gilmour)
  • Investment Banker: Houlihan Lokey Capital Inc. (Adam Dunayer, Michael Boone)
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Prepetition & DIP Lender: Wells Fargo Bank NA
    • Legal: Goldberg Kohn Ltd. (Jeremy Downs, Jacob Marshall)
  • Stalking Horse Bidder: CapGemini SA
    • Legal: Skadden Arps Slate Meagher & Flom LLP (Paul Leake, Mark McDermott, Raquelle Kaye)
  • Actual Buyer: HTC Global Ventures LLC
    • Legal: Plunkett Cooney PC (Scott Lites, David Lerner)
  • Official Committee of Unsecured Creditors
    • Legal: Perkins Coie LLP (John Penn, Schuyler Carroll, Tina Moos) & (local) Shaw Fishman Glantz & Towbin LLC (Thomas Horan)
    • Financial Advisor: BDO Consulting (David Berliner)
  • Ad Hoc Group of Non-Insider Employees
    • Legal: Blank Rome LLP (Josef Mintz, John Lucian)

Updated 5/21/17 

New Chapter 11 & CCAA Filing - Payless Shoesource Inc.

Payless Shoesource Inc.

• 4/4/17 Recap: Private equity backed Kansas-based discount footwear retailer with over 4000 stores filed for bankruptcy because, well, right, it's a private equity backed retailer. Golden Gate Capital and Blum Capital Partners are the sponsors and we've previously covered their methods, uh, we mean "value-add" proposition. We probably won't even bother to read the filing documents because we're 98.9% confident they say the same sh*t every other retail case has said, e.g., poor e-commerce...blah blah...Amazon...blah blah...mall-based retail...blah blah...bad weather...blah blah...Showtime's Billions sucks...wait, what?...whatever, it does (who cares if that's relevant?)...millennial shopping habits...blah blah...bleeding top line and depressed comp store sales...blah blah...dividend recaps...blah blah blah. Apparently the retailer is going to close nearly 400 stores while it attempts to reorganize around what remains - all in accordance to a plan support agreement that the company has entered into with 2/3 of its term loan lenders and with the support of a $385mm DIP facility (of which $80mm is new money). Meanwhile, we'll see what kind of cascading effect this will have on (a) China's manufacturing sector which, apparently, has seen significant stretching of payables (up to 100 days) - a fact evidenced by the top 50 creditors list, and (b) our lovely "A" malls (notably, Simon Property Group made a notice of appearance before the first day pleadings were even completely filed). Finally, the CEO dropped the fact that the new business plan will focus on, among other things, "omnichannel expansion" and since that is the retail buzzword/phrase of the moment, we guess there's really nothing to see here: all will be fine. 
• 4/6/17 Update: We read the documents and, generally speaking, everything we said above applies. Two other factors apparently worth mentioning as causes for the filing: inventory management issues (compounded by the West Coast port strikes) and foreign exchange issues.
• Jurisdiction: E.D. of Missouri
• Capital Structure: $300 ABL ($187mm out - Wells Fargo), $520mm '21 TL ($506mm out), $145mm '22 second lien TL (Morgan Stanley Senior Funding Inc.)    
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (James Sprayragen, Nicole Greenblatt, William Guerrieri, Christine Pirro, Jessica Kuppersmith) & (local) Armstrong Teasdale LLP (Steven Cousins, Erin Edelman) & (Canadian counsel) Osler Hoskin & Harcourt LLP 
  • Legal to Independent Director: Munger Tolles & Olson LLP (Thomas Walper, Seth Goldman, Kevin Allred)
  • Financial Advisor: Alvarez & Marsal North America LLC (Robert Campagna)
  • Investment Banker: Guggenheim Securities LLC (Morgan Suckow)
  • Real Estate: RCS Real Estate Advisors (Ivan Friedman)
  • Liquidators: Great American Group LLC & Tiger Capital Group LLC
  • Claims Agent: Prime Clerk LLC (*click on company name above for free court docket)
• Other Parties in Interest:
  • Ad Hoc Committee of First Lien Term Lenders (Alden Global Opportunities Master Fund, Credit Suisse Asset Management, GSO Capital Partners, Hawkeye Capital Management, Invesco Senior Secured Management, Octagon Credit Investors LLC, AIC Finance, Axar Capital Management)
    • Legal: King & Spalding LLP (Michael Rupe, Christopher Boies, Jeffrey Pawlitz, Austin Jowers, Michael Handler)
    • Financial Advisor: Houlihan Lokey Capital Inc.
  • DIP ABL Agent: Wells Fargo Bank NA
    • Legal: Choate Hall & Stewart LLP (Kevin Simard, Douglas Gooding, Jonathan Marshall) & (local) Thompson Coburn LLP (Mark Bossi)
  • First Lien Agent & DIP TL Agent: Morgan Stanley Senior Funding Inc. & Cortland Products Corp.
    • Legal: Norton Rose Fulbright US LLP (Stephen Castro, David Rosenzweig, Danielle Ledford, Tim Walsh)
  • Official Committee of Unsecured Creditors
    • Legal: Pachulski Stang Ziehl & Jones LLP (Robert Feinstein, Jeffrey Pomerantz, Bradford Sandler) & (local) Polsinelli PC (Matthew Layfield, Christopher Ward, Shanti Katona)
    • Financial Advisor: Province Inc.

