New Chapter 11 Filing - Ascent Resources Marcellus Holdings, LLC

Ascent Resources Marcellus Holdings, LLC

• 2/6/18 Recap: Oklahoman producer of oil and natural gas in the Marcellus Shale basis filed for bankruptcy to effectuate a prepackaged bankruptcy in agreement with its major creditors. We've seen this movie before. Business is capital intensive...yada yada yada...natural gas prices rolled over...yada yada yada...production volume dropped...yada yada yada...over-levered balance sheet....zzzzz. Basically, you know the drill. The prepackaged plan envisions the term lenders equitizing their debt so that the company can be leaner and meaner; it also leaves open the option for a sale, but no such sale was suitable prior to filing. 
• Jurisdiction: D. of Delaware
• Capital Structure: $750mm first lien credit facility (Cortland Capital Market Services LLC), $450mm second lien secured term loan facility (Cortland)  
• Company Professionals:
  • Legal: Sullivan & Cromwell LLP (Andrew G. Dietderich, Brian D. Glueckstein, Alexa J. Kranzley) & (local) Young Conaway Stargatt & Taylor LLP (Pauline K. Morgan, Joel A. Waite, Kara Hammond Coyle)
  • Financial Advisor: D.R. Payne & Associates, Inc.
  • Investment Banker: PJT Partners (Steven Zelin)
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
  • Independent Co-Manager: Alan Carr
• Other Parties in Interest:
  • First Lien Credit Agent: Cortland Capital Market Services LLC
    • Legal: Davis Polk & Wardwell LLP
    • Financial Advisor: Moelis & Co. 
  • Second Lien Credit Agent: Cortland Capital Market Services LLC
• Members of the New Board: Jeffrey A. Fisher, Jeffrey A. Ball, Steven J. Pully, Eugene I. Davis, Barry McMahan

Updated: Effective 3/30/18 (no UCC)

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

The Bon-Ton Stores Inc.

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

Updated 4/10/18

New Chapter 11 Bankruptcy - Cenveo Inc.

Cenveo Inc.

• 2/2/18 Recap: Publicly-traded ($CVO) large envelope and label manufacturer with roots tracing back 100 years filed for bankruptcy. Interestingly, you, our treasured PETITION readers, probably interact with Cenveo's products in your day-to-day life. Cenveo prints comic books you can buy at the bookstore, produces specialized envelopes used by JPMorgan Chase Bank ($JPM) and American Express ($AMEX) to deliver credit card statements, and manufactures point of sale roll receipts used in cash registers and prescription labels found on medication at national pharmacies. Why did it file for bankruptcy? Disruption. And debt. The company notes that its filing was necessary to tame its burdensome funded debt and corresponding annual $99.4mm debt payments (inclusive of cash and "principle" payments). In light of its leverage, the company apparently also suffered from other pressures on the business, including restrictive trade terms and/or the departure of business from vendors. But, wait! There's more. And its textbook disruption. Per the company, "In addition to Cenveo’s leverage issues, macroeconomic factors, including the introduction of new e-commerce, digital substitution for products, and other technologies, are transforming the industry. Consumers increasingly use the internet and other electronic media to purchase goods and services, pay bills, and obtain electronic versions of printed materials. Moreover, advertisers increasingly use the internet and other electronic media for targeted campaigns directed at specific consumer segments rather than mail campaigns." Ouch. To put it simply, every single time you opt-in for an electronic bank statement, you're f*cking over Cenveo. More from the company, "As society has become increasingly dependent on digital technology products such as laptops, smartphones, and tablet computers, spending on advertising and magazine circulation has eroded, resulting in an overall decline in the demand for paper products, and in-turn lowering reliance on certain of Cenveo’s print marketing business. In addition, there is generally a decline in supply of paper products in the industry, such that only a handful of paper mills control the majority of the paper supply. As a result, paper mills and other vendors that sell paper products have a large amount of leverage over their customers, including Cenveo. The overall decline in the paper industry combined with the diminished supply in paper products has led to overall decline in the industry, dramatically impacting Cenveo’s revenues." Consequently, the company has spent years trying to streamline operations and cut costs: it is not entirely clear from the company's filing, but this disruption clearly led to the "downsizing [of] its workforce," a reduction in its geographic footprint, and asset dispositions. But, ultimately, earnings couldn't manage the balance sheet. The company engaged its various parties in interest and was able to secure a (shaky?) restructuring support agreement and a commitment of financing in the amount of a $190 million ABL DIP Facility provided by the Prepetition ABL Lenders and a new $100 million DIP Term Facility backstopped by more than a majority of the holders of First Lien Notes. It will need to address its underfunded pensions (approximately $92.9mm). 
• Jurisdiction: S.D. of New York 
• Capital Structure: see below.
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (Jayme Sprayragen, Jonathan Henes, Joshua Sussberg, Michael Slade, Gregory Pesce, Melissa Koss, George Klidonas, Natasha Hwangpo)
  • Financial Advisor: Zolfo Cooper LLC (Eric Koza)
  • Investment Banker: Rothschild Inc. (Neil Augustine, Dan Skolds, Matthew Chou, Philip Engel, Daniel Flanary, Thomas Galluccio, Trip Burke, Farhat Suvhanov)
  • Real Estate Consultants: VanRock Real Estate Consulting LLC
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
  • New Independent Director: Eugene Davis
• Other Parties in Interest:
  • Prepetition ABL Agent; $190mm ABL DIP Facility Agent: Bank of America NA
  • $100mm DIP Term Facility Agent: Wilmington Savings Fund Society FSB
  • FILO Notes Trustee/First Lien Notes Trustee/Second Lien Notes Trustee/Unsecured Notes Trustee: Bank of New York Mellon
    • Legal: Riker Danzig Scherer Hyland & Perretti LLP (Joseph Schwartz, Curtis Plaza, Tara Schellhorn)
  • FILO Noteholder: Allianz GI US High Yield Fund
  • First Lien and Second Lien Noteholder: Brigade Capital Management, LP
    • Legal: Akin Gump Strauss Hauer & Feld LLP (Michael Stamer, David Zensky, Stephanie Lindemuth, James Savin, Kevin Eide)
  • Ad Hoc Committee of First Lien Noteholders
    • Legal: Stroock & Stroock & Lavan LLP (Brett Lawrence, Erez Gilad, Matthew Garofalo, Gabriel Sasson)
    • Financial Advisor: Ducera Partners LLC
  • Examiner: Susheel Kirplani
    • Legal: Quinn Emanuel Urquhart & Sullivan
  • Official Committee of Unsecured Creditors
    • Legal: Lowenstein Sandler LLP (Kenneth Rosen, Mary Seymour, Bruce Buechler, Bruce Nathan)
    • Financial Advisor: FTI Consulting Inc. (Samuel Star)

