New Chapter 11 Filing - Tidewater Inc.

Tidewater Inc.

  • 5/17/17 Recap: First Gulfmark Offshore Inc., now Tidewater: the offshore shakeout is finally upon us. The New Orleans-based publicly-traded offshore operator filed for bankruptcy to effectuate an expedited 6-week prepackaged financial restructuring of the company. This story is so cliche at this point: leverage is high, oil prices are low, E&P activity is down, natural gas is up, liquidity is constrained. Cue Weil and a slew of other restructuring professionals. File bankruptcy. 
  • Jurisdiction: D. of Delaware (Shannon)
  • Capital Structure: $1.95b funded debt. $300mm TL (DNB Bank ASA) & $600mm RCF (BofA), $1.15b unsecured notes, tons of of guarantees and nonsense.    
  • Company Professionals:
    • Legal: Weil (Ray Schrock, Jill Frizzley, Alfredo Perez, Christopher Lopez, Yvanna Custodio, Andriana Georgallas) & (local) Richards Layton & Finger PA (Daniel DeFranceschi, Zachary Shapiro, Christopher De Lillo)
    • Financial Advisor: AlixPartners LLC (David Johnston, Richard Robbins, Jim Trankina, Bruce Smathers)
    • Investment Banker: Lazard (Timothy Pohl)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for free docket)
  • Other Parties in Interest:
    • Independent Directors of the Board
      • Legal: Andrews Kurth Kenyon LLP (Robin Russell, Timothy Davidson)
    • Term Loan Agent: DNB Bank
      • Legal: Milbank Tweed Hadley & McCloy LLP (Dennis Dunne, Tyson Lomazow) & (local) Klehr Harrison Harvey Branzburg LLP (Domenic Pacitti)
    • Credit Agreement Agent: Bank of America
      • Legal: Morgan Lewis & Bockius LLP (Amy Kyle, Edwin Smith, Joshua Dorchak, Matthew Ziegler) & (local) Morris Nichols Arsht & Tunnell LLP (Derek Abbott)
    • Unofficial Noteholder Committee
      • Legal: Paul Weiss Rifkind Wharton & Garrison LLP (Alan Kornberg, Brian Hermann, Sean Mitchell, Kellie Cairns) & (local) Blank Rome LLP (Stanley Tarr, Rick Antonoff, Barry Seidel)
    • Official Committee of Unsecured Creditors
      • Legal: Whiteford Taylor & Preston LLC
      • Financial Advisor: Berkeley Research Group LLC (Christopher Kearns, Mark Shankweiler, Rick Wright, Jeffrey Dunn, Carolyn Passaro)
    • Official Committee of Equity Holders
      • Legal: Brown Rudnick LLP (Howard Steel, Brandon Burkart, Jeffrey Jonas, Steven Pohl) & (local) Saul Ewing LLP (Mark Minuti, Sharon Levine)
      • Financial Advisor: Miller Buckfire & Co. LLC (Matthew Rodrigue) & Stifel Nicolaus & Co. Inc.
    • Post Reorg Board of Directors (Dick Fagerstal, Steven Newman, Larry Rigdon, Randee Day, Alan Carr, Thomas Robert Bates Jr.)

Updated 7/12/17 9:07 am CT

New Chapter 11 Filing - rue21 Inc.

rue21 Inc.