Updated 4/18/17

New Chapter 11 Filing - Angelica Corporation

Angelica Corporation

• 4/3/17 Recap: Thanks Obama! Alpharetta Georgia based provider of linens to the healthcare industry filed for bankruptcy to effectuate a sale to KKR Credit Advisors (US) LLC for $125mm (including a $17.4mm credit bid) - exclusive of liabilities emanating out of certain collective bargaining agreements because, well, why should anyone care about low-earning laundry employees, right? Not when you've got slicked back hair and a sick new Hamptons house to party in this Summer, right, bro? The company pointedly cites ObamaCare as a major source of pricing pressure as healthcare providers "became ever more cost-conscious to mitigate lower expected reimbursements from insurance companies." Reacting to the legislation, private customers joined forces via Group Purchasing Organizations, using strength in numbers as leverage to drive discounts with companies like Angelica. This, coupled with hospital consolidation - also apparently resultant from ObamaCare - led the company to suffer from significant revenue declines. The company has secured a $65mm DIP from certain ABL lenders to fund the bankruptcy case.
• Jurisdiction: S.D. of New York
• Capital Structure: $50.5mm ABL (funded, Wells Fargo Capital Finance LLC) & $85mm TL debt (Cortland Capital Market Services LLC)    
• Company Professionals:
  • Legal: Weil (Matthew Barr, Jill Frizzley, Kevin Bostel, Joshua Apfel, Prashant Rai, Matthew Skrzynski)
  • Financial Advisor: Alvarez & Marsal LLC (John Makuch, Joel Rogers, Paul Kinealy, Bryan Fleming)
  • Investment Banker: Houlihan Lokey Capital Inc. (Bradley Jordan)
  • Claims Agent: Prime Clerk LLC (*click on company name for docket)
• Other Parties in Interest:
  • ABL Agent: Wells Fargo Capital Finance LLC
    • Legal: Greenberg Traurig LLP (David Kurzweil, Nathan Haynes, John Dyer, Michael Leveille)
  • TL Agent: Cortland Capital Market Services LLC
    • Legal: Holland & Knight LLP (Joshua Spencer, Renee Lewis, Barbra Parlin)
  • Stalking Horse Bidder: KKR Credit Advisors (US) LLC
    • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Brian Hermann, Lauren Shumejda)
  • Largest Secured Creditors: KKR Asset Management LLC, Wells Fargo Capital Finance LLC, GACP Finance Co., LLC, Regions Bank
  • Official Committee of Unsecured Creditors
    • Legal: Cole Schotz PC (Michael Sirota, Daniel Geoghan, Ryan Jareck, Warren Usitine, Mark Tsukerman, Jacob Frumkin, Rebecca Hollander)
    • Financial Advisor: FTI Consulting Inc. (Conor Tully, Marshall Eisler, Sean Eimer, Harrison West, Marili Hellmund-Mora)

