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
2/27/17 Recap: High-flying (ugh) drone startup that put together kick-a$$ production videos and crowdfunded tens of millions of dollars ($34.8mm to be exact) from tens of thousands of generous suckers (61.450 to be exact) filed for bankruptcy to implement an IP sale, a liquidating plan and avoid investigation and litigation. They'll probably throw in extensive releases for Spark Capital for good measure because, well, why the hell not? And next thing you know, the "revolutionary" and "disruptive" founders will end up fundraising for their next hair-brained scheme and convince yield-starved investors to back them again a la Fab.com's Jason Goldberg. No bubble to see here. Just the dumpster fire that is $13.8mm of Spark Capital's equity capital.
Jurisdiction: D. of Delaware
Capital Structure: ~$4mm TL (Spark Capital, VC, successor to SVB Financial Group)
Company Professionals:
Legal: Orrick Herrington & Sutcliffe LLP (Laura Metzger, Jennifer Asher, Douglas Mintz) & (local) Morris Nichols Arsht & Tunnell LLP (Robert Dehney, Andrew Remming, Marcy McLaughlin)
