5/8/17 Recap: This is a story about possible theft and patent litigation among search engine optimization players - the other being BrightEdge Technologies Inc. This sums it up nicely.
Jurisdiction: D. of Delaware (Judge Sontchi)
Company Professionals:
Legal: Chipman Brown Cicero & Cole LLP (William Chipman, Mark Olivere, Adam Cole)
1/4/17 Recap: The company filed a prepackaged bankruptcy to eliminate $850mm of debt from its balance sheet and infuse the company with $200mm of new equity.
Investment Banker: Perella Weinberg Partners (Kevin Cofsky, Jacob Czarnick)
Claims Agent: Prime ClerkLLC (*click name above for docket link)
Other Parties in Interest:
RBL Agent: Key Bank
Legal: Bracewell LLP (Trey Wood, Jennifer Feldshur, Dewey Gonsoulin)
Ad Hoc Committee of Noteholders (Apollo Energy Opportunity Mgmt, Continental Casualty, Credit Suisse Asset Mgmt, DE Shaw Galvanic Portfolios, Gen IV Investment Opportunities LLC, Lord Abbett & Co., Luxor Capital Group LP, Mangrove Partners, Nomura Corporate Research & Asset Mgmt, Oaktree Capital Management LP, Paloma Partners Management Company, Par-Four Investment Management LLC, Perry Creek Capital Fund I, Socratic Fund Management LP, Whitebox Advisors). Added subsequent to the case filing (Aristeia Capital LLC, Barclays Bank PLC, Continental Casualty Company, Venor Capital Management LP, Wells Fargo Securities LLC); Subtracted subsequent to the case filing (Credit Suisse Asset Mgmt).
Legal: Kirkland & Ellis LLP (Edward Sassower, Steven Serajeddini, John Luze, Stephen Schwarzbach Jr.) & (local) Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, Peter Keane)
Investment Bank: Evercore
Ad Hoc Committee of Equity Security Holders (Fir Tree Inc., HHC Primary Fund, CVI Opportunities Fund I, Silver Point Capital, MatlinPatterson Global Opportunities Master Fund)
Legal: Brown Rudnick LLP (Edward Weisfelner, Bennett Silverberg, D. Cameron Moxley) & (local) Chipman Brown Cicero & Cole LLP (William Chipman Jr.)
Financial Advisor: Miller Buckfire & Co. (Richard Klein, Matthew Rodrigue)
Delaware Trust Company (as successor trustee to Wells Fargo)
Legal: Haynes and Boone LLP (Charles Beckham Jr., Keith Sambur) & (local) The Rosner Law Group LLC (Frederick Rosner, Scott Leonhardt)
Silo Energy LLC
Legal: Arent Fox LLP (George Angelich, Jackson Toof, Andrew Silfen) & (local) Polsinelli PC (Justin Edelson)
Senior Unsecured Noteholders: GMO Credit Opportunities Fund LP and Global Credit Advisors LLC
Legal: Ropes & Gray LLP (D. Ross Martin, Andrew Devore) & (local) Pepper Hamilton LLP (David Stratton)
12/8/16 Recap: Digital sports media company files a responsive chapter 11 to an earlier involuntary filing with an unsustainable balance sheet and various litigations listed as the causes. There's some juicy inferences here about the former CEO perhaps not adhering to his fiduciary duties as they relate to uses of liquidity. The filing supports attempts to sell the business and/or wind-down the business in an orderly manner with the support of a $6.2mm DIP Facility.
Jurisdiction: D. of Delaware
Capital Structure: $11mm first lien debt (Multiplier Capital LP), $11.6mm second lien secured bridge loans.
Company Professionals:
Legal: Womble Carlyle Sandridge & Rice LLP (Matthew Ward, Nicholas Verna, Morgan Patterson, Ericka Johnson)
Financial Advisor: Sherwood Partners Inc. (Andrew De Camara)
Claims Agent: Epiq Bankruptcy Solutions LLC
Other Parties in Interest:
DIP & First Lien Lender: Multiplier Capital LP
Legal: Levy Small & Lallas (Leo Plotkin) & Chipman Brown Cicero & Cole (William Chapman Jr.)
Official Committee of Unsecured Creditors
Legal: Kelley Drye & Warren LLP (James Carr, Jason Adams)