Updated 5/31/17

New Chapter 11 & CCAA Filing - SquareTwo Financial Services Corporation

SquareTwo Financial Services Corporation

• 3/19/17 Recap: Colorado-based privately held acquirer, manager, and collector of charged-off U.S. and Canadian consumer and commercial accounts-receivable filed a prepackaged plan of reorganization seeking to split the company into an acquired-co and "wind down co", with Resurgent Holdings LLC putting in approximately $264mm of new money in exchange for 100% equity in the acquired co. This is on the heels of a prior recapitalization that provided for the exchange of second lien notes for a 1.5 Lien Term Loan & preferred stock (enter Apollo and KKR here). Under the proposed plan of reorganization, the lenders holding claims under the first lien credit facilities will get paid in full; the holders of claims under the 1.5 Lien Term Loan will get a pro rata share of remaining cash; Resurgent will own the remaining business (with the rest liquidated); and the remaining creditors - including the second lien holdouts and the Pennsylvania Public School Employees' Retirement System (?!?!) - will get a big fat donut. Because who gives a sh*t about public school teachers anyway: what have they ever done for folks who work at Apollo and KKR?
• Jurisdiction: S.D. of New York
• Capital Structure: $60mm first lien RCF ($41mm out) & $105mm first lien Term Loan (Cerberus Business Finance LLC), $15mm 1.25 Lien Term Loan (plus $1.3mm interest) & $176.1 mm 1.5 Lien Term Loan (plus $15.4mm interest) (Cortland Capital Market Services LLC), $1.9 mm second lien notes (unexchanged in prior recapitalization)(U.S. Bank National Association)    
• Company Professionals:
  • Legal: Willkie Farr & Gallagher LLP (Matthew Feldman, Paul Shalhoub, Robin Spigel, Debra McElligott, Gabriel Brunswick) & (Canadian counsel) Thornton Grout Finnigan LLP (D.J. Miller, Leanne Williams, Asim Iqbal, Mitch Grossell)
  • Financial Advisor: AlixPartners LLC (Mark Thorson)
  • Investment Banker(s): Keefe Bruyette & Woods Inc. & Miller Buckfire & Co. (John McKenna)
  • Claims Agent: Prime Clerk LLC (*click on company name for docket)
• Other Parties in Interest:
  • Prepetition Agent & DIP Agent: Cerberus Business Finance LLC
    • Legal: Schulte Roth & Zabel LLP (Frederic Ragucci, Adam Harris)
  • Ad Hoc Group of 1.25 lien and 1.5 lien Lenders (Apollo Capital Management LP, KKR Credit Advisors LLC)
    • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Alan Kornberg, Elizabeth McColm, Michael Turkel)
  • Prepetition 1.25 Lien and 1.5 Lien Agent: Cortland Capital Market Services LLC
    • Legal: Holland & Knight LLP (Barbra Parlin, Joshua Spencer)
  • U.S. Bank National Association
    • Legal: Dorsey & Whitney LLP (Eric Lopez Schnabel, Alessandra Glorioso) & (local) Maslon LLP (Clark T. Whitmore)
  • Preferred Stock Holders: Apollo Investment Corporation & KKR Financial CLO 2007-1 Ltd.
  • Majority Common Stock Holders: Norwest Mezzanine Partners II LP & Pennsylvania Public School Employees' Retirement System
  • New Money Investor: Resurgent Holdings LLC
    • Legal: Foley & Lardner LLP (Patricia Lane, Michael Small, Benjamin Rikkers, Jack Haake)
  • Official Committee of Unsecured Creditors
    • Legal: Arent Fox LLP (Robert Hirsh, George Angelich, Jordana Renert)
    • Financial Advisor: Gavin/Solmonese LLC (Ted Gavin)

