New Chapter 11 Filing - Ameriforge Group Inc.

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Ameriforge Group Inc. (d/b/a AFGlobal Corporation)

  • 5/1/17 Recap: Houston-based manufacturer of products for a variety of markets (oil and gas, power, aerospace and industrial) filed a prepackaged bankruptcy case to delever its balance sheet by approximately $680mm. The company's first lien lenders will get nearly all of the equity in the reorganized entity. Second lien lenders will get some option value in the form of an equity kiss and warrants/options. The company has secured $70mm in new money and seeks to be out of bankruptcy in roughly three weeks: some of these cases are getting VERY speedy.
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $89.5mm '17 first lien funded RCF and $519mm '19 first lien senior secured TL-B (Deutsche Bank Trust Company Americas), $143.3mm '20 second lien secured TL (Delaware Trust Company).   
  • Company Professionals:
    • Legal: Kirkland & Ellis LLP (James Sprayragen, Edward Sassower, William Guerrieri, Christopher Hayes, Bradley Giordano, Chad Husnick) & (local) Jackson Walker LLP (Patricia Tomasco, Matthew Cavenaugh, Jennifer Wertz)
    • Financial Advisor: Alvarez & Marsal LLC (James Grady)
    • Investment Banker: Lazard Middle Markets LLC (Brandon Aebersold, Parry Sorenson)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Ad Hoc Group of First Lien Lenders (Carlyle Strategic Partners, Deutsche Bank Trust Company Americas, Eaton Vance Management, Stellex Capital Management)
      • Legal: Jones Day LLP (Scott Greenberg, Michael Cohen, Bryan Kotliar, Paul Green)
      • Financial Advisor: Houlihan Lokey Capital Inc. (Adam Dunayer)
    • Ad Hoc Group of Second Lien Lenders
      • Legal: Akin Gump Strauss Hauer & Feld LLP (Ira Dizengoff, Philip Dublin, Jason Rubin, Charles Gibbs)
      • Financial Advisor: PJT Partners LP (Jon Walters, Paul Sheaffer)
    • Sponsor: First Reserve Heavy Metal LP
      • Legal: Simpson Thacher & Bartlett LLP (Sandy Qusba, Elisha Graff)
  • Prepetition 1L Agent & DIP Agent: Deutsche Bank Trust Company
    • Legal: White & Case LLP (Scott Greissman, Adam Zatz)
  • Prepetition 2L Agent: Delaware Trust Company
    • Legal: Bryan Cave LLP (Jeremy Finkelstein, Stephanie Wickouski, Keith Miles Aurzada)

Updated 7/13/17

New Chapter 11 Filing - Nuverra Environmental Solutions Inc.

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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 11 Filing - Adeptus Health Inc.

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Adeptus Health Inc.

  • 4/19/17 Recap: Publicly-traded ($ADPT) Texas-based for-profit hospital operator filed for bankruptcy to effectuate a sale of the business to Deerfield Management Company. The company blames significant working capital needs, challenges with revenue cycle management, and reduced utilization and patient volume for its filing. Deerfield is providing the company a $45mm DIP credit facility. 
  • Jurisdiction: N.D. of Texas
  • Capital Structure: $212.75mm total debt. $61.9mm RCF (Bank of America), $132mm TL (A-1 and A-2, latter with Goldman Sachs Lending Partners), $13.09mm LOC (Bank of America), $7.5mm bridge loan (Deerfield Management Company)    
  • Company Professionals:
    • Legal: Norton Rose Fulbright LLP (Louis Strubeck Jr., Kristian Gluck, John Schwartz, Liz Boydston, Timothy Springer)
    • Financial Advisor/CRO: FTI Consulting (Andrew Hinkelman)
    • Investment Banker: Houlihan Lokey Capital Inc.
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Deerfield Management Company LP
      • Legal: Katten Muchin Rosenman LLP (Peter Siddiqui, Paige Barr)
    • MatlinPatterson Global Opportunities Master Fund LP
      • Legal: Ropes & Gray LLP (Mark Somerstein, Keith Woffard) & (local) Porter Hedges LLP (John Higgins, Joshua Wolfshohl)
    • Wexford Spectrum Investors LLC and Debello Investors LLC
      • Legal: Winstead PC (Phillip Lamberson, Rakhee Patel, Annmarie Chiarello)
    • Healthcare Ombudsman: Daniel McMurray
      • Legal: Neubert, Pepe & Monteith PC (Mark Fishman) & (local) Quilling Selander Lownds Winslett & Moser PC (Joshua Shephard)
      • Medical Operations Advisor: Focus Management Group USA (Daniel McMurray, James Grobmyer, Angeline Bernard, Sandra Casper)
    • Official Committee of Unsecured Creditors
      • Legal: Akin Gump Strauss Hauer & Feld LLP (Sarah Link Schultz, Marty Brimmage, David Botter, Alexis Freeman)
      • Financial Advisor: CohnReznick LLP (Chad Shandler)
    • Official Committee of Equity Security Holders
      • Legal: Brown Rudnick LLP (Edward Weisfelner, Bennett Silverberg, Jeffrey Jonas) & Winstead PC (Rakhee Patel, Phil Lamberson)
      • Financial Advisor: Miller Buckfire & Co. LLC & Stifel Nicolaus & Co. (Richard Klein)