Source: DIP Motion

Updated 4/2/18

New Chapter 11 Bankruptcy - Patriot National Inc.

Patriot National Inc.

• 1/30/18 Recap: Once publicly-traded ($PN, delisted) Florida-based tech and outsourcing solutions services provider to the insurance services space (primarily in the workers' compensation sector) has finally filed the prearranged bankruptcy it announced back at the end of November. This company's downfall is a lesson in making sure that a company's customer base is well-diversified. Here, one insurer, Guarantee Insurance Company, accounted for 55% of the policies serviced by the debtors and a similar percentage of the debtors' gross revenues. In November 2017, the Florida Office of Insurance Regulation notified the Florida Department of Financial Services of its determination that GIC ought to be in receivership. Which is what then happened. Whoops. The loss emanating out of this occurrence "was particularly severe." The company was also in default under its Financing Agreement with Cerberus Business Finance LLC. This perfect storm led to a negotiation and restructuring support agreement with Cerberus and TCW Asset Management Company, which will convert a portion of their claims under the financing agreement into 100% of the company's equity. The lenders will provide a $15.5mm DIP credit facility.
• Jurisdiction: D. of Delaware
• Capital Structure: $223mm debt (Cerberus Business Finance LLC)    
• Company Professionals:
  • Legal: Hughes Hubbard & Reed LLP (Kathryn Coleman, Christopher Gartman, Jacob Gartman) & (local) Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, James O'Neill, Peter Keane)
  • CRO/Financial Advisor: Duff & Phelps LLC (James Feltman)
  • Financial Advisor: Conway MacKenzie Management Services LLC
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest: 
  • DIP Lender: Cerberus Business Finance LLC
• Official Committee of Unsecured Creditors
  • Legal: Kilpatrick Townsend & Stockton LLP (David Posner, Gianfranco Finizio, Kelly Moynihan) & (local) Morris James LLP (Carl Kunz III, Brenna Dolphin)
  • Financial Advisor: Province Inc. (Sanjuro Kietlinski)

Updated 4/2/18

New Chapter 11 Filing - Rand Logistics Inc.

Rand Logistics Inc.

• 1/28/18 Recap: NJ-based publicly-traded ($RLOG) bulk freight Jones Act shipper filed for bankruptcy to effectuate a balance sheet restructuring and sale pursuant to a prepackaged plan of reorganization. Lightship Capital LLC has agreed to acquire the company by converting all of the company's second lien debt into 100% of the equity. The deal eliminates approximately $90mm of debt. The company blames currency volatility (US vs. Canadian dollar) and increased maintenance/certification costs as factors necessitating a review of the capital structure. 
• Jurisdiction: D. of Delaware 
• Capital Structure: $235.9mm total funded debt; $149mm first lien debt (Bank of America) & $86.9mm second lien debt (Guggenheim Corporate Funding LLC)    
• Company Professionals:
  • Legal: Akin Gump Strauss Hauer & Feld LLP (Meredith Lahaie, Alexis Freeman, Kevin Zuzolo, Zach Lanier, Abid Qureshi) & (local) Pepper Hamilton LLP (David Stratton, David Fournier, Evelyn Fournier)
  • Financial Advisor: Conway MacKenzie Inc.
  • Investment Banker: Stifel Financial/Miller Buckfire & Co. LLC (Kevin Haggard)
  • Claims Agent: KCC (*click on company name above for free docket access)
• Other Parties in Interest:
  • First Lien Agent: Bank of America NA
    • Legal: Otterbourg P.C. (Daniel Fiorillo, Chad Simon) and (local) Womble Bond Dickinson (US) LLP (Matthew Ward, Nicholas Verna)
  • Second Lien Agent and Second Lien Lender: Lightship Capital LLC
    • Legal: White & Case LLP (Thomas Lauria, Andrew Zatz, Rashida Adams) & (local) Fox Rothschild LLP (Jeffrey Schlert, Carl Neff)
    • Financial Advisor: Houlihan Lokey Capital Inc.

