Bankruptcy

Enviva Announces Court Approval of DIP and the Commencement of the DIP Syndication Process

Retrieved on: 
Friday, March 15, 2024
Forest Products, Energy, Natural Resources, Other Energy, Enviva, KCC, Common stock, Form 8-K, Telephone, Rule, Date, Inc., CUSIP, DIP, Sale, United States bankruptcy court, Bankruptcy, Suite, Security (finance)

If you are not an Eligible Holder, you may not participate in the Opportunity.

Key Points: 
  • If you are not an Eligible Holder, you may not participate in the Opportunity.
  • Eligible Holders that participate in the Opportunity will be subject to certain restrictions under the DIP Facility Agreement, including with respect to voting and information rights.
  • If you are an Eligible Holder interested in participating in the Opportunity, you must complete copies of the relevant subscription documents.
  • Certain principal terms of the DIP Facility and the Company and certain of its subsidiaries’ contemplated restructuring are set forth in the DIP Facility Agreement, which is available at www.kccllc.com/Enviva (by clicking on the link for “DIP Syndication Materials”).

U.S. Bankruptcy Court Issues Ruling in Favor of BYJU’s Term Loan Lenders

Retrieved on: 
Friday, March 15, 2024
Professional Services, Business, Legal, Finance, Banking, Accounting, Order, Defendant, Divya, Student, United States bankruptcy court, Bankruptcy, Court, The Honourable, LP

The Court also found that Byju Raveendran and Divya Gokulnath are working in concert with the Defendants and ordered them to comply with its ruling.

Key Points: 
  • The Court also found that Byju Raveendran and Divya Gokulnath are working in concert with the Defendants and ordered them to comply with its ruling.
  • In making its ruling, the Court confirmed that the transfer of funds from BYJU’s Alpha, and their continued concealment, likely constitutes a fraudulent conveyance.
  • Relevant commentary from the Judge included:
    “The fact that the parent company is attempting to hide where the assets are is huge.
  • Morton was also ordered to pay a fine of $10,000 per day until he complies with the Court’s Order.

Creditsafe Releases Financial & Bankruptcy Outlook for U.S. Transportation

Retrieved on: 
Thursday, March 14, 2024
Professional Services, Business, Data Analytics, Transportation, Finance, Travel, Financial management, Day, Bankruptcy, Risk management, Growth, Spirit Airlines, Transport, Landstar System, Intelligence, Yellow Corporation, Acquisition, Avis Budget Group, The Hertz Corporation, J. B. Hunt, Accounts payable, DBT, Avis, FedEx, XPO, Airline

These challenges have created a pressure-cooker situation, driving companies like Yellow Corporation and Hertz Global Holdings to file for bankruptcy.

Key Points: 
  • These challenges have created a pressure-cooker situation, driving companies like Yellow Corporation and Hertz Global Holdings to file for bankruptcy.
  • Today, Creditsafe , the global expert in credit monitoring and risk management, released its Financial & Bankruptcy Outlook: Transportation report , which examines how financial planning, cash flow management and Accounts Payable management have affected the financial health of U.S. transportation and warehousing businesses.
  • The data included in the report was gathered from multiple sources, including financial earnings reports released by the companies, filings with the U.S. Securities and Exchange Commission and the Creditsafe credit risk and intelligence platform .
  • XPO, Inc. is in strong financial shape: XPO’s DBT (Days Beyond Terms) has consistently dropped since August, indicating an improvement in its cash flow and financial management practices.