Updated 7/13/17

New Chapter 11 Filing - Suniva Inc.

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Suniva Inc.

  • 4/17/17 Recap: Large US manufacturer of photovoltaic solar cells used in residential, commercial and government solar applications filed for bankruptcy because of (cue ominous music) CHINA. Shocker! China's well-documented cheap solar capacity and flooding of the US market has pressured the US market for years (and resulted in the imposition of 30% tariffs on the Chinese - tariffs that were easily circumvented through creative delivery through other parts of Asia). Luckily, management didn't get ahead of their skis and expand by (i) tripling the company's manufacturing capacity and (ii) spending nearly $100mm on larger facilities (while incurring new debt). Oh wait, strike that: that's precisely what management did. Oops. (More to come.)
  • Jurisdiction: D. of Delaware 
  • Capital Structure: $50.9mm (SQN Asset Servicing LLC), $15mm LOC (Wanxiang America Corporation - now first in priority as successor to Wells Fargo's rights)    
  • Company Professionals:
    • Legal: Kilpatrick Townsend & Stockton LLP (Todd Meyers, Colin Bernardino, Gianfranco Finizio) & (local) Potter Anderson & Corroon LLP (Jeremy Ryan, R. Stephen McNeill, D. Ryan Slaugh)
    • Financial Advisor/CRO: Aurora Management Partners Inc. (David Baker, Steve Smerjac, Matt McEnerney)
    • Claims Agent: The Garden City Group Inc. (*click on the company name above for free docket)
  • Other Parties in Interest:
    • SunEdison Products Singapore Pte. Ltd.
      • Legal: Togut Segal & Segal LLP (Frank Oswald, Brian Moore)
    • Wells Fargo NA
      • Legal: Morgan Lewis & Bockius LLP (Richard Esterkin, Kelly Costello)
    • Alternative DIP Lender: Lion Point Capital LP
      • Legal: Cleary Gottlieb Steen & Hamilton LLP (Sean O'Neal, Jane VanLare, Thomas Kessler) & Ashby & Geddes PA (Ricardo Palacio, Karen Skomorucha Owens)
    • Official Committee of Unsecured Creditors
      • Legal: Seward & Kissel LLP (John Ashmead, Robert Gayda, Catherine LoTempio) & (local) Morris Nichols Arsht & Tunnell LLP (Robert Dehney, Eric Schwartz, Tamara Minott)
      • Financial Advisor: Emerald Capital Advisors (John Madden, Jack Allen, Christopher Saitta, Daniel Pace, Ryan Feulner)

Updated 7/17/17 

New Chapter 11 Filing - Panda Temple Power LLC

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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

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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 - Halt Medical Inc.

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Halt Medical Inc.

