Title 11 of the United States Code

Hilco Corporate Finance Expands Its Special Situations Investment Banking Practice into Houston with the Addition of Senior Investment Bankers Kyle Herman and Sanjay Marken

Retrieved on: 
Tuesday, June 20, 2023
The Weinstein Company, Plan, Ultrapetrol (Bahamas) Limited, Ion Media, Moses Austin, University, Senior, Wharton School of the University of Pennsylvania, Business, HCF, Miller Buckfire & Co., Special, Molycorp, City, Title 11 of the United States Code, Information system, Knowledge, Growth, Hilco Global, Commonwealth, Berkeley Research Group, Financial services, Management, Airline

In making the announcement, Teri Stratton, HCF's Senior Managing Director and National Practice Leader of Special Situations and Restructuring said, "We are thrilled to add Kyle and Sanjay to our team. Both are distinguished and talented investment banking leaders, respected by their clients and peers, with significant experience in all aspects of middle-market special situations and restructuring advisory. With their depth of knowledge and broad network of relationships within the financial community -- both in Texas and across the US -- they will accelerate the growth of our practice."

Key Points: 
  • NEW YORK, June 20, 2023 /PRNewswire/ -- Hilco Corporate Finance (HCF), Hilco Global's investment banking advisory firm, has named Kyle Herman Senior Managing Director and Sanjay Marken Director.
  • Based in Houston, they will focus their national practice on Special Situations and Restructuring Investment Banking Advisory.
  • In making the announcement, Teri Stratton, HCF's Senior Managing Director and National Practice Leader of Special Situations and Restructuring said, "We are thrilled to add Kyle and Sanjay to our team.
  • Both are distinguished and talented investment banking leaders, respected by their clients and peers, with significant experience in all aspects of middle-market special situations and restructuring advisory.

Surgalign Enters Into Definitive Agreement to Sell Global Hardware and Biologics Business Through a Structured Sale Process Under Chapter 11 of the U.S. Bankruptcy Code

Retrieved on: 
Tuesday, June 20, 2023
Bankruptcy, Chapter 11, Title 11, United States Code, White & Case, United States bankruptcy court, Asset purchase agreement, Sale, Title 11 of the United States Code, Kroll, Bankruptcy Code, Security (finance), Financial adviser

As part of the chapter 11 proceedings, the Company also filed a motion seeking authorization to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code pursuant to which Xtant will be designated as the stalking horse bidder.

Key Points: 
  • As part of the chapter 11 proceedings, the Company also filed a motion seeking authorization to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code pursuant to which Xtant will be designated as the stalking horse bidder.
  • The proposed sale process also encompasses the Company’s other assets that are not the subject of the Asset Purchase Agreement.
  • The Company has filed a series of motions with the Bankruptcy Court seeking to ensure the continuation of normal operations during this process.
  • For more information about the sale process, interested parties should contact Alvarez & Marsal Securities, LLC.

Structurlam Closes US$83.5 Million Sale to Mercer

Retrieved on: 
Thursday, June 15, 2023
International, Stifel, Chapter 11, Title 11, United States Code, Mercer, Sale, US, Title 11 of the United States Code, KCC, Mass, Hearing, Supreme court, Law of the United Kingdom, Alvarez and Marsal

PENTICTON, British Columbia, June 15, 2023 (GLOBE NEWSWIRE) -- Structurlam Mass Timber Corporation (the “Company”), the leading mass timber manufacturer in North America, announced today it has closed on the sale of substantially all its assets to Mercer International Inc. (“Mercer”) for US$83.5 million.

Key Points: 
  • PENTICTON, British Columbia, June 15, 2023 (GLOBE NEWSWIRE) -- Structurlam Mass Timber Corporation (the “Company”), the leading mass timber manufacturer in North America, announced today it has closed on the sale of substantially all its assets to Mercer International Inc. (“Mercer”) for US$83.5 million.
  • The Company had previously announced in April it had entered into a stalking horse asset purchase agreement (“Stalking Horse APA”) with Mercer for US$60 million in connection with the Company filing for chapter 11.
  • After several rounds of bidding, the Company declared Mercer’s revised US$83.5 million bid to be the winner and received U.S. court approval of the sale during the sale hearing conducted as part of the Chapter 11 proceedings.
  • I wish Mercer and all our employees the very best as they go forward,” said Matthew Karmel, CEO of Structurlam Mass Timber Corporation.

Scilex Holding Company Announces that Sorrento Therapeutics, Inc.’s Bankruptcy Court Issues Temporary Restraining Order Against Brokerage Firms and Suspends Short-Sales of Dividended Scilex Stock

Retrieved on: 
Thursday, June 15, 2023
Bankruptcy, PALO, Official Committee of Equity Security Holders, United States bankruptcy court, Central Time, Equity, Title 11 of the United States Code, OTC, Therapy, Chronic pain, Security (finance)

In addition, the Bankruptcy Court ordered certain brokerage firms to provide an accounting of all profits received from naked short-selling of Dividended Scilex Stock and Scilex common stock, including all interest charged to short-sellers, no later than five business days after entry of the order.