  • 5/15/17 Recap: Pennsylvania-based specialty fashion retailer (owned by private equity shop Apax Partners LP) with 1184 brick-and-mortar locations (pre recent closing initiative) in various strip centers, regional malls and outlet centers filed for bankruptcy to (i) further revamp its e-commerce strategy, (ii) improve the in-store experience, (iii) right-size the store footprint and lease portfolio, (iv) de-lever its capital structure, and (v) effectuate a long-term business plan under its relatively new management. The numbers here are interesting: the company had a negative EBITDA swing of approximately $51mm from 2015 to 2016 - despite rising sales. The company's girls' division got decimated due to "an evolution of customer tastes." Wow! Who knew that teenage girls have fickle fashion tastes? These merchandising issues combined with (a) supply chain issues (heightened - in a self-fulfilling kind of way - by all of the rumors surrounding the company's bankruptcy), (b) "the shift away from brick-and-mortar retail sales to online channels," AND (c) a "not as robust" e-commerce presence relative to competitors, to put the company in a tough spot. A digression: we have previously noted David Simon's comments on the Simon Properties Group (SPG) earnings call from 4/27/17 that SPG is NOT experiencing a decline in traffic - though he offered absolutely ZERO data to back that up. According to SPG's own website, there are currently 90 rue21 locations in SPG properties (which translates to nearly 8%): we're curious to see whether any of these 90 locations will be featured in store closing motions coming soon to a bankruptcy court near you; indeed, in the first instance, it appears that some already are). The company is proposing a deal whereby the Term Lenders will effectively own the majority of the company post-bankruptcy after rolling-up a $100 DIP credit facility (applied in addition to $50mm of new money to be rolled into an exit facility). They've been so kind so as to give general unsecured creditors (read: the little guys) a 4% equity kiss - but only if they vote to accept the plan. Otherwise, the "death trap" door opens and general unsecured creditors end up with nada. We're sure a creditors' committee will have something to say about that. 
  • Jurisdiction: W.D. of Pennsylvania
  • Capital Structure: $150mm RCF ($78mm funded)(Bank of America), $521mm '20 TLB (Wilmington Savings Fund Society as successor to JPMorgan Chase Bank NA), $239mm '21 9% unsecured bonds (Wells Fargo Bank NA).    
  • Company Professionals:
    • Legal: Kirkland & Ellis LLP (Jonathan Henes, Nicole Greenblatt, Robert Britton, George Klidonas) & (local counsel) Reed Smith LLP (Eric Schaffer, Jared Roach)
    • Financial Advisor: Berkeley Research Group LLC (Stephen Coulombe, Kyle Richter, Patrick Farley)
    • Investment Banker: Rothschild Inc. (Neil Augustine, Jonathan Brownstein)
    • Real Estate Advisor: A&G Realty Partners LLC
    • Liquidator: Gordon Brothers Retail Partners LLC
      • Legal: Greenberg Traurig LLP (Nancy Peterman)
    • Claims Agent: KCC (*click on company name for access to the free docket)
  • Other Parties in Interest:
    • ABL Agent and DIP ABL Agent: Bank of America
      • Legal: Morgan Lewis & Bockius LLP (Matthew Furlong, Marc Ledue, Julia Frost-Davis) & (local) Buchanan Ingersoll & Rooney PC (James Newell, Timothy Palmer, Kelly Neal)
    • TL Agent and DIP TL Agent: Wilmington Savings Fund Society FSB and Term Lender Group (Bayside Capital LLC, Benefit Street Partners LLC, Bennett Management Corporation, Citadel Advisors LLC, Eaton Vance Management, JPMorgan Chase Bank NA, Octagon Credit Investors LLC, Southpaw Credit Opportunity Master Fund LP, Stonehill Capital Management LLC, Voya Investment Management)
      • Legal: Jones Day LLP (Scott Greenberg, Michael J. Cohen, Jeffrey Bresch, Genna Ghaul)
      • Financial Advisor: PJT Partners
    • Indenture Trustee: Wells Fargo Bank NA
      • Legal: Milbank Tweed Hadley & McCloy LLP (Gerard Uzzi, Robert Nussbaum, Eric Stodola)
    • Sponsor: Apax Partners LP
      • Legal: Simpson Thacher & Bartlett LLP (Elisha Graff, Nicholas Baker, Jonathan Endean) & Duane Morris LLP (Joel Walker, Kenneth Argentieri)
    • Official Committee of Unsecured Creditors
      • Legal: Cooley LLP (Jay Indyke, Cathy Hershcopf, Seth Van Aalten, Michael Klein, Lauren Reichardt) & Fox Rothschild LLP (John Gotaskie Jr.)
      • Financial Advisor: FTI Consulting Inc. (Samuel Star)

Updated 7/12/17

New Chapter 11 Filing - Gordmans Stores Inc.

Gordmans Stores Inc.