  • 4/12/17 Recap: Brentwood California medical device company filed for bankruptcy because Ares Capital HALTed funding (#dadjoke). The company owns an FDA-cleared proprietary and patented product that uses radiofrequency ablation to destroy uterine fibroids. Yeah, we have no idea what that means either but the use case is bada$$: it is a minimally-intrusive alternative to hysterectomies and myomectomies. The company has lined up a $4.16mm DIP credit facility to fund the cases while it seeks an asset sale to Murray Enterprises LLC as stalking horse bidder. 
  • Jurisdiction: D. of Delaware 
  • Capital Structure: $155.6mm debt (Ares Capital Ltd., as successor to American Capital Ltd.)    
  • Company Professionals:
    • Legal: Drinker Biddle & Reath LLP (Steven Kortanek, Patrick Jackson, Joseph Argentina Jr.) & (Special corporate counsel) Cooley LLP (Robert Eisenbach)
    • Investment Banker: Canaccord Genuity Group Inc. (Geoffrey Richards)
    • Claims Agent: Donlin Recano & Co. Inc. (*click on company name above for free docket access)
    • Other Parties in Interest:
      • Buyer: Acessa AssetCo LLC (affiliate of Murray Enterprises LLC)
        • Legal: Smith Gambrell & Russell LLP (Brian Hall) & Landis Rath & Cobb LLP (Adam Landis, Kerri Muford)

Updated 4/22/17 (note: no UCC appointed)

New Chapter 11 Filing - Unilife Corporation

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Unilife Corporation

  • 4/12/17 Recap: Publicly-traded ($UNIS) manufacturer and B2B supplier of injectable drug delivery systems (including wearables) to pharmaceutical and biotechnology customers filed for bankruptcy to attempt a 363 sale of the business. This is kind of like a bad episode of Shark Tank. The Company appears to manufacture pretty innovative drug delivery systems - innovative in that the devices seem to be unobtrusive and, if we understand this correctly, help patients receive treatments without the need for multiple needles. But this is one of those episodes where the Sharks start asking about the numbers and they ain't pretty: the company is post-revenue and has some patents but it is pre-FDA approvals and pre-delivery (of medicine) to end users. Its limited revenue source is through negotiated supply agreements. It has a lot of debt (see below) and an expensive facility lease. It also had - in a very Kevin O'Leary-like fashion - a royalty agreement with its senior secured lender (ROS) which entitled ROS to a 4.52% royalty on the first $50mm of net sales (with ratchets for higher sales). So sharky. Of course, this isn't really that relevant when your incurred net losses are $100.8mm like they were in '16 (but we really enjoyed playing with the analogy). Now, ROS is providing a $7.5mm DIP credit facility to fund the cases for 90 days so that the company can attempt to find a buyer (note: there is no stalking horse bidder). Reminder: this was a PUBLICLY-TRADED company so, surely, there are some angry shareholders somewhere. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: $70mm secured term loan (ROS Acquisition Offshore LP), $45.7mm senior secured convertible note (Amgen Inc.), $12.1mm mortgage (First National Bank), $1.9mm financing authority loan (Keystone Redevelopment Group LLC/Commonwealth of Pennsylvania Financing Authority)     
  • Company Professionals:
    • Legal: Cozen O'Connor (Mark Felger, Keith Kleinman, Eric Scherling, Frederick Schmidt) 
    • Financial Advisor: Protiviti Inc. (Guy Davis)
    • Investment Banker: SSG Capital Advisors LLC (J. Scott Victor)
    • Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name above for free docket access)
  • Other Parties in Interest:
    • DIP Lender: ROS Acquisition Offshore LP
      • Legal: Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, Jeffrey Davidson, Henry Kevane, Debra Grassgreen)
    • Senior Secured Convertible Noteholder: Amgen Inc.
      • Legal: Ropes & Gray LLP (James Wilton, Patricia Chen) & (local) Cole Schotz PC (Norman Pernick, Katharina Earle)
    • Large General Unsecured Creditor: Sanofi Winthrop Industrie
      • Legal: DLA Piper (US) LLP (Stuart Brown, Kaitlin Edelman)
    • Official Committee of Unsecured Creditors
      • Legal: Lowenstein Sandler LLP (Michael Etkin, David Banker, Barry Bazian, Gerald Bender) & (local) Schnader Harrison Segal & Lewis LLP (Richard Barkasy)

Updated 7/17/17

New Chapter 11 Filing - Agent Provocateur Inc.