Updated 5/31/17

New Chapter 11 Filing - Ezra Holdings Limited

Ezra Holdings Limited

• 3/18/17 Recap: Publicly-traded investment holding company for a group of integrated offshore solutions providers for the oil and gas industry filed for bankruptcy after its primary assets decidedly returned less than expected given the distress in oil field services. Notably, a primary asset included an investment in bankruptcy filer EMAS Chiyoda Subsea Limited.
• Jurisdiction: S.D. of New York
• Capital Structure: $130mm secured debt, $272mm (DBS Bank Limited), $184.5mm (Oversea-Chinese Banking Corporation Limited), $108.5mm HSBC International Trust Services (Singapore) Limited, ~$39mm additional funded debt     
• Company Professionals:
  • Legal: Saul Ewing LLP (Sharon Levine, Jeffrey Hampton, Stephen Ravin, Dipesh Patel, Aaron Applebaum)
  • Financial Advisor: Goldin Associates LLC (Robin Chiu)
  • Claims Agent: Prime Clerk LLC (*click on company name for docket)

Updated 3/23/17

New Chapter 22 Filing - General Wireless Operations Inc. (f/k/a Radio Shack)

General Wireless Operations Inc.

• 3/8/17 Recap: We're exasperated. Let's revisit history. In February 2015, Radio Shack filed for bankruptcy. The bankruptcy court confirmed the plan of reorganization in October 2015 and it went effective just five days later. So...six...wait, carry the one...yeah, sixteen months later the successor entity General Wireless Operations is now in bankruptcy looking to shut the lights and/or pass this toad on to another sucker as Standard General pulls the chute. Why did this all happen? Well, because Sprint sucks, apparently ("[w]hile the retail business progressed, the Sprint relationship did not yield the benefits that the Debtors expected"). The arrangement out of bankruptcy was for the reinvented Radio Shack to have co-branded stores with Sprint for the purpose of selling Sprint mobile devices that nobody wants (note: 78+mm Apple iphones were sold last quarter). Sprint was obligated to pay rent for the space it occupied as well as commissions above a certain threshold level of sales ($60mm). Hahahaha...above a threshold level of sales? Yeah, never got there (wait what? erroneous projections? you don't say!).  Absent that cash inflow, the company had insufficient funds to continue to operate as a going concern. Hence, the Scarlet 22.  
• Jurisdiction: D. of Delaware
• Capital Structure: $75mm revolver and term loan debt ($25.5mm funded) (Royal Bank of Canada & GACP Finance Co. LLC) & $88mm second lien revolver and term loan debt ($39.7mm funded)(Standard General Master Fund LP, Cortland Capital Market Services LLC, Prisma Capital Partners LP) & $23mm IP term loan (Kensington Technology Holdings LLC)
• Company Professionals:
  • Legal: Jones Day LLP (Scott Greenberg, Mark Cody) & Pepper Hamilton LLP (David Fournier, Evelyn Meltzer, Michael Custer, Kay Kress)
  • Financial Advisor: Loughlin Management Partners & Company Inc.
  • Liquidation Consultant: Tiger Capital Group LLC
  • Claims Agent: Prime Clerk LLC (*click on company name for docket)
• Other Parties in Interest:
  • Sprint
    • Legal: McGuire Woods LLP (David Swan, James Van Horn) & (local) K&L Gates LLP (Steven Caponi)
  • Kensington Technology Holdings LLC
    • Legal: Honigman Miller Schwartz and Cohn LLP (Joseph Sgroi)
  • GACP Finance Co. LLC
    • Legal: Paul Hastings LLP (Andrew Tenzer, Leslie Plaskon, Michael Comerford) & (local) Young Conaway Stargatt & Taylor LLP (Pauline Morgan, Justin Rucki, Allison Mielke)
  • Official Committee of Unsecured Creditors
    • Legal: Kelley Drye & Warren LLP (Eric Wilson, Jason Adams, Lauren Schlussel) & (local) Klehr Harrison Harvey Branzburg LLP (Michael Yurkewicz)

Updated 3/21/17

New Chapter 11 Filing - Lily Robotics Inc.