  • 3/13/17 Recap: Clearly Warren Buffett doesn't own this dog. The Omaha, NE-based publicly-traded (GMAN) specialty retailer (apparel and home fashions) with 72 stores in 16 states (according to PE sponsor Sun Capital Partners) or 106 stores in 22 states (according to the company) filed bankruptcy to continue the 5-month long evisceration of Sun Capital Partners' retail portfolio. Oh, and liquidate. Choice quote: "It is likely that other retailers may commence chapter 11 cases in the near term, as retail is set to replace the troubled oil and gas industry as the most distressed sector this year." Just in case anyone is scratching their heads as to how this liquidation could possibly be happening, note that e-commerce made up less than 1-percent of the Company's sales. This REALLY begs the question: what value was Sun Capital Partners bringing to the table? Do they not have operating partners? Sheesh.
  • Jurisdiction: D. of Nebraska
  • Capital Structure: $68.75mm RCF (Wells Fargo) + $31.25mm RCF (PNC Bank NA) of which $29mm in total outstanding, $30mm TL (Wells Fargo - $15mm, Pathlight - $7.5mm & Gordon Brothers Finance - $7.5mm)($27.9mm outstanding). 
  • Company Professionals:
    • Legal: Kirkland & Ellis LLP (Jayme Sprayragen, Patrick Nash, Brad Weiland, Jamie Netznik, Alexandra Schwarzman) & Kutak Rock LLP (Lisa Peters, Jeffrey Wegner)
    • Financial Advisor: Clear Thinking Group LLC (Joseph Marchese)
    • Investment Banker: Duff & Phelps Securities LLC (Joshua Benn)
    • Proposed Stalking Horse Liquidators: Tiger Capital Group LLC & Great American Group LLC
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Wells Fargo Bank, NA
      • Legal: Riemer & Braunstein LLP (Donald Rothman, Steven Fox) & Greenberg Traurig LLP (Jeff Wolf) & (local) Croker Huck Kasher DeWitt Anderson & Gonderinger LLP (Robert, Gonderinger, David Skalka)
    • Sponsor: Sun Capital Partners
      • Legal: Morgan Lewis & Bockius LLP (Neil Herman)
    • Potential Bidder: Hilco Merchant Resources LLC & Gordon Brothers Retail Partners LLC
      • Legal: Paul Hastings LLP (Chris Dickerson, Matthew Murphy, Marc Carmel) & (local) Telpner Peterson Law Firm LLP (Charles Smith, Nicole Hughes)
    • Official Committee of Unsecured Creditors
      • Legal: Frost Brown Todd LLC (Ronald Gold, Douglas Lutz, Adam J. (A.J.) Webb) & (local) Koley Jessen PC (Brian Koenig)
      • Financial Advisor: Province Inc. (Paul Huygens)

Updated 4/14/17

 

 

 

New Chapter 11 Filing - Gander Mountain Company

Gander Mountain Company

  • 3/10/17 Recap: Preppers alert! The Minneapolis-based outdoor retailer that specializes in guns guns and more guns has run out of "dry powder" (score!) and finds itself in chapter 11. This comes around the same time that the Cabela's/Bass merger looks to be hanging by a thread. Tough time for outdoor retail. On the brightside, folks who are so scared by the recent election can now get a break on MREs and other survival gear as they go off-grid or to Canada. So, there's that.
  • 5/3/17 Update: The company has sold to Camping World Inc. and, attendant to the sale, entered into an agency agreement with a JV of liquidating firms noted below to handle the assets left out of the sale. 
  • Jurisdiction: D. of Minnesota
  • Capital Structure: $390mm ABL (Wells Fargo Bank NA) & $35mm TL (Pathlight Capital LLC) debt
  • Company Professionals: 
    • Legal: Fredrikson & Byron PA (Ryan Murphy, Clinton Cutler, Cynthia Moyer, James Brand, Sarah Olson, Steven Kinsella)
    • Financial Advisor: Lighthouse Management Group (Timothy Becker, James Bartholomew)
    • Investment Banker: Houlihan Lokey Capital Inc. (Stephen Spencer)
    • Real Estate Advisor: Hilco Real Estate LLC (Ryan Lawlor)
    • Liquidators: Tiger Capital Group LLC (Dan Kane, Michael McGrail), Great American Group LLC (Scott Carpenter, Alan Forman), Gordon Brothers Retail Partners LLC (Mackenzie Shea), Hilco Merchant Resources LLC (Ian Fredricks)
      • Legal for Liquidators: Wachtell Lipton Rosen & Katz (Scott Charles, Neil Snyder) & Riemer & Braunstein LLP (Steven Fox)
    • Claims Agent: Donlin Recano (*click on the company above for free docket)
  • Other Parties in Interest:
    • Prepetition ABL & DIP Lender: Wells Fargo Bank NA
      • Legal: Choate Hall & Stewart LLP (Sean Monahan, Kevin Simard)
    • Term Loan Agent: Pathlight Capital LLC
      • Legal: Morgan Lewis & Bockius LLP (Mark Silva, Julia Frost-Davis, Amelia Joiner)
    • Official Committee of Unsecured Creditors
      • Legal: Lowenstein Sandler LLP (Jeffrey Cohen, Keara Waldron, Barry Bazian) & (local) Barnes & Thornburg LLP (Connie Lahn, Peter Clark, Christopher Knapp, Roger Maldonado)
      • Financial Advisor: FTI Consulting LLC (Steven Simms, Dewey Imhoff, Matt Diaz, Timothy Gaines, Jessica Jedynak, Clement Chiun)
    • Buyer: Camping World Inc.
      • Legal: Latham & Watkins LLP (Zachary Judd, Caroline Reckler, Matthew Warren, Jason Gott)