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Agent Provocateur Inc.

  • 4/11/17 NSFW Recap: After both swiping right, a millennial couple meet in a bar. After 4 or 5 $18 cocktails (experiences!), things get a bit sloshy and the couple agree to go back to one of the participant's apartments. After a short, slobbery and sloppy Lyft ride, the couple stumble through the door and start getting involved. But wait! One stops! In a sultry voice and reminiscent of a 1960s Hollywood romance, she says, "Hold on. I want to put on something special." Something that would NEVER EVER actually happen in real life. Especially with millennials. Hence, bankruptcy. 
  • 4/12/17 Update: So, jokes aside, the UK parent sold with the remainder filing for administration (Rothschild & Co. was the banker and AlixPartners was the administrator). The buyer, Four Marketing Group, is also making a play for some of the American assets which would keep twelve locations open. To effectuate the sale and ward off some angry landlords, the company filed for bankruptcy.
  • Jurisdiction: S.D. of New York 
  • Company Professionals:
    • Legal: Thompson Hine LLP (William Schrag)
    • Financial Advisor: Applied Business Strategy LLC (Dean Vomero)

*Note: we don't normally cover cases this small but, well, we just wanted to have some fun.

New Chapter 11 Filing - Rupari Holding Corp.

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Rupari Holding Corp.

  • 4/11/17 Recap: Private-equity owned Illinois-based manufacturer of pre-cooked and sauced pork ribs and other barbeque products under the Roma Products brand (sounds gnarley) filed for bankruptcy to effectuate a sale pursuant to Bankruptcy Code section 363 to Carl Buddig & Co. for $26 million. Love this bit: "Rupari began to encounter substantial headwinds shortly after WPP Group's investment in the business." NICE. Looks like the Wind Point Partners guys really earned that 2-and-20 with this beauty. But wait! There's more! We have the Chinese and a freaky-AF diarrhea virus to blame for the business difficulties as well. And, finally, "specific issues unrelated to its everyday operations exacerbated Rupari's challenges," - namely, a $1.2mm judgment against the company in favor of Danish Crown. This abstract description really lets the imagination run wild - we were having flashbacks to "Brick Top" from Snatch - but it was only this. Anticlimactic. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: $67mm first lien secured debt ($23.3mm funded - Antares Capital LP), $34.9mm second lien secured debt (Wind Point Partners), $95.4mm unsecured mezzanine debt 
  • Company Professionals:
    • Legal: DLA Piper (US) LLP (Richard Chesley, John Lyons, R. Craig Martin, Maris Kandestin)
    • Investment Banker: Kinetic Advisors (Sudhin Roy)
    • Claims Agent: Donlin Recano & Co. Inc. (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Antares Capital LP
      • Legal: Katten Muchin Rosenman LLP (John Sieger, Paul Musser) & (local) Potter Anderson & Corroon LLP (Jeremy Ryan, R. Stephen McNeill)
    • Official Committee of Unsecured Creditors
      • Legal: Lowenstein Sandler LLP (Bruce Nathan, Jeffrey Cohen, Wojciech Jung, MIchael Papandrea, Keara Waldron) & (local) Whiteford Taylor & Preston LLP (Christopher Samis, L. Katherine Good, Aaron Stulman)
      • Financial Advisor: CohnReznick LLP (Kevin Clancy, Jeff Manning, Roberta Probber, Mitchell Insero)

Updated 7/18/17

No, not creepy at all. 

No, not creepy at all. 

New Chapter 11 Filing - Ciber Inc.

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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.