New Chapter 11 Filing - Philadelphia Energy Solutions LLC

Philadelphia Energy Solutions LLC

• 1/21/18 Recap: Operator of refining complex with combined distilling capacity of 335,000 barrels/day of crude oil - representing roughly 28% of the east coast's refining capacity - and located roughly 2.5 miles from downtown Philadelphia filed a prepackaged bankruptcy in Delaware for the purposes of effectuating a sale. The company blames (i) regulatory compliance costs that specifically penalize independent merchant refiners (related, specifically, to the Clean Air Act), (ii) adverse macroeconomic trends in energy, and (iii) adverse government policy decisions for its chapter 11 filing. The goal of the prepackaged filing is to allow for an infusion of $260mm in new capital, a $35mm reduction of interest expense, and to kick maturities out to 2022. We're a little late to the game here with our summary so we'll say something that we haven't seen anyone else say about this just yet: that is, that this never would be able to file in Delaware if Elizabeth Warren has her way and the new bankruptcy reform bill is passed. Just sayin. 
• Jurisdiction: D. of Delaware 
• Capital Structure: See chart below.
• Company Professionals: 
  • Legal: Kirkland & Ellis LLP (Edward Sassower, Matthew Fagen, Patrick Venter, Allyson Smith, Michael Slade, Richard Howell, Ciara Foster, Whitney Becker, Steven Serajeddini) & (local ) Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, Timothy Cairns, Peter Keane)
  • Financial Advisor: Alvarez & Marsal LLC 
  • Investment Banker: PJT Partners LP
  • Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name above for free docket access)
• Other Parties in Interest:
  • DIP Commitment Parties
    • Legal: Davis Polk & Wardwell LLP (Damian Schaible, Aryeh Ethan Falk, Jonah Peppiatt) & (local) Morris Nichols Arsht & Tunnell LLP (Robert Dehney, Andrew Remming)
  • PNC National Association
    • Legal: Cahill Gordon & Reindel LLP (Joel Levitin, Richard Stieglitz Jr.) & (local) Reed Smith LLP (Kurt Gwynne, Emily Devan)
  • Sponsors
    • Carlyle Group & Sunoco Inc. (a subsidiary of Energy Transfer Partners LP)

New Chapter 11 Bankruptcy - EXCO Resources Inc.

EXCO Resources Inc.

• 1/15/18 Recap: Dallas-based oil and gas exploration and production company filed for bankruptcy with no plan, no buyer, and a $250mm DIP credit facility in hand from the likes of Fairfax Financial Holdings Limited, Bluescape Resources Company LLC, and JPMorgan Chase Bank, N.A. ($JPM). The company intends to use bankruptcy to try and find a strategic buyer. Shockingly, it doesn't have a stalking horse bidder, all-the-more-surprising because this bankruptcy filing has been anticipated for a year, if not more. W.L Ross & Co. LLC, the former firm of Commerce Secretary Wilbur Ross (#MAGA!!), and Oaktree Capital Management Funds ($OAK) are two large equityholders with holdings of 12.5% and 8.29%, respectively. Companies in EXCO's list of top unsecured creditors is a who's who lineup of once-stressed, distressed, or bankrupt companies, including Azure Midstream, Goodrich Petroleum ($GDP), Chesapeake Energy ($CHK), Stallion Oilfield Services, Nuverra Environmental Solutions, and Light Tower Rentals, among others. At the time of this writing, the company hasn't completed its first day filing but do we even need to read the papers to understand why this company with $1.3 billion of total debt is in bankruptcy court? RIght, probably not. 
• Jurisdiction: S.D. of Texas (Judge Isgur)
• Capital Structure: $1.35b of debt including $131.5mm 7.5% '18 Senior Notes (Wilmington Savings Fund Society), $70.1mm 8.5% '22 Senior Notes (Wilmington Savings Fund Society). 
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (Patrick Nash, Christopher Greco, Alexandra Schwarzman, Stephen Hackney, Ryan Moorman) & (local) Gardere Wynne Sewell LLP (Marcus Helt)
  • Financial Advisor: Alvarez & Marsal LLC (John Stuart)
  • Investment Banker: PJT Partners (Steven Zelin, Michael O'Hara, Adam Schlesinger, Zachary Rigoni, Keith Lord, Jeremey Woodard, Scott Meyerson, Gregory Nelson, Emmanuel Recachinas, Aaron Brenner, Tony Yang, Jennifer Wang)
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • DIP Lender: JPMorgan Chase Bank NA
    • Legal: Simpson Thatcher & Bartlett LLP (Nicholas Baker, Sandeep Qusba) & (local) Norton Rose Fulbright US LLP (Louis Strubeck, Kristian Gluck, Ryan Manns)
  • DIP Lender: Fairfax Financial Holdings Limited
    • Legal: Kasowitz Benson Torres LLP (Andrew Glenn, Eric Taube, Adam Shiff, Emily Kuznick, Shai Schmidt)
  • Indenture Trustee: Wilmington Savings Fund Society FSB
    • Legal: Seward & Kissel LLP (John Ashmead, Robert Gayda, Catherine LoTempio)
  • Cross Sound Management
    • Legal: Quinn Emanuel Urquhart & Sullivan LLP (Benjamin Finestone, K. John Shaffer) & (local) Jackson Walker LLP (Patricia Tomasco, Matthew Cavenaugh)
  • Gen IV Investment Opportunities LLC and VEGA Asset Partners LLC
    • Legal: White & Case LLP (Thomas Lauria, Michael Shepherd) & (local) Gray Reed & McGraw (Jason Brookner)
  • Bluescape Resources Company LLC
    • Legal: Bracewell LLP (Kurt Mayr, David Lawton, Jason Cohen)
  • Official Committee of Unsecured Creditors
    • Legal: Brown Rudnick LLP (Robert Stark, Kenneth Aulet, Sigmund Wissner-Gross, Gerard Cicero, Steven Levine) & (local) Jackson Walker LLP (Patricia Tomasco, Matthew Cavenaugh)
    • Financial Advisor: FTI Consulting Inc. (Andrew Scruton)
    • Investment Bank: Intrepid Partners LLC (Matthew Hart)

Updated 4/1/18 at 12:13 CT

New Chapter 11 Filing - KIKO USA Inc.

KIKO USA Inc.