Updated 5/3/17

New Chapter 11 Filing - Aquion Energy, Inc.

Aquion Energy Inc.

  • 3/8/17 Recap: The Pittsburgh-based manufacturer of saltwater batteries used for energy storage has filed for bankruptcy after burning through tens of millions of dollars. The goal is to explore an asset sale. Prepetition efforts by Citi Global Markets Inc. to attract a buyer or raise capital for the company fell short (something tells us their engagement letter and tail payment are going to be in the rejection bin). The privately-owned company received $180mm of venture capital money from high profile investors like Bill Gates (labeled the "kiss of death in energy storage" here and conveniently omitted from mention in the filing declaration), top venture capital fund Kleiner Perkins Caufield & Byers, and corporate venture capital units of Total, Exelon Corporation and Royal Dutch Shell. This case is generally smaller than what we cover but it is representative of the fact that, despite widespread adoption of renewable energy sources, storage solutions are very expensive to deploy.  
  • Capital Structure: $20mm TL (~$5.2mm funded)(Trinity Capital Fund II LP)
  • Jurisdiction: D. of Delaware     
  • Company Professionals:
    • Legal: Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, David Bertenthal, Joseph Mulvihill, Maxim Litvak) & (special counsel) Morgan Lewis & Bockius LLP (Julia Frost-Davies)
    • Financial Advisor: Protiviti Inc. (Suzanne Roski)
    • Claims Agent: KCC (*click on company name for docket)
    • Other Parties in Interest:
      • Trinity Capital Fund II LP
        • Legal: Cooley LLP (Robert Eisenbach) & (local) Ashby & Geddes PA (William Bowden, Karen Skomorucha Owens)
      • Official Committee of Unsecured Creditors:
        • Legal: Lowenstein Sandler LLP (Jeffrey Cohen, Barry Bazian, Andrew Behlmann) & (local) Klehr Harrison Harvey Branzberg LLP (Richard Beck, Sally Veghte)

Updated 5/31/17

New Chapter 11 Filing - hhgregg Inc.

hhgregg Inc.

  • 3/6/17 Recap: Indianapolis-based (and formerly publicly-traded - HGGG) brick-and-mortar retailer of appliances, consumer electronics, home products (read: all things that millennials don't buy) FINALLY filed for bankruptcy after an endless barrage of negative news stories, including reports of 88 store closures. The company's distress - brought on by trends afflicting the retail space generally and repeated to death in each and every retail bankruptcy filing, e.g., declining mall traffic, onerous leases, etc., - was exacerbated by its credit card program with Synchrony Bank and the need to post letters of credit to collateralize Synchrony's acquired receivables ($3mm paid, another $14mm owed). Note: there's a commentary here about consumer lending. The filing is intended to enable the company to continue with store closing sales and potentially find a buyer for its remaining locations.
  • Jurisdiction: S.D. of Indiana
  • Capital Structure: $300mm '21 credit facility ($56mm out)(Wells Fargo)     
  • Company Professionals:
    • Legal: Morgan Lewis & Bockius LLP (Neil Herman, Rachel Jaffe Mauceri, Benjamin Cordiano, Katherine Lindsay, Matthew Ziegler, Michaela Dragalin) & (local) Ice Miller LLP (Jeffrey Hokanson, Sarah Fowler)
    • Financial Advisor: Berkeley Research Group (Robert Duffy)
    • Investment Banker: Stifel & Miller Buckfire & Co. (James Doak)
    • Liquidators: Hilco Merchant Resources LLC (Ian Fredericks) and Gordon Brothers Retail Partners LLC (Michael Chartock) 
      • Legal: Kirkland & Ellis LLP (Patrick Nash, Bradley Weiland, Timothy Bow)
    • Real Estate Advisor: Hilco Real Estate LLC (Ryan Lawlor)
    • Asset Disposition Advisor: Malfitano Advisors LLC (Joseph Malfitano)
    • Claims Agent: Donlin Recano (*click on company name for free docket)
  • Other Parties in Interest:
    • Agent for Prepetition Secured Lender & DIP Lender: Wells Fargo
      • Legal: Choate Hall & Stewart LLP (John Ventola, Sean Monahan, Jonathan Marshall) & Faegre Baker Daniels LLP (Jay Jaffe, Terry Hall)
    • Official Committee of Unsecured Creditors
      • Legal: Cooley LLP (Cathy Hershcopf, Seth Van Aalten, Richelle Kalnit, Robert Winning, Melissa Boyd) & (local) Bingham Greenebaum Doll LLP (Whitney Mosby, Thomas Scherer, James Irving)
      • Financial Advisor: Province Inc. (Stilian Morrison)