Key Points: 
  • In addition, the Bankruptcy Court ordered certain brokerage firms to provide an accounting of all profits received from naked short-selling of Dividended Scilex Stock and Scilex common stock, including all interest charged to short-sellers, no later than five business days after entry of the order.
  • The Bankruptcy Court’s temporary restraining order grants a request by the Official Committee of Equity Security Holders in Sorrento’s chapter 11 case, who had asked for the relief.
  • The Official Committee of Equity Security Holders was appointed in the case to act as a fiduciary for, and represent the interests of, all Sorrento stockholders.
  • The Bankruptcy Court will conduct a hearing to consider the committee’s related request for a preliminary injunction on such issues on June 27, 2023 at 9:30 a.m. (prevailing Central Time) in Courtroom 400, 515 Rusk Street, Houston, Texas.

Sorrento Therapeutics, Inc.'s Bankruptcy Court Issues Temporary Restraining Order Against Brokerage Firms and Suspends Short-Sales of Dividended Scilex Stock

Retrieved on: 
Thursday, June 15, 2023
Bankruptcy, United States bankruptcy court, Therapy, Official Committee of Equity Security Holders, Infection, Cancer, Central Time, Equity, Title 11 of the United States Code, SAN, OTC, Security (finance)

In addition, the Bankruptcy Court ordered certain brokerage firms to provide an accounting of all profits received from naked short-selling of Dividended Scilex Stock and Scilex common stock, including all interest charged to short-sellers, no later than five business days after entry of the order.

Key Points: 
  • In addition, the Bankruptcy Court ordered certain brokerage firms to provide an accounting of all profits received from naked short-selling of Dividended Scilex Stock and Scilex common stock, including all interest charged to short-sellers, no later than five business days after entry of the order.
  • The Bankruptcy Court's temporary restraining order grants a request by the Official Committee of Equity Security Holders in Sorrento's chapter 11 case, who had asked for the relief.
  • The Official Committee of Equity Security Holders was appointed in the case to act as a fiduciary for, and represent the interests of, all Sorrento stockholders.
  • The Bankruptcy Court will conduct a hearing to consider the committee's related request for a preliminary injunction on such issues on June 27, 2023 at 9:30 a.m. (prevailing Central Time) in Courtroom 400, 515 Rusk Street, Houston, Texas.

Lucky Bucks Announces a Recapitalization Transaction to Strengthen its Balance Sheet and Enhance Liquidity

Retrieved on: 
Friday, June 9, 2023
Finance, Electronic Games, Professional Services, General Entertainment, Entertainment, Insurance, Bankruptcy, Greenhill & Co., Corporate development, Latham & Watkins, Milbank, RSA, United States bankruptcy court, Title 11 of the United States Code, Court, Security (finance), Financial adviser, Evercore

Lucky Bucks, LLC and its parent, Lucky Bucks HoldCo, LLC (collectively, “Lucky Bucks”), among the largest Class B coin operated amusement machine (“COAM”) operators in Georgia, today announced a recapitalization transaction with the overwhelming support of its secured lenders holding over 86% of Lucky Bucks’ secured debt.

Key Points: 
  • Lucky Bucks, LLC and its parent, Lucky Bucks HoldCo, LLC (collectively, “Lucky Bucks”), among the largest Class B coin operated amusement machine (“COAM”) operators in Georgia, today announced a recapitalization transaction with the overwhelming support of its secured lenders holding over 86% of Lucky Bucks’ secured debt.
  • The recapitalization transaction will position Lucky Bucks for long-term success by significantly de-levering Lucky Bucks’ balance sheet and enhancing its liquidity.
  • “The recapitalization transaction announced today will strengthen Lucky Bucks’ financial foundation, enabling us to maintain our industry leadership across the Georgia COAM market,” said James Boyden, Director and Executive Vice President of Corporate Development of Lucky Bucks.
  • The recapitalization transaction, which remains subject to court and regulatory approval, will reduce Lucky Bucks’ total secured debt by over $500 million and enhance Lucky Bucks’ liquidity.

Hilco Streambank Overseeing Sale of Intangible Assets Associated with Boxed*com

Retrieved on: 
Wednesday, May 31, 2023
Interest, Growth, Boxed.com, Documentation, Title 11 of the United States Code, GMV, B2B, Social media, Bankruptcy, Sale, Auction, Marketing

NEW YORK, May 31, 2023 /PRNewswire/ -- Hilco Streambank announced it is seeking offers to acquire the intangible assets associated with bulk-quantity consumable products e-commerce retailer Boxed*com. The assets for sale include its domain name, customer data, trademarks including private label brand Prince & Spring, social media accounts, and related assets.