• 1/11/18 Recap: Cosmetics retailer files for bankruptcy and simultaneously busts the narrative that cosmetics are safe in the age of Amazon, Sephora and Ulta Beauty - not to mention a long list of direct-to-consumer e-commerce players. Or does it? Here, the cosmetics retailer with retail stores, an e-commerce channel, and an Amazon.com presence filed for bankruptcy because “its retail sales have not been sufficient to cover its costs, which consist primarily of rent and labor.” In other words, you might as well stop reading because you’ve read this story dozens of times in the last 12 months. Of 29 domestic locations (26 in malls), the company intends to close 24 stores in bankruptcy after failing to negotiate concessions from landlords prior to the filing. It doesn’t own any of its locations (a recurring problem). Remaining locations will be those in big cities: New York, Miami, Las Vegas, Sunrise Florida, and Los Angeles. Tiger Capital Group has been hired to dispose of assets. The go-forward plan is also, frankly, fairly unoriginal. It includes re-focusing on product assortment and targeted in-demand product, (ii) realigning distribution via a focus on the five remaining locations and, seemingly, kiosks (or the like) within third-party retailers, (iii) enhancing the customer experience with better staff/training, (iv) organizational changes, (v) targeting marketing (cha ching, Facebook!), and growing the commerce and Amazon Prime offering (cha ching Amazon). In summary, KIKO S.p.A., the corporate overlord loses its equity but for its DIP loan and Facebook and Amazon benefit. What else is new?
• Jurisdiction: D. of Delaware (Judge Walrath)    
• Company Professionals:
  • Legal: Perkins Coie LLP (John Kaplan, Jeffrey Vanacore, Deborah Kennedy) & (local) Saul Ewing Arnstein & Lehr (Mark Minuti, Monique Bair DiSabatino, Sharon Levine)
  • Financial Advisor: Getzler Henrich & Associates LLC (Mark Samson)
  • Claims Agent: BMC Group (*click on company name above for free docket access)
• Other Parties in Interest:
  • KIKO S.p.A.
    • Legal: White & Case LLP (John Cunningham, Fan He, Robbie Boone Jr.) & (local) Fox Rothschild LLP (Jeffrey Schlerf, Carl Neff)

New Chapter 11 Filing - Hobbico Inc.

Hobbico Inc.

1/10/18

Chicago-based designer, manufacturer and distributor of hobby products like radio-control toys filed for bankruptcy after struggling from (i) too much debt, (ii) lack of investment in product innovation and in its core ecommerce platform, (iii) a systemic shift in the drone market (wherein Asian suppliers started competing by selling direct-to-consumer), (iv) the bankruptcy of a key supplier of racing products, and (v) disruption to its Asian supply chain. The company defaulted on its secured debt and is using the chapter 11 process in order to attempt to sell its business as a going-concern. 

• Jurisdiction: D. of Delaware
• Capital Structure: $74.5mm revolver and term loan (Wells Fargo Bank NA), $41.2mm subordinated secured note (Cyprium Investors IV AIV I LP)     
• Company Professionals:
  • Legal: Neal Gerber & Eisenberg LLP (Mark Berkoff, Nicholas Miller, Thomas Wolford) & (local) Morris Nichols Arsht & Tunnell LLP (Robert Dehney, Curtis Miller, Matthew Talmo, Andrew Golden)
  • Financial Advisor: CR3 Partners LLC (Tom O'Donoghue, Douglas Flannery, Chris Creger, Layne Deutscher) & Keystone Consulting Group LLC (Louis Brownstone)
  • Investment Banker: Lincoln International LLC (Alexander Stevenson)
  • Claims Agent: JND Corporate Restructuring (*click on company name above for free docket access)
• Other Parties in Interest:
  • DIP Agent: Wells Fargo Bank NA
    • Legal: Goldberg Kohn Ltd. (Randall Klein, Zachary Garrett, Prisca Kim, Jacob Marshall) & (local) Burr & Forman LLP (J. Cory Falgowski)
  • Lender: Cyprium Investors IV AIV I LP
    • Legal: Cahill Gordon & Reindel LLP (Joel Levitin, Richard Stieglitz Jr.)
  • Official Committee of Unsecured Creditors
    • Legal: Cullen and Dykman LLP (S. Jason Teele, Nicole Stefanelli, Michelle McMahon, Bonnie Pollack) & (local) Whiteford Taylor & Preston LLC (Christopher Samis, L. Katherine Good, Stephen Gerald, Kevin Shaw)
    • Financial Advisor: Emerald Capital Advisors (John Madden)

New Chapter 11 Bankruptcy - A'GACI LLC

A'GACI LLC

• 1/9/17 Recap: Texas-based fast-fashion retailer of women's apparel and accessories filed for bankruptcy because, well, retail retail retail. Happy New Year, everyone! The company's "target demographic is confident women who are comfortable with their appearance and enjoy showcasing their look." Hmmm. From that description, we would have expected graphics of models that aren't just a size 0 (see below), but we digress. The 76-store company specializes in clearance pricing discounts to ship merchandise quickly and innovate with the trends; it did $136.2mm of gross sales in the fiscal period ended 11/25. 9.4% of that was e-commerce. The company blames its bankruptcy filing on (i) "unsuccessful brick and mortar expansion efforts," (ii) the move to online shopping, (iii) difficulty with merchandising and inventory management, and (iv) weather. On that last point, 24 stores were at least temporarily closed due to hurricanes in '17 (in Texas, Florida and Puerto Rico, with two stores in PR still closed), resulting in a $7.2mm EBITDA hit for the year. The company pursued a number of operational initiatives pre-petition including rent-concession negotiations with landlords. The landlords apparently wouldn't play ball. Now twelve of them will see their leases rejected: the company has already vacated the premises effective 1/8. And a liquidation agent has been hired. In total, "at least 49 underperforming brick and mortar store locations" may be closed.  Contemporaneously with the lease review and liquidation process, the company will attempt a refinancing or sale of the company while enjoying the "breathing spell" afforded by bankruptcy. The company intends to use cash collateral to finance the case.    
• Jurisdiction: W.D. of Texas 
• Capital Structure: $10mm '18 RCF (JPMorgan Chase Bank NA), $4.265mm TL (Bank of America NA)     
• Company Professionals:
  • Legal: Haynes and Boone LLP (Ian Peck, David Staab)
  • Financial Advisor: Berkeley Research Group LLC
  • Investment Banker: SSG Advisors LLC 
  • Real Estate Agent: A&G Realty Partners LLC
  • Liquidation Agent: Gordon Brothers Retail Partners LLC
  • Claims Agent: KCC (*click on company name above for free docket access)
• Other Parties in Interest:

Source: First Day Declaration

New Chapter 11 Bankruptcy - Rentech WP U.S. Inc.