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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

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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 Filing - Westinghouse Electric Company LLC

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Westinghouse Electric Company LLC

  • 3/29/17 Recap: File this under the most heavily leaked/discussed bankruptcy filing of all time: the Japanese government seemed to make an announcement about the proposed filing every hour. So...Pennsylvania-based nuclear power company filed for bankruptcy (30 debtors in total) after its parent, Toshiba, took a uuuuuuuuuge $6b+ write-down due to delayed and above-budget construction of plants in Georgia and South Carolina. The company secured a $800mm commitment for a DIP facility to fund the cases after a competitive DIP process with powerhouses like Goldman Sachs, Highbridge and Silver Point duking it out with Apollo. We've already covered this company a lot in previous weeks so suffice it to say that the upshot of this filing is that it will lead many to question the viability of nuclear as an alternative power source.
  • Jurisdiction: SD of New York 
  • Company Professionals:
    • Primary Legal: Weil (Gary Holtzer, Garrett Fail, Robert Lemons, David Griffiths, Charles Persons, David Cohen)
    • Legal for Toshiba Nuclear Energy Holdings (UK) Limited: Togut Segal & Segal LLP (Albert Togut, Brian Moore, Kyle Ortiz)
    • Financial Advisor: AlixPartners LLC (Lisa Donahue)
    • Investment Banker: PJT Partners Inc. (Timothy Coleman, John Singh, Mark Buschmann, Harold Kim)
    • Claims Agent: KCC (*click on company name for docket)
  • Other Parties in Interest:
    • Toshiba Corporation
      • Legal: Skadden Arps Slate Meagher & Flom LLP (Van Durrer, Paul Leake, Annie Li) 
    • Prepetition Agent:
      • Legal: Latham & Watkins LLP (Zulfiqar Bokhari) 
    • Proposed DIP Lenders: Apollo Investment Corporation, AP WEC Debt Holdings LLC, Midcap Financial Trust, Amundi Absolute Return Apollo Fund PLC, Ivy Apollo Strategic Income Fund, Ivy Apollo Multi Asset Income Fund
      • Legal: Paul Weiss Rifkand Wharton & Garrison LLP (Jeffrey Saferstein, Claudia Tobler, Kevin O'Neill) 
    • Proposed DIP Agent: Citibank NA
      • Legal: Shearman & Sterling LLP (Fredric Sosnick, Ned Schodek) 
    • Competing (but losing) DIP Providers: Goldman Sachs Bank USA, HPS Investment Partners LLC, Silver Point Finance LLC
    • Georgia Power Company, Oglethorpe Power Corporation, Municipal Electric Authority of Georgia and City of Dalton Georgia
      • Legal: Jones Day (Gregory Gordon, Dan Prieto, Amanda Rush, Anna Kordas, Jeffrey Ellman)
    • Municipal Electric Authority of Georgia
      • Legal: Alston & Bird LLP (Dennis Connolly)
    • South Carolina Electric & Gas Company and South Carolina Public Service Authority
      • Legal: Reed Smith LLP (Paul Singer, Derek Baker, Tarek Abdalla)
    • Oglethorpe Power Corporation (An Electric Membership Corporation)
      • Legal: Dechert LLP (Michael Sage, Stephen Wolpert) & Parker Hudson Rainer & Dobbs LLP (C. Edward Dobbs)
    • Exelon Generation Company LLC
      • Legal: Ballard Spahr LLP (Matthew Summers)
    • Official Committee of Unsecured Creditors
      • Legal: Proskauer Rose LLP (Martin Bienenstock, Timothy Karcher, Vincent Indelicato)
      • Financial Advisor: Alvarez & Marsal LLC

Updated 5/31/17

New Chapter 11 Filing - Aerospace Holdings Inc.

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Aerospace Holdings Inc.

  • 3/28/17 Recap: Designer and manufacturer of machined parts, fabricated components and tooling for commercial aerospace and defense markets filed for bankruptcy to effectuate a 363 sale to a strategic competitor, Harlow Aerostructures LLC, which, prepetition, purchased the distressed senior secured debt held by Comerica Bank and Fifth Third Bank. Harlow will provide DIP financing and serve as the stalking horse for the company's assets. This appears to be a story about poor strategic acquisitions, reliance on two big projects that were ultimately cancelled (Lockheed Martin F-22 fighter jet and the Airbus A380) and reductions in military spending (which may or may not be related to the cancellations).
  • Jurisdiction: D. of Delaware 
  • Capital Structure: $38.6mm funded senior secured debt (orig: Comerica Bank), $27.1mm subordinated debt (Brookside Mezzanine Partners), $21.6mm promissory notes    
  • Company Professionals:
    • Legal: Greenberg Traurig LLP (Nancy Mitchell, Matthew Hinker, Sara Hoffman, Dennis Meloro)
    • Financial Advisor: Conway MacKenzie Inc. (Matthew Sedigh, Michael Flynn)
    • Investment Banker: G2 Capital Advisors LLC
    • Claims Agent: BMC Group (*click on company name for docket)
  • Other Parties in Interest:
    • Primary debtholders: Corinthian Capital Group, Brookside Mezzanine Partners, Patriot Capital, Catalus Capital Management
    • Official Committee of Unsecured Creditors
      • Legal: Drinker Biddle & Reath LLC
      • Financial Advisor: Gavin/Solmonese LLC