Key Points: 
  • Bids Due June 15, 2023; Auction To Be Held June 21, 2023
    NEW YORK, May 31, 2023 /PRNewswire/ -- Hilco Streambank announced it is seeking offers to acquire the intangible assets associated with bulk-quantity consumable products e-commerce retailer Boxed*com.
  • The assets for sale include its domain name, customer data, trademarks including private label brand Prince & Spring, social media accounts, and related assets.
  • Coupled with its one-hour delivery service, Boxed Market, the company's intangible assets position a buyer favorably for growth."
  • The sale of the assets will take place in the context of the company's chapter 11 bankruptcy proceeding and is subject to bankruptcy court approval.

Diebold Nixdorf, Incorporated Enters into Global Debt Restructuring Support Agreement with Key Financial Stakeholders; Contemplated Transaction Expected to Significantly Reduce Leverage, Provide Substantial Additional Liquidity and Support Seamless Ongoin

Retrieved on: 
Tuesday, May 30, 2023
Bankruptcy, Creditor, Debtor, DIP, DBD, Diebold Nixdorf, United States Code, Wet, Title 11 of the United States Code, ABL, NYSE, Financial services, Security (finance), Incorporated

The restructuring is expected to significantly reduce debt and leverage levels and provide substantial additional liquidity to support seamless ongoing operations and establish a long-term, sustainable capital structure for the Company.

Key Points: 
  • The restructuring is expected to significantly reduce debt and leverage levels and provide substantial additional liquidity to support seamless ongoing operations and establish a long-term, sustainable capital structure for the Company.
  • The Company will continue to pay vendors and suppliers through the expected restructuring process in the ordinary course of business.
  • With the support of our creditors, we have reached an agreement to restructure and strengthen our balance sheet, enhance liquidity and position Diebold Nixdorf for long-term success.
  • The terms of the restructuring support agreement contemplate that the common shares of the restructured Company will be listed on the New York Stock Exchange.

Dynamic Technologies Announces Termination of Sales and Investment Solicitation Process and Extension of Stay

Retrieved on: 
Friday, May 26, 2023
Companies' Creditors Arrangement Act, Bankruptcy, Chapter 15, Title 11, United States Code, File, CCAA, Sale, Title 11 of the United States Code, NEX, OTC, Dynamics, Court

The closing of the proposed Sale Transaction is subject to certain standard conditions, including the negotiation of definitive agreements and the approval of the Court of King’s Bench of Alberta (the “Court”).

Key Points: 
  • The closing of the proposed Sale Transaction is subject to certain standard conditions, including the negotiation of definitive agreements and the approval of the Court of King’s Bench of Alberta (the “Court”).
  • There can be no assurance that the proposed Sale Transaction will be successfully concluded in a timely manner or at all.
  • MLT Aikins LLP is acting as legal counsel to the Company and its Subsidiaries in connection with the CCAA proceedings and the proposed Sale Transaction.
  • The Chapter 15 Application was filed on May 17, 2023 and will proceed on June 13, 2023 upon expiry of the 21 day notice period.

Celsius Announces Fahrenheit, LLC as Winning Bidder to Manage New Entity to Be Owned by Celsius Creditors

Retrieved on: 
Thursday, May 25, 2023
Professional Services, Technology, Blockchain, Cryptocurrency, Finance, Asset Management, Celsius Network, Bitcoin, Centerview Partners, LLP, Plan, Unsecured creditor, Kirkland & Ellis, Custody, Celsius, Tax withholding, Committee, Disclosure, Perella Weinberg Partners, White & Case, Title 11 of the United States Code, Mining, BRIC, Willkie Farr & Gallagher, Alvarez and Marsal, Court, Bankruptcy, Fahrenheit, NewCo

Celsius Network LLC (“Celsius” or the “Company”) today announced that, following the completion of the Court‑approved auction process, Celsius, in consultation with its official committee of unsecured creditors (the “Committee”), has selected a proposal from Fahrenheit, LLC (“Fahrenheit”), as the winning bid.

Key Points: 
  • Celsius Network LLC (“Celsius” or the “Company”) today announced that, following the completion of the Court‑approved auction process, Celsius, in consultation with its official committee of unsecured creditors (the “Committee”), has selected a proposal from Fahrenheit, LLC (“Fahrenheit”), as the winning bid.
  • Under the Plan, Celsius’ account holders will own 100% of the new equity in NewCo (subject to dilution by the equity to be distributed to Fahrenheit as management fees).
  • NewCo will be overseen by a new Board of Directors, a majority of which will be appointed by creditors.
  • The winning bid also provides attractive offers for Celsius to immediately energize its mining rigs that are currently inactive and for NewCo to build its mining business over time.