Rentech WP U.S. Inc.

• 12/19/17 Recap: Publicly-traded ($RNTK) Colorado-based wood fibre processing company that services large pulp, paper and packaging manufacturers with three core businesses: (i) contract wood handling and chipping services; (ii) the manufacture and sale of wood pellets for the U.S. heating market; and (iii) the manufacture, aggregation, and sale of wood pellets for the utility and industrial power generation market, has filed for bankruptcy to effectuate a sale to FFI Acquisition Inc. as buyer (Scott Davis Chip Company Inc. is the affiliate guarantor of the buyer). The company's wood fibre is used in the manufacturing of boxboard, containerboard, paper, and medium density fiberboard for building products. The company blames a strategic pivot from the development and commercialization of certain alternative energy tech to the the wood fibre processing business for its ultimate downfall. The company incurred debt to complete various acquisitions and cost overruns in connection with the development of various facilities combined to limit the company's liquidity. Now, the company intends, under cover of the use of cash collateral, to use pursue a plan pursuant to a plan of reorganization. 
• Jurisdiction: D. of Delaware (Judge Sontchi)
• Capital Structure: $19.5mm Term Loan (GSO/Credit Suisse AG), $20mm L/C (Bank of Montreal)
• Company Professionals:
  • Legal: Latham & Watkins LLP (Peter Gilhuly, Kimberly Posin, Adam Malatesta) & (local) Young Conaway Stargatt & Taylor LLP (Michael Nestor, Matthew Lunn)
  • Financial Advisor: RPA Advisors LLC
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Prepetition Term Lenders (GSO Special Situations Master Fund LP, GSO Palmetto Opportunistic Investment Partners LP, GSO Credit-A Partners LP, Steamboat Credit Opportunities Master Fund LP, GSO Coastline Credit Partners LP, GSO Cactus Credit Opportunities Fund LP, and GSO Aiguille des Grands Montets Fund II LP)
    • Legal: Akin Gump Strauss Hauer & Feld LLP (Ira Dizengoff, Daniel Fisher, Kevin Eide) & (local) Richards Layton & Finger PA (Paul Heath, Joseph Barsalona)

New Chapter 11 Filing - Expro Holdings US Inc.

Expro Holdings US Inc.

• 12/18/17 Recap: Servicer to offshore, deepwater and other "technically challenging environments" filed a prepackaged bankruptcy to eliminate its entire $1.4b of debt (and attendant interest expense) via equity conversion in a balance sheet deleveraging transaction. Why did it file for bankruptcy? Private equity, of course. In 2008, the company turned down an acquisition offer from Halliburton in favor of a competing bid from a private equity group for $3.2b in cash, the largest LBO in the UK in 2008. Ok, so we're only half serious. Naturally, the oil and gas downturn led to a marked decline in demand for Expro's services. Psst: the PE-infused debt. The senior lenders will get the equity in the reorganized company while mezz loan holders and equity holders will get warrants. The company has lined up a $145mm DIP credit facility.
• Jurisdiction: S.D. of Texas
• Capital Structure: $125mm RCF (HSBC Bank USA), $1.261b TL, $18mm Mezz Loan.      
• Company Professionals:
  • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Brian Hermann, Alice Eaton, Sarah Harnett, Alexander Woolverton) & Jackson Walker LLP (Patricia Tomasco, Matthew Cavenaugh, Jennifer Wertz)
  • Financial Advisor: Alvarez & Marsal LLC (Julie Hertzberg, Jay Herriman)
  • Investment Banker: Lazard Freres & Co. 
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Mezzanine Facility Agreement Agent: Bank of New York Mellon
  • Credit Agreement Admin Agent: HSBC Bank USA
  • RCF Lenders
    • Legal: Sullivan & Cromwell LLP
  • Ad Hoc Group of First Lien Lenders
    • Legal: Davis Polk & Wardwell LLP (Damian Schaible, James McClammy, Christopher Robertson) & (local) Haynes and Boone LLP (Charles Beckham Jr., Kelli Norfleet, Kelsey Zottnick)
    • Financial Advisor: Rothschild Inc.
  • Ad Hoc Group of Shareholders (Goldman Sachs, HPS Investment Partners LLC, KKR, Candover/Arle, Park Square)
    • Legal: Kirkland & Ellis LLP
    • Financial Advisor: Houlihan Lokey Inc.

New Chapter 11 Filing - Global A&T Electronics Ltd.

Global A&T Electronics Ltd. 

• 12/17/17 Recap: Singapore-based provider of semiconductor assembly and test services for integrated circuits for use in analog, mixed-signal and logic, and memory products across the globe filed for prepackaged bankruptcy...finally. The company had skipped its $56mm interest payment and let its 30-day grace period expire; it has also been the subject of litigation after issuing new notes back in 2014 in exchange for junior debt. The company blames the litigation, an over-levered balance sheet, underspending on capex, and liquidity constraints for its need to reorganize. The company seeks to confirm the case in FOUR DAYS which may be a new record for a bankruptcy of this size. 
• Jurisdiction: S.D. of New York (Judge Drain)
• Capital Structure: $1.13b 10% '19 first lien notes ($625mm Initial Nots, $502mm Additional Notes)(Citicorp International Limited)
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (Marc Kieselstein, Patrick Nash, Gregory Pesce, Michael Slade)
  • Financial Advisor: Alvarez & Marsal LLC (Robert Caruso)
  • Investment Banker: Moelis & Company LLC
  • Disinterested Director: Eugene Davis
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Ad Hoc Group of Initial Senior Secured Noteholders (GSO Capital Partners LP, IP All Seasons Asian Credit Fund, Brigade Capital Management LP, Southpaw Credit Opportunity Master Fund LP)
    • Legal: Milbank Tweed Hadley & McCloy LLP (Dennis Dunne, Abhilash Raval, Brian Kinney, Michael Price)
    • Financial Advisor: PJT Partners LP
  • Ad Hoc Committee of Additional Senior Secured Noteholders (Taconic Capital Advisors LP, Marble Ridge Master Fund LP, KLS Diversified Asset Management)
    • Legal: Dechert LLP (Michael Sage, Brian Greer, Janet Doherty)
  • Ad Hoc Committee of Additional Senior Secured Noteholders
    • Legal: Ropes & Gray LLP (Gregg Galardi, Stephen Moeller-Sally, Daniel Anderson)
  • TPG
    • Legal: Cleary Gottlieb Steen & Hamilton LLP (James Bromley, Benjamin Beller)