New Chapter 11 & CCAA Filing - SquareTwo Financial Services Corporation

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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

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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 11 Filing - Bostwick Laboratories Inc.

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Bostwick Laboratories Inc.

  • 3/15/17 Recap: Uniondale New York based "independent full-service anatomic pathology laboratory and specialty provider"...gulp...deep breath..."of diagnostic testing services for urologists and gynecologists" filed for bankruptcy to sell to a stalking horse bidder, Poplar Healthcare PLLC. In the filing declaration the company blames severe cuts in Medicare rates for the filing, making no mention of what's glaring in its petition, i.e., that the Department of Justice is the largest creditor holding an unsecured settlement claim against the company for the company's purported breach of the False Claims Act - a claim emanating from allegations of kickback payments to physicians in exchange for referrals. Not shady at all. That last bit is really the only reason why we're even highlighting this case. Well, and that this is Pepper Hamilton LLP's second recent filing (General Wireless Outfitters being the first).
  • Jurisdiction: D. of Delaware
  • Capital Structure: $12.5mm debt ($1.8mm funded - Healthcare Financial Solutions LLC, an affiliate of Capital One NA), $950k second lien notes, $40mm unsecured notes.     
  • Company Professionals:
    • Legal: Pepper Hamilton LLP (David Stratton, Evelyn Meltzer, John Schanne II)
    • Investment Banker: Leerink Partners LLC (Jeff Danesis)
    • Chief Restructuring Officer: Carroll Services LLC (James Patrick Carroll)
    • Claims Agent: Donlin Recano & Co. Inc. (*click on company name for docket)
  • Other Parties in Interest:
    • Metalmark Capital Holdings LLC
      • Legal: Ropes & Gray LLP (James A. Wright III, Stephen Moeller-Sally) & (local) Womble Carlyle Sandridge & Rice LLP (Mark Desgrosseilliers)
    • Healthcare Financial Solutions LLC
      • Legal: Quarles & Brady LLP (John Harris, Brian Sirower, Amelia Valenzuela)
    • Official Committee of Unsecured Creditors
      • Legal: Pachulski Stang Ziehl & Jones LLP & (local) Sheppard Mullin LLP

 

Updated 3/23/17

New Chapter 11 Filing - Sungevity Inc.

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Sungevity Inc.

