New Filing - Scout Media Holdings Inc.

Scout Media Holdings Inc.

  • 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)
      • Financial Advisor: BDO Consulting LLP (Michelle Michaelis)

Updated 1/21/17.

New Filing - Northstar Offshore Group

Northstar Offshore Group

  • 12/2/16 Recap: The E&P-oriented debtors filed a voluntary case converting an earlier August involuntary filing. The company is tied to the defunct Platinum Partners, which we covered in some detail here and here
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $30mm LOCs (First National Bank of Central Texas) & $80mm 12% '19 second lien private notes (ex-interest of $13.7mm)   
  • Company Professionals:
    • Legal: Diamond McCarthy LLP (Kyung Lee, Charles Rubio, Christopher Murphy, Michael Fritz)
    • Restructuring Advisor: CR3 Partners (Donald Martin)
    • Financial Advisor: M1 Energy Capital Management (Richard Bernardy)
    • Investment Banker: Parkman Whaling LLC (Thomas Hensley Jr.)
    • Claims Agent: Prime Clerk (*click on company name for docket)
  • Other Parties in Interest:
    • Sponsor: Platinum Partners
      • Legal: Holland & Knight (Robert Jonres, Warren Gluck, Barbra Parlen, Arthur Rosenberg)
    • Official Committee of Unsecured Creditors
      • Legal: DLA Piper LLP (Vincent Slusher, David Avraham, Adam Lanza, Daniel Simon, Andy Zollinger)
      • Financial Advisor: FTI Consulting Inc. (Conor Tully, David Rush, Michael Cordasco, Paul Jordan, James Aharonian, Marili Hellmund-Mora)
    • Creditor: Spartan Offshore Drilling LLC
      • Legal: Vinson & Elkins LLP (Reese O'Connor)
    • DIP Lender: Arena Limited SPV LLC
      • Legal: Andrews Kurth Kenyon LLP (Timothy A. Davidson, Joseph Rovira)
    • First National Bank of Central Texas
      • Legal: Dykema Cox Smith (Deborah Williamson)

Updated 5/18/17