New Chapter 11 Bankruptcy - Cobalt International Energy Inc. ($CIE)

Cobalt International Energy Inc.

• 12/13/17 Recap: Houston-based publicly-traded ($CIE) deepwater exploration and production company operating in the U.S. Gulf of Mexico and offshore Angola and Gabon in West Africa has filed for bankruptcy. The company blames "a failed sale of Cobalt’s Angolan assets and the related litigation, the prolonged downturn in the exploration and production industry, and nearly $3.0 billion of funded indebtedness" for its filing. The company seeks a sale in bankruptcy. Other than the failed 2016 Angolan transaction, this story is pretty similar to other E&P bankruptcies we've seen in the past. Upshot: offshore exploration is expensive and with oil in the high 50s (a relatively high number), the economics aren't there to support the capital structure. 
• Jurisdiction: S.D. of Texas (Judge Isgur)
• Capital Structure: $500mm '21 first lien notes (Wilmington Trust NA), $934.7mm '23 second lien notes (Wilmington Trust NA), $619.2mm '19 2.625% unsecured notes (Wells Fargo Bank NA), 3.125% $786.9mm '24 unsecured notes (Wells Fargo Bank NA)
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (James Sprayragen, Marc Kieselstein, Chad Husnick, Brad Weiland, Laura Krucks, Gabor Balassa, Stacy Pepper) & (local) Zach A. Clement PLLC (Zach Clement)
  • Investment Banker: Houlihan Lokey Capital
  • Claims Agent: KCC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Ad Hoc Group of First Lien Notes
    • Legal: Weil Gotshal & Manges LLP (Matt Barr)
  • Ad Hoc Group of Second Lien Notes
    • Legal: Akin Gump Strauss Hauer & Feld LLP (James Savin)
  • First Lien Indenture
    • Legal: Wilmer Cutler Pickering Hale & Dorr LLP (Andrew Goldman)
  • Significant Equityholders: First Reserve GP XI Inc., The Carlyle Group, Riverstone Holdings LLC, Paulson & Co., Hotchkis and Wiley Capital Management LLC

New Chapter 11 Bankruptcy - Orchard Acquisition Company LLC (The J.G. Wentworth Company)

The J.G. Wentworth Company

• 12/12/17 Recap: What's the statute of limitations for getting tagged with the "Chapter 22" label? While this may be out of bounds thanks to the passage of time, this is not the company's first foray in bankruptcy court, having previously filed during the financial crisis in 2009. It subsequently emerged under new private equity ownership and then IPO'd in 2013. This time around, the specialty-finance company in the business of providing financing solutions ((e.g., mortgage lending (as an approved issuer with Ginnie Mae, Freddie Mac, and Fannie Mae), structured settlement, annuity and lottery payment purchasing, prepaid cards, and personal loans)) filed a prepackaged bankruptcy pursuant to which its lenders will be swapping debt for at least 95.5% of the new equity and some cash. Holders of partnership interests and tax-related claims will get the remaining equity (subject to dilution by the 8% of equity set aside for management allocations). The company will eliminate its $449.5mm of debt and have a $65-70mm revolving credit facility to utilize going forward. The company blames regulatory requirements and a highly competitive market that pressured rates, service levels, products, and fees for its downfall. 
• Jurisdiction: D. of Delaware (Judge Gross)
• Capital Structure: $449.5mm '19 first lien TL (Jefferies Finance LLC)     
• Company Professionals:
  • Legal: Simpson Thatcher & Bartlett LLP (Elisha Graff, Kathrine McLendon, Edward Linden, Randi Lynn Veenstra, Haley Garrett, Nicholas Baker, Bryce Friedman) & (local) Young Conaway Stargatt & Taylor LLP (Edmon Morton, Sean Beach)
  • FInancial Advisor: Ankura Consulting
  • Investment Banker: Evercore 
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Jefferies Finance LLC
    • Legal: Davis Polk & Wardwell LLP (Damian Schaible, Natasha Tsiouris, Erik Jerrard) & (local) Potter Anderson & Corroon LLP (Jeremy Ryan, R. Stephen McNeill, D. Ryan Slaugh)
    • Financial Advisor: FTI Consulting Inc. (formerly CDG Group LLC)
  • New RCF Commitment Party (HPS Investment Partners LLC)
    • Legal: Weil Gotshal & Manges LLP (Matthew Barr, Kelly DiBlasi, Damian Ridealgh) & (local) Morris Nichols Arsht & Tunnell LLP (Curtis Miller, Matthew Talmo)

Updated 12/13/17

New Chapter 11 Bankruptcy - PhaseRX Inc. ($PZRX)

PhaseRX Inc.