Updated 4/3/17

New Chapter 11 Filing - BCBG Max Azaria Global Holdings LLC

BCBG Max Azaria Global Holdings LLC

  • 3/1/17 Recap: Fashion powerhouse founded in 1989 filed for bankruptcy yesterday with a plan to optimize optionality: within the next six months, the company will dual track a potential debt-for-equity transaction (its second in 2 years) and a sales process to allow the business to continue as a going concern. This process comes on the heels of an operational restructuring which dramatically decreased the company’s brick-and-mortar footprint, with ~120 of ~550 stores already closed and attendant headcount reductions initiated. This is another sad retail story: macro retail headwinds (read: Amazon and decreased brand loyalty), too much debt, poor wholesale and IP licensing strategies, and too much unjustifiable stateside and global growth. Make no mistake: Amazon is a big story in all of this recent retail bloodshed but these bankruptcies wouldn’t be happening if that story wasn’t compounded by tunnel vision and poor strategy - here, marked, notably, by no recognizable online presence. Now, the restructuring professionals are going to earn their keep, devising a fast-track multi-tier process to try and keep this thing out of the liquidation bin. On an aside, we'd like to point out that, again, Simon Property Group and GGP Limited Partnership have made notices of appearances in this case so anyone who says that the A Mall operators are unharmed by the recent bloodbath in retail is smoking crack. Footnote: neither Twitter nor Sears can catch a break; they are both owed hundreds of thousands of dollars.
  • Jurisdiction: S.D. of New York
  • Capital Structure: ~$460mm debt. $82mm ABL Facility (Bank of America), $35mm TL Tranche A, $4.2mm TL Tranche A-1, $48.5mm Term Loan Tranche A-2, $0 (undrawn) Term Loan Tranche A-3, $289.4mm Term Loan Tranche B (Guggenheim Corporate Funding LLC).     
  • Company Professionals:
    • Legal: Kirkland & Ellis LLP (Jayme Sprayragen, Christopher Marcus, Joshua Sussberg, Benjamin Rhode, John Luze)
    • Financial Advisor: AlixPartners LLC (Holly Feder Etlin, Deborah Reiger-Paganis)
    • Investment Banker: Jefferies LLC (Jeffrey Finger)
    • Liquidators: Hilco Merchant Resources LLC & Gordon Brothers Retail Partners LLC
      • Legal: Malfitano Partners (Joseph Malfitano)
    • Claims Agent: Donlin Recano (*click on company name for docket)
  • Other Parties in Interest:
    • Bank of America (as ABL DIP Agent and Prepetition ABL Agent)
      • Legal: Morgan Lewis & Bockius LLP (Julia Frost-Davies, Christopher Carter, Robert Barry, Matthew Ziegler)
    • Guggenheim Corporate Funding LLC (as TL DIP Agent and Prepetition Tranche B TL Lenders)
      • Legal: Weil (Matthew Barr)
    • Allerton Funding LLC
      • Legal: Winston & Strawn LLP (Daniel McGuire, Gregory Gartland)
    • Silvereed (Hong Kong) Limited
      • Legal: Kramer Levin Naftalis & Frankel LLP (Robert Schmidt, Jonathan Wagner)
    • Official Committee of Unsecured Creditors (GGP Inc. & Simon Property Group)
      • Legal: Pachulski Stang Ziehl & Jones LLP (Robert Feinstein, Bradford Sandler, Jeffrey Pomerantz, Maria Bove)
      • Financial Advisor: Zolfo Cooper LLC

Updated 3/28/17

New Chapter 11 Filing - Avaya Inc.