  • 3/13/17 Recap: Oakland California-based designer of residential and commercial solar energy systems in the US, UK and Europe filed for bankruptcy after a failed merger and an inability to service its capital structure. Large equity holders include Apollo Investment Corporation and Lowe's Corporation. The company secured a $20mm DIP facility to pursue a sale to a stalking horse bidder. 
  • 4/17/17 Update: The company received no competitive qualified bids and, therefore, sought approval of the sale to the stalking horse bidder.
  • Jurisdiction: D. of Delaware
  • Capital Structure: $145.6mm of funded debt (Hercules Capital Inc. - $55mm, MMA Energy Capital LLC - $10mm, MHA Trust LLC - $5mm, Wilmington Savings Fund Society - $9.5mm bridge loan, Atalaya Special Opportunities Fund VI LP - $32mm, $34.1mm convertible notes     
  • Company Professionals:
    • Legal: Morrison & Foerster LLP (Jonathan Levine, Jennifer Marines, Melissa Hager, Erica Richards, Todd Goren, Rahman Connelly, Andrew Kissner, Stacy Molison) & (local) Young Conaway Stargatt & Taylor LLP (M. Blake Cleary, Jamie Lutonn Chapman, Kenneth Listak)
    • Financial Advisor: AlixPartners LLC (Randall Eisenberg, Stephen Spitzer, James Guglielmo, Raju Patel, Allen Wong)
    • Investment Banker: Ducera Securities LLC (Joshua Scherer) & Greentech Capital Advisors (Michael Horwitz)
    • Claims Agent: KCC (*click on company name for docket)
  • Other Parties in Interest:
    • DIP Lender & Stalking Horse Bidder: LSHC Solar Holdings LLC (JV between Northern Pacific Group and Hercules Capital Inc.)
      • Legal: Kirkland & Ellis LLP (Brad Weiland, Christine Pirro) & (local) Klehr Harrison Harvey Branzburg LLP (Domenic Pacitti)
    • Hercules Capital Inc.
      • Legal: Cole Schotz P.C. (Stuart Komrower, Katharina Earle)
    • Second Lien Lender: MMA Energy Capital LLC
      • Legal: Baker & McKenzie LLP (Debra Dandeneau, Jacob Kaplan) & (local) Richards Layton & Finger PA (Paul Heath, Zachary Shapiro)
    • Lowe's Corporation
      • Legal: Hunton & Williams LLP (Gregory Hesse, Nicole Collins)
    • Verengo Inc. (also in Chapter 11)
      • Legal: Bayard PA (Scott Cousins, Evan Miller)
    • Eastern Sun Capital Partners LLC 
      • Legal: Goodwin Proctor LLP (Kizzy Jarashow, David Koch) & (local) Whiteford Taylor & Preston LLP (Christopher Samis, L. Katherine Good)
    • Official Committee of Unsecured Creditors
      • Legal: Brown Rudnick LLP (Steven Pohl, Sunni Beville, Christopher Floyd, Tristan Axelrod, Fouad Kurdi) & (local) Morris James LLP (Jeffrey Waxman, Eric Monzo)
      • Financial Advisor: Goldin Associates LLC (Gary Polkowitz)

Updated 5/31/17

New Chapter 11 Filing - Goodman Networks Inc.

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Goodman Networks Inc.

  • 3/13/17 Recap: Frisco Texas-based minority-business-enterprise (MBE) and wireless network and satellite television systems servicer filed a prepackaged chapter 11 case to de-lever its balance sheet by $212.5mm. This is a story, in many respects, about a concentrated revenue base and too much debt. 83% of the company's revenue is attributable to AT&T and "substantial completion of AT&T's 4G network build-out has diminished the associated demand for Goodman's services." Consequently, the company wasn't generating enough revenue to sustain its capital structure. Now, holders of the secured debt will receive cash, $112.5mm of new debt, PIK preferred stock and common stock. To preserve the MBE status, current equity will get PIK preferred stock and 50.1% of the common stock. Query whether that level of retained equity is a lesson to those who invested in this MBE structure. 
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $25mm RCF (MidCap Financial Trust), $325mm '18 12.125 % secured notes (Wells Fargo)
  • Company Professionals: 
    • Legal: Kirkland & Ellis LLP (Patrick Nash, Joshua Sussberg, Joseph Graham, Laura Krucks, Alexander Cross) & (local) Haynes & Boone LLP (Stephen Pezanosky, Kelli Norfleet)
    • Financial Advisor: FTI Consulting (John Debus)
    • Investment Banker: June Creek Interests (Andy Jent)
    • Claims Agent: KCC (*click on company name for docket)
  • Other Parties in Interest:
    • Ad Hoc Committee of Second Lien Bondholders (Alden Global, AllianceBernstein Global LP, J.P. Morgan Investment Management Inc., J.P Morgan Chase Bank N.A., Phoenix Investment Advisor LLC, Principal Global Investors LLC, Invesco Senior Secured Management Inc., Sound Point Capital Management LP)
      • Legal: Akin Gump (Michael Stamer, Charles Gibbs, Meredith Lahaie, Sara Brauner)
      • Financial: Greenhill & Co. Inc.
  • Wells Fargo
    • Legal: Reed Smith LLP (Eric Schaffer, Lloyd Lim, Maura Nuno)
  • AT&T Corp.
    • Legal: Sidley Austin LLP (Brian Lohan)

Updated 3/28/17