• 12/11/17 Recap: Seattle-based and once-VC-backed publicly-traded ($PZRX) biopharma company focused on therapeutics developed to treat enzyme deficiencies in the liver via intracellular enzyme replacement therapy (after a pivot from from focusing on the treatment of liver cancer) filed for bankruptcy. The company seeks a sale through bankruptcy. 
• Jurisdiction: D. of Delaware (Judge Sontchi)
• Capital Structure: $500k promissory note (Titan Multi-Strategy Fund Ltd.), $16.2mm 8% convertible notes, $4mm 5% term loan, $5.1mm secured loan (Hercules Capital Inc.)
• Company Professionals:
  • Legal: Polsinelli PC (Christopher Ward, Shanti Katona, Nicholas Griebel)
  • Investment Banker: Cowen & Company 
  • Claims Agent: Donlin Recano & Co. Inc. (*click on company name above for free docket access)
• Other Parties in Interest:
  • Large Equityholders/Venture Capital: (Arch Venture Fund VII LP, 5AM Ventures, Savoy Therapeutics Corp., Versant Venture Capital III LP)
  • Hercules Capital Inc. 
    • Legal: Cole Schotz PC (Patrick Reilley, Stuart Komrower)

Updated 12/12/17

New Chapter 11 Bankruptcy - Dextera Surgical Inc. ($DXTR)

Dextera Surgical Inc.

• 12/11/17 Recap: Publicly-traded ($DXTR) California based med-device company that designs and and manufactures proprietary stapling devices that enable the advancement of minimally invasive surgical procedures has filed for bankruptcy to effectuate a sale. Why bankruptcy? Per the company's pleadings, "Dextera invested in obtaining regulatory clearances and product development, evaluation, and manufacturing, but experienced interruptions in the ability to produce both staplers and staple reload cartridges to meet customer demand. It also incurred substantial operating losses that significantly impacted liquidity, ultimately leading to the need to file the Chapter 11 Case." The company has lined up a stalking horse purchaser (Aesculap Inc.) who also happens to be the provider of $1.5mm in DIP financing to effectuate the case. The purchase price is reported to be approximately $17.3mm. 
• Jurisdiction: D. of Delaware (Judge Carey)
• Capital Structure: $4mm 5% secured note     
• Company Professionals:
  • Legal: Saul Ewing Arnstein & Lehr LLP (Mark Minuti, Teresa Currier, Monique DiSabatino)
  • Special Legal: Cooley LLP (Robert Eisenbach)
  • Financial Advisor: JMP Securities LLC
  • Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name above for free docket access)
• Other Parties in Interest:
  • DIP Lender/Stalking Horse Bidder: Aesculap Inc.
    • Legal: Stevens & Lee PC (Joseph Huston Jr., Robert Lapowsky)

Updated 12/13/17

New Chapter 11 Bankruptcy - Charming Charlie Holdings Inc.

Charming Charlie Holdings Inc.

• 12/11/17 Recap: A mere two weeks before Christmas, another retailer falls into bankruptcy, capping a 2017 retail bloodbath. Here, the Houston-based specialty retailer focused on colorful fashion jewelry, handbags, apparel, gifts, and beauty products follows a long line of retailers into bankruptcy court. In doing so, it demonstrates that the "treasure hunt" experienced often touted as a plus for discount retailers like T.J. Maxx ($TJX), doesn't always hold; it also shows that the difficulties apparent in women's specialty retail are demography-agnostic (here, the core audience is women ages 35-55 - in contrast to, say, rue21). The company blames (i) "adverse macro-trends" and (ii) operational shortfalls, e.g., merchandising miscalculations, lack of inventory, an overly broad vendor base), for its underperformance and reduced sales. EBITDA declined 75% "in the last several fiscal years." 75-effing-percent! With a limited amount of money available under its revolving credit facility and even less cash on hand, "Charming Charlie is out of cash to responsibly operate its business." Ouch. Rough timing. Only subject to a restructuring would lenders support the company; accordingly, the company has entered into a restructuring support agreement with 80% of the term lenders which includes a $20mm new-money cash infusion via a DIP credit facility (the facility includes, in total, a $35mm ABL and a $60mm TL...so yes, a proposed roll-up of $75mm of prepetition debt into a DIP). The company has also commenced the closure of 100 of its 370 stores, a meaningful reduction in its brick-and-mortar footprint (PETITION NOTE: the usual array of landlords, i.e., General Growth Properties ($GGP), have made a notice of appearance). Note the carefully crafted language the company deploys in its initial filing, "The Debtors anticipate 276 go-forward locations following the first round of store closures." Key words, "FIRST ROUND." In other words, the ~100 stores the company notes that it is closing (and that it seeks to retain Hilco for) may just be the beginning. While the company leaves the door open for a sale, the current agreement contemplates the equitization of the term loan (with added equity weight to those providing DIP financing) and a post-emergence debt load of $85mm. 
• Some other takeaways:
  • (1) the fashion industry has suffered a 15% downturn in fashion jewelry sales (and the company experienced a disproportionate 22% decline itself),
  • (2) vendors and factorers continue to be aggressive with constrictive trade terms and protect their turf (similar here to Toys R Us),
  • (3) Kirkland & Ellis LLP appears to effectively deploy its network to populate Boards of Directors (here, one of the independents appointed to the Board in July 2017 has ties to Gymboree and Toys R Us, two Kirkland clients),
  • (4) Guggenheim's efforts to sell this hot mess were unsuccessful pre-petition (query whether they'll have better luck post-petition...we doubt it),
  • (5) recall the words "first round" when you consider that even landlords for locations that remain open will be squeezed as the company seeks "to amend lease terms to reduce occupancy costs and obtain rent abatements for the first quarter of 2018," 
  • (6) this restructuring will lead to some supply chain pain as the company streamlines the vendor base down to 80 from 175, and
  • (7) its hard out there for a pimp (in this case: Charlie Chanaratsopon "vacated" his role as CEO and an interim CEO has taken the helm). 
• Jurisdiction: D. of Delaware (Judge Sontchi)
• Capital Structure: $22mm '20 ABL (Bank of America NA), $132mm '19 TL (Wilmington Savings Trust)  
• Company Professionals:
  • Legal: Kirkland & Ellis LLP (James Sprayragen, Joshua Sussberg, Christopher Greco, Aparna Yemamandra, Rebecca Blake Chaikin, Michael Esser, Anna Rotman) & (local) Klehr Harrison Harvey Branzburg LLP (Dominic Pacitti, Michael Yurkewicz, Morton Branzburg)
  • Financial Advisor: AlixPartners LLC
  • Investment Banker: Guggenheim Securities LLC (Stuart Erickson)
  • Liquidation Agent: HIlco Merchant Resources LLC (Ian Fredericks)
  • Real Estate Advisor: A&G Realty Partners LLC
  • Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name above for free docket access)
• Other Parties in Interest:
  • DIP ABL Agent/Prepetition ABL Agent: Bank of America NA
    • Legal: Morgan Lewis & Bockius LLP (Robert Barry, Julia Frost-Davies, Amelia Joiner) & (local) Richards Layton & Finger PC (Mark Collins, David Queroli)
  • Ad Hoc Group of Term Loan Lenders
    • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Jeffrey Saferstein, Adam Denhoff, Sharad Thaper) & (local) Young Conaway Stargatt & Taylor LLP (Pauline Morgan, M. Blake Cleary, Shane Reil)