Avaya Inc.

  • 1/19/17 Recap: Late in its transition from a hardware-based business model to a software model, Santa Clara California based communications services provider filed a freefall bankruptcy to address its $6b+ balance sheet and ~$1.45b of pension/OPEB liabilities with the help of a proposed $725mm DIP Facility. 
  • Jurisdiction: S.D. of New York
  • Capital Structure: $55mm domestic ABL credit facility (Citigroup USA Inc.), $3.235b prepetition cash flow credit facility (Citigroup USA Inc.), $1b 7% '19 first priority note, $290mm 9% '19 second priority note, $1.384b 10.5% '21 second priority notes (Bank of New York Mellon Trust Company N.A.).   
  • Company Professionals:
    • Legal: Kirkland & Ellis LLP (Jayme Sprayragen, Jonathan Henes, Patrick Nash, Ryan Preston Dahl, Bradley Giordano, Justin Bernbrock, Kan Asimacopoulos, Bern Meyer-Loewy, Carl Pickerill, Asif Attarwala, Ameneh Bordi, Robert Britton, Jeremy Evans, Natasha Hwangpo, Stephen Iacovo, George Klidonas, Christopher Kochman, Justin Mercurio)
    • Financial Advisor: Zolfo Cooper LLC (Eric Koza, Charlie Carnaval, Jesse DelConte, Denise Lorenzo, Conor McShane, Fred Jelks, Andrew Ralph, Adam Searles, Jeff Wooding, Howard Gou, Eugene Lavrov, Rohan Joseph, Chris Baydar)
    • Investment Banker: Centerview Partners (John Bosacco)
    • Claims Agent: Prime Clerk (*click on company name for docket)
  • Other Parties in Interest:
    • DIP Agent: Citigroup Global Markets Inc.
      • Legal: Davis Polk & Wardwell LLP (Damian Schaible, Natasha Tsiouris, Aryeh Falk)
    • Ad Hoc First Lien Noteholders' Group (400 Capital Management LLC, Aegon USA Investment Management LLC, Alta Fundamental Advisors LLC, Anchorage Capital Group LLC, Apollo Management LP, Auburn Mesa LLC, Bain Capital Credit LP, Bank of America NA, Barclays Capital Inc., Benefit Street Partners LLC, Bennett Restructuring Fund Inc., Blackrock Financing Management Inc., Blackrock Advisors LLC, Blackrock Institutional Trust Company NA, BlueCrest Capital Management, Candlewood Group Investment Group LP, Canyon Capital Advisors LLC, Carlson Capital LP, Centerbridge Capital LP, Cetus Capital LLC, Columbia Management Investment Advisors LLC, Continental Casualty Company, CQS (US) LLC, Crescent Capital Group LP, CRG Financial LLC, Cyrus Capital Partners LP, Deutsche Bank AG Cayman Islands Branch, Driehaus Capital Management LLC, DW Catalyst Master Fund Ltd., Empyrean Investments LLC, Farallon Capital Partners LP, Farallon Capital Institutional Partners LP, Farallon Capital Institutional Partners V LP, Farallon Capital Institutional Partners II LP, Farallon Capital Offshore Investors II LP, Farallon Capital F5 Master I LP, Farallon Capital (AM) Investors LP, Farallon Capital Institutional Partners III LP, Noonday Offshore Inc., GLG LLC, Graham Capital Management, GSO Capital Partners LP, HG Vora Capital Management LLC, HPS Investment Partners LLC, Investcorp Credit Management US LLC, ISL Loan Trust, ISL Loan Trust II, J.H. Lane Partners LP, JPMorgan Chase Bank NA, JP Morgan Investment Management LLC, Lord Abbett & Co. LLC, Mariner Glen Oaks LP, Medtronic Holding Switzerland GMBH, Merced Capital LP, Merrill Lynch Pierce Fenner & Smith Inc., Midtown Acquisitions LP, MJX Asset Management LLC, Monarch Alternative Capital LP, Napier Park Global Capital, Newfleet Asset Management LLC, New Mexico State Investment Council, Nut Tree Capital Management LP, NYL Investors LLC, OZ Management LP, OZ Management II LP, OFI Global Asset Management Inc., Onex Credit Partners LLC, OSK V LLC, Par-Four Investment Management LLC, P. Schoenfeld Asset Management LP, Putnam Investments, Redwood Capital Management LLC, Sentinel Dome Partners LLC, Shenkman Capital Management Inc., Silver Point Capital LP, Standard General LP, Taconic Capital Advisors LP, Talamod Asset Management LLC, Telos Asset Management LLC, THL Credit, Voya CLO, Wayzata Opportunities Fund III, Wayzata Opportunities Fund Offshore III LP, Wells Fargo Bank NA, Whitebox Advisors LLC, Wolverine Flagship Fund Trading Limited, Z Capital Credit Partners)
      • Legal: Akin Gump Straus Hauer & Feld LLP (Ira Dizengoff, Philip Dublin)
      • Financial Advisor: PJT Partners LP 
    • Ad Hoc Crossover Noteholders' Group (Alden Global Capital LLC, AllianceBernstein LP, Avenue Capital Management II LLP, Benefit Street Partners, Susquehanna Advisors Group Inc., Franklin Mutual Advisors LLC, Greenlight Capital Inc., Highland Capital Management LP, PGIM Inc., Symphony Asset Management LLC)
    • Updated Ad Hoc Crossover Noteholders' Group (Less: Benefit Street Partners)
      • Legal: Stroock Stroock & Lavan LLP (Kris Hansen, Sayan Bhattacharyya, Gabriel Sasson)
      • Financial Advisor: Rothschild
    • Communications Workers of America
      • Legal: Saul Ewing LLP (Sharon Levine)
    • Successor Indenture Trustee: Wilmington Savings Fund Society FSB
      • Legal: Wilmer Cutler Pickering Hale & Doerr LLP (Andrew Goldman, Nancy Manzer)
    • First Lien Notes Trustee: Bank of New York Mellon Trust Company
      • Legal: Morgan Lewis & Bockius LLP (Glenn Siegel, Joshua Dorchak, Rachel Jaffe Mauceri)
    • Official Committee of Unsecured Creditors
      • Legal: Morrison & Foerster LLP (Lorenzo Marinuzzi, Todd Goren, Erica Richards, Benjamin Butterfield, Rahman Connelly, Andrew Kissner, James Newton)
      • Financial Advisor: Alvarez & Marsal LLC (David Miller, Byron Smyl, Marc Alms, Laureen Ryan, Rich Newman, Andrea Gonzalez, Hamish Allanson, Leslie Lambert, Vance Yudell, Jeff Gunsel, Steve Coverick)
      • Investment Banker: Jefferies LLC (Leon Szlezinger)