Lily Robotics Inc.

• 2/27/17 Recap: High-flying (ugh) drone startup that put together kick-a$$ production videos and crowdfunded tens of millions of dollars ($34.8mm to be exact) from tens of thousands of generous suckers (61.450 to be exact) filed for bankruptcy to implement an IP sale, a liquidating plan and avoid investigation and litigation. They'll probably throw in extensive releases for Spark Capital for good measure because, well, why the hell not? And next thing you know, the "revolutionary" and "disruptive" founders will end up fundraising for their next hair-brained scheme and convince yield-starved investors to back them again a la Fab.com's Jason Goldberg. No bubble to see here. Just the dumpster fire that is $13.8mm of Spark Capital's equity capital. 
• Jurisdiction: D. of Delaware
• Capital Structure: ~$4mm TL (Spark Capital, VC, successor to SVB Financial Group)   
• Company Professionals:
  • Legal: Orrick Herrington & Sutcliffe LLP (Laura Metzger, Jennifer Asher, Douglas Mintz) & (local) Morris Nichols Arsht & Tunnell LLP (Robert Dehney, Andrew Remming, Marcy McLaughlin)
  • Financial Advisor: Goldin & Associates (Curtis Solsvig III)
  • Independent Board Member: Drivetrain Advisors (Spencer Wells) 
  • Claims Agent: Prime Clerk LLC (*click on company name for docket)
• Other Parties in Interest:
  • Spark Capital (VC equity & successor term lender)
    • Legal: Nutter McClennen & Fish LLP (John Loughnane) & (local) Gellert Scali Busenkill & Brown LLC (Ronald Gellert)
• Silicon Valley Bank (DIP Lender)
  • Legal: Riemer & Braunstein LLP (Alexander Rheaume) & (local) Ashby & Geddes PA (Gregory Taylor)
• Official Committee of Unsecured Creditors
  • Legal: Lowenstein Sandler LLP (Kenneth Rosen, Bruce Buechler, Wojciech Jung, Philip Gross, Michael Papandrea) & (local) Richards Layton & Finger PA (Mark Collins, Amanda Steele, Brett Haywood)
  • Financial Advisor: The DAK Group Ltd. (Sheon Karol, Ari Fuchs, Alan Miller, Claudia Levine)

Update 5/31/17

New Chapter 11 Filing - Ultrapetrol (Bahamas) Ltd.

Ultrapetrol (Bahamas) Ltd.

• 2/6/17 Recap: Private equity backed marine shipping company files for prepackaged chapter 11 to effectuate sale of assets, the proceeds from which will be used to pay down debt. Sparrow Capital Investments Ltd. will purchase the company's river business holding companies for $73mm in cash. Barry Ridings of Lazard will be on the reorganized company's Board of Directors (and collect an $80k paycheck).
• Jurisdiction: S.D. of New York
• Capital Structure: $566mm '21 8.875% notes & credit facilities with International Finance and OPEC Fund.     
• Company Professionals:
  • Legal: Zirinsky Law Partners PLLC (Bruce Zirinsky, Sharon Richardson) & Hughes Hubbard LLP (Christopher Kiplok, Erin Diers, Dustin Smith) & Seward & Kissel (Ronald Cohen, Lawrence Rutkowski, Anthony Tu-Sekine)
  • Financial Advisor: AlixPartners International LLP (Rebecca Roof, Stephen Spitzer, Peter Baldwin, Jon Bryant)
  • Investment Banker: Miller Buckfire & Co. LLC (Kevin Haggard)
  • Claims Agent: Prime Clerk LLC (*click on case name above for free docket)
• Other Parties in Interest:
  • Ad Hoc Group of Noteholders
    • Legal: Milbank Tweed Hadley & McCloy LLP (Tyson Lomazow)
    • Financial Advisor: PJT Partners Inc.
  • Offshore Agent: DVB Bank SE and DVB Bank Americas N.V.
    • Legal: White & Case LLP (Scott Greissman, Mark Franke)
    • Financial Advisor: Houlihan Lokey
  • IFC/OPEC Fund
    • Legal: Mayer Brown LLP (Frederick Hyman, Sean Scott,)
    • Financial Advisor: FTI Consulting Canada ULC
  • Sparrow Capital Investments Ltd.
    • Legal: Chadbourne & Parke LLP (Andrew Rosenblatt, Marc Ashley, Robert Kirby)

Updated 3/30/17

New Filing: Bonanza Creek Energy Inc.