12/13/17

New Chapter 11 Bankruptcy - Global Brokerage Inc. ($GLBR)

Global Brokerage Inc.

• 12/11/17 Recap: Holding company which holds, as its primary asset, an interest in a non-debtor online forex trading company filed a prepackaged bankruptcy to restructure its balance sheet. Troubles for the company began in early 2015 when "unprecedented volatility" in the euro-to-franc currency rate led the Swiss National Bank to eliminate its 1.2 france per euro floor. Instantly, the company was in breach of certain regulatory capital requirements and had to cease operations. After getting rescue financing from Leucadia National Corp. - bridging the company back into regulatory compliance - the company knew that the short term bridge would become an issue. A looming NASDAQ delisting triggered a "fundamental change" call provision on the notes which, of course, the company couldn't pay. The company's plan, solicited prior to filing, is basically an amend-and-extend. The term loan maturity is pushed one year and the converts will get (secured) take-back paper in the same nominal amount with maturity extended five years (with an interest rate uptick from 2.25% to 7%...PIK Toggle, of course). 
• Jurisdiction: S.D. of New York (Judge Wiles)
• Capital Structure: $300mm secured term loan (Leucadia National Corp), $172.5mm 2.25% convertible notes (Bank of New York Mellon)    
• Company Professionals:
  • Legal: King & Spalding LLP (Arthur Steinberg, Michael Handler, Sarah Borders, Thaddeus Wilson, Elizabeth Dechant)
  • Financial Advisor: Perella Weinberg Partners
  • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
• Other Parties in Interest:
  • Ad Hoc Group of Convertible Noteholders (683 Capital Partners LP, Lazard Asset Management LLC, Penderfund Capital Management Ltd., Phoenix Investment Advisor LLC, Wolverine Flagship Fund Trading Limited)
    • Legal: Vinson & Elkins LLP (Steven Abramowitz, David Meyer, Lauren Kazer, Eric Hilmo)
  • Leucadia National Corp.
    • Legal: Skadden Arps Slate Meagher & Flom LLP (Eric Ivestor, Gregory Fernicola)
  • Significant Equityholder: Franklin Resources Inc. 

New Chapter 11 Bankruptcy - Herald Media Holdings Inc.

Herald Media Holdings Inc.

• 12/8/17 Recap: Boston-based 170-year old legacy print news media company that owns and publishes (i) the Boston Herald and (ii) the bostonherald.com digital media site has filed for bankruptcy to effectuate an expedited 363 sale to Gatehouse Media Massachusetts I, Inc for "an all-in value of not less than $5,000,000." In a sign of the times known to literally everyone, the Company notes in its filing that "there has been an increase in news source and advertising alternatives that has continued to erode traditional print media sources of revenue. Incremental digital revenue has not been sufficient to offset the decline in print revenue." Interestingly - given that there is a lot of discussion today about the state of media and the push-pull of advertising dollars vs. subscription revenue - the company derives approximately 67% of its revenue from paid circulation (single copy sales and subscription sales) and approximately 33% from print and online advertising. Nevertheless, the company's projections reflect a nearly $3mm loss for fiscal year 2018. In an effort to combat declining revenues, the Company pursued cost-cutting initiatives (e.g., headcount reductions, outsourcing, etc.,) but no more levers remained available to pull. Indeed, "[g]iven the general economic climate for the newspaper industry and the company’s significant pension and retirement liabilities, no financing options are available for the company to continue with its current capital structure." Note that the company's top list of creditors reflects various unions under four different collective bargaining agreements (CBAs): those fixed costs aren't easy to shed outside of bankruptcy. Employee-related expenses including payroll, benefits and pension/retirement contributions account for 58% of operating expenses while production and distribution of the paper accounts for 23% of total operating expenses. Looking at those numbers, it becomes pretty obvious why this business became unsustainable. Notably, the propose sale is conditioned upon the Company rejecting all CBAs in bankruptcy so that the asset transfer is free and clear of those obligations. Gatehouse is offering a $500k DIP credit facility to fund the administration of the case.
• Jurisdiction: D. of Delaware (Judge Silverstein) 
• Company Professionals:
  • Legal: Brown Rudnick LLP (William Baldiga, Sunni Belville, Tristan Axelrod) & (local) Morris Nichols Arsht & Tunnell LLP (Curtis Miller, Tamara Minott, Jose Bibiloni)
  • Investment Banker: Dirks Van Essen & Murray
  • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for free docket access)
• Other Parties in Interest:

Updated 12/9/17 10:20 am CT