Updated 5/31/17

New Filing - La Paloma Generating Company LLC

La Paloma Generating Company LLC

  • 12/06/16 Recap: California-based (NW of LA) nat-gas fired merchant power provider that services SoCal files for bankruptcy citing a litany of reasons: (i) adverse market for nat-gas fired electricity given the rise of wind and solar power in CA; (ii) the regulatory environment; (iii) cap and trade; (iv) its unsustainable debt load; and (v) the army of O'Melveny lawyers servicing the deal. Okay, not the last part but see below: that sure is a surge of (man)power. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: $524mm of total funded debt. $35mm '20 1st lien (BofA), $292mm '20 1st lien TL (BofA), $110mm '20 second lien TL (Sun Trust), $87mm '19 LPAC TL, $34mm LOCs (SunTrust)     
  • Company Professionals:
    • Legal: O'Melveny & Meyers LLP (John Rapisardi, George Davis, Peter Friedman, Diana Perez, Andrew Sorkin, Matthew Kremer, Valerie Cohen) & (local) Richards Layton & Finger PA (Mark Collins, Jason Madron, Andrew Dean) & (conflicts counsel) Curtis Mallet-Prevost Colt & Mosle LLP (Steven Reisman, Turner Smith, Peter Behmke, Cindi Giglio)
    • Financial Advisor: Alvarez & Marsal LLC (Emmett Bergman)
    • Investment Banker: Jefferies LLC (Jeffrey Finger)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Sponsor: EIG Global Partners LLC (Niranjan Ravindran)
    • First Lien Lender: Bank of America
      • Legal: Moore & Van Allen (David Eades, Glenn Huether) & (local) Buchanan Ingersoll & Rooney PC (Mary Caloway, Kathleen Murphy)
    • Ad Hoc Group of Second Lien Noteholders
      • Legal: Morgan Lewis & Bockius LLP (Glenn Siegel, Joshua Dorchak, Elaine Fenna, Jody Barillare)
    • Second Lien Lender: Sun Trust Bank
      • Legal: King & Spalding LLP (Sara Borders, Thaddeus Wilson) & (local) Morris James LLP (Stephen Miller)
    • 1st Lien Debtholder: Beal Bank USA (LNB)
      • Legal: White & Case LLP (Thomas Lauria, Christopher Shore) & (local) Fox Rothschild LLP (Jeffrey Schlerf)
    • Collateral Agent: Bank of New York Mellon
      • Legal: Bryan Cave LLP (Stephanie Wickouski, Michelle McMahon)