Bonanza Creek Energy Inc.

• 1/4/17 Recap: The company filed a prepackaged bankruptcy to eliminate $850mm of debt from its balance sheet and infuse the company with $200mm of new equity.
• Jurisdiction: D. of Delaware
• Capital Structure: $475mm '17 1.5-2.5% RCF (Key Bank), $500mm '21 6.75% senior unsecured notes, $300mm '23 5.75% senior unsecured notes (Delaware Trust Company).      
• Company Professionals:
  • Legal: Davis Polk & Wardwell LLP (Marshall Huebner, Brian Resnick, Elliot Moskowitz, Adam Shpeen, Lara Samet Buchwald) & (local) Richards Layton & Finger PA (Mark Collins, Amanda Steele, Brendan Schlauch)
  • Financial Advisor: Alvarez & Marsal LLC (Seth Bullock)
  • Investment Banker: Perella Weinberg Partners (Kevin Cofsky, Jacob Czarnick)
  • Claims Agent: Prime Clerk LLC (*click name above for docket link)
• Other Parties in Interest:
  • RBL Agent: Key Bank
    • Legal: Bracewell LLP (Trey Wood, Jennifer Feldshur, Dewey Gonsoulin)
  • Ad Hoc Committee of Noteholders (Apollo Energy Opportunity Mgmt, Continental Casualty, Credit Suisse Asset Mgmt, DE Shaw Galvanic Portfolios, Gen IV Investment Opportunities LLC, Lord Abbett & Co., Luxor Capital Group LP, Mangrove Partners, Nomura Corporate Research & Asset Mgmt, Oaktree Capital Management LP, Paloma Partners Management Company, Par-Four Investment Management LLC, Perry Creek Capital Fund I, Socratic Fund Management LP, Whitebox Advisors). Added subsequent to the case filing (Aristeia Capital LLC, Barclays Bank PLC, Continental Casualty Company, Venor Capital Management LP, Wells Fargo Securities LLC); Subtracted subsequent to the case filing (Credit Suisse Asset Mgmt).
    • Legal: Kirkland & Ellis LLP (Edward Sassower, Steven Serajeddini, John Luze, Stephen Schwarzbach Jr.) & (local) Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, Peter Keane)
    • Investment Bank: Evercore
  • Ad Hoc Committee of Equity Security Holders (Fir Tree Inc., HHC Primary Fund, CVI Opportunities Fund I, Silver Point Capital, MatlinPatterson Global Opportunities Master Fund)
    • Legal: Brown Rudnick LLP (Edward Weisfelner, Bennett Silverberg, D. Cameron Moxley) & (local) Chipman Brown Cicero & Cole LLP (William Chipman Jr.)
    • Financial Advisor: Miller Buckfire & Co. (Richard Klein, Matthew Rodrigue)
  • Delaware Trust Company (as successor trustee to Wells Fargo)
    • Legal: Haynes and Boone LLP (Charles Beckham Jr., Keith Sambur) & (local) The Rosner Law Group LLC (Frederick Rosner, Scott Leonhardt)
  • Silo Energy LLC
    • Legal: Arent Fox LLP (George Angelich, Jackson Toof, Andrew Silfen) & (local) Polsinelli PC (Justin Edelson)
  • Senior Unsecured Noteholders: GMO Credit Opportunities Fund LP and Global Credit Advisors LLC
    • Legal: Ropes & Gray LLP (D. Ross Martin, Andrew Devore) & (local) Pepper Hamilton LLP (David Stratton)

Updated 4/2/17