Updated 12/29/16

New Filing - Garden Fresh Restaurant Intermed. Holdings LLC

Garden Fresh Restaurant Intermed. Holdings LLC

  • 10/3/16 Recap: Operator of 123 farm-sourced self-serve restaurants under the Souplantation & Sweet Tomatoes brands seeks expedited sale after suffering cash flow pressure from sector headwinds, workers' comp liability, minimum wage and health benefit pressures and rent increases.  
  • 8/8/17 Update: Perpetual Capital Partners and CR3 Capital LLC acquired the reorganized company for an undisclosed amount.
  • Jurisdiction: D. of Delaware
  • Capital Structure: ~$195mm of funded debt     
  • Company Professionals:
    • Legal: Morgan Lewis (Neil Herman, James Moore, Benjamin Cordiano, Katherine Lindsay) & (local) Young Conaway (Kenneth Enos, Michael Nestor, Ian Bambrick, Michael Neiburg, Travis Buchanan)
    • Financial Advisor: RAS Management Advisors LLC (Timothy Boates, Michael Rizzo)
    • Investment Banker: Piper Jaffrey (Teri Stratton, Peter Schwab, Jean Hosty, John Twichell, Jason Wang, Cooper Ziecik, Galen Hand)
    • Real Estate Advisor: Hilco Real Estate LLC (Ryan Lawlor)
    • Claims Agent: Epiq Bankruptcy Solutions, LLC
  • Other Parties in Interest:
    • Term Loan A Agent: Cerberus Business Finance LLC
    • Term Loan B Agent & DIP Lender: Cortlandt Capital Market Services LLC
      • Legal: Holland & Knight LLP (Barbra Parlin) & (local) Pachulski Stang (Laura Davis Jones)
    • Term Loan C and Term Loan D Agent: Apollo Investment Management
    • Other Lenders:
      • Ares Capital Corporation, Beach Point Capital, Sun Capital
    • UCC:
      • Legal: Kelley Drye & Warren LLP (Lauren Schlussel, Jason Adams, Eric Wilson, Scott Fleisher, Charlie Liu) & (local) Drinker Biddle & Reath LLP (Steven Kortanek, Joseph Argentina, Robert Malone)
      • Financial Advisor: Province Advisors (Paul Huygens, Thomas Jones, Carol Cabello, Jorge Gonzalez, Jin Dong)

Updated - Done

New Filing - Cosi Inc.

Cosi, Inc.

  • 10/1/16 Recap (updated 11/29/16): Fast casual chain seeks expedited asset sale to stalking-horse lenders (who had agreed not to credit bid their debt). Outcome: no competing bid came in and so the company sold to the stalking horse bidder for $10mm, including, in the end, a credit bid, after all. 
  • Capital Structure: $31.2mm debt     
  • Company Professionals:
  • Other Parties in Interest:
    • UCC:
      • Legal: Nixon Peabody LLP (Lee Harrington, Christopher Desiderio, Christopher Fong)
      • Financial Advisor: Deloitte Financial Advisory Services LLP (John Doyle)
    • Lenders:
    • JPMorgan Chase Bank
      • Legal: Morgan Lewis & Bockius LLP (Andrew Gallo, Christopher Carter)