United States Weight Loss Market Report 2024: Market Performance of 2023, Analysis of 2020-2023 & Forecasts to 2027 - ResearchAndMarkets.com

Retrieved on: 
Thursday, March 14, 2024
General Health, Pharmaceutical, Fitness & Nutrition, Health, Bankruptcy, Obesity, ALL, Weight loss, Nutrisystem, Fasting, News, Noom, WW, Diet, Pain, FDA, Boston, Physician, Advertising, Dietary supplement

Weight Loss Market: 2024 Status Report & Forecast" report from Marketdata LLC has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • Weight Loss Market: 2024 Status Report & Forecast" report from Marketdata LLC has been added to ResearchAndMarkets.com's offering.
  • This report presents a wrap-up of 2023 performance for the U.S. weight loss market during the obesity drugs market explosion and a forecast for 2024.
  • Nearly all non-medical segments of the market have felt the pain of declining sales, and 26,500 weight loss coaches have lost their jobs.
  • However, more physicians are adding weight loss to their practices, bariatric surgeries are hitting new highs, and caseloads/revenues at medical weight loss franchises and at bariatricians are growing.

BowFlex Inc. assigned BFXXQ symbol on OTC Market

Retrieved on: 
Thursday, March 14, 2024
Fitness & Nutrition, Health, Common stock, United States bankruptcy court, Bankruptcy, Bowflex, OTC, Security (finance)

BowFlex Inc. (“BowFlex” or “the Company”) announced that its Common Stock has been assigned the symbol “BFXXQ” with respect to quotations on the over-the-counter (OTC) market, following its delisting from the New York Stock Exchange.

Key Points: 
  • BowFlex Inc. (“BowFlex” or “the Company”) announced that its Common Stock has been assigned the symbol “BFXXQ” with respect to quotations on the over-the-counter (OTC) market, following its delisting from the New York Stock Exchange.
  • The Company is under no obligation to develop or maintain a market in the common stock.
  • The Company cannot provide assurance that its common stock will trade on the OTC Market, that brokers will provide public quotes of the Company's common stock, or that a market for the Company's common stock will develop or be maintained.
  • Holders of common stock may not be able to sell or otherwise transfer such common stock.

Brooks Running Announces CEO Transition

Retrieved on: 
Tuesday, March 12, 2024
Sports, Fashion, Retail, Footwear, Running, HR, Bankruptcy, Growth, Associate, APLA, Senior, Robert A. Brooks, Berkshire Hathaway, Dodge, Multimedia, Management

Dan Sheridan, who currently serves as President and Chief Operating Officer, will become Brooks’ next CEO, effective April 26, 2024.

Key Points: 
  • Dan Sheridan, who currently serves as President and Chief Operating Officer, will become Brooks’ next CEO, effective April 26, 2024.
  • View the full release here: https://www.businesswire.com/news/home/20240312936273/en/
    Dan Sheridan, who currently serves as President and Chief Operating Officer, will become Brooks’ next CEO.
  • “It has been a privilege and an honor to serve as Brooks CEO for the past 23 years.
  • Dodge joined Brooks in 2013 as Associate General Counsel and has served as VP General Counsel, VP of HR, and Managing Director of Brooks International in his decade-long career at Brooks.

Anthony Froio Elected Chair of Executive Board and Managing Partner of Robins Kaplan

Retrieved on: 
Tuesday, March 12, 2024
Consulting, Business, Professional Services, Other Professional Services, Legal, Bankruptcy, Growth, Partner (business rank), Back Bay, Boston, Prudential Headquarters, Patent, National Insurance, Corporation, Management

Robins Kaplan, a leading national trial law firm, today announced that Anthony Froio has been elected chair of the Executive Board and Managing Partner, unifying two pivotal leadership roles.

Key Points: 
  • Robins Kaplan, a leading national trial law firm, today announced that Anthony Froio has been elected chair of the Executive Board and Managing Partner, unifying two pivotal leadership roles.
  • The co-chair of the firm’s Corporate Restructuring and Bankruptcy practice, Froio has served as Managing Partner of Robins Kaplan’s Boston office for 20 years.
  • In his new roles, he succeeds Ronald Schutz , who has chaired the firm’s Executive Board since 2019, and Steven Schumeister , who has served as Managing Partner of the firm since 1997.
  • Froio, who has practiced at Robins Kaplan since 1994 and held a seat on the Executive Board since 2016, becomes just the fifth partner to serve as chair of Robins Kaplan in the firm’s 85-year history.

Enviva Announces Comprehensive Agreements to Delever Balance Sheet and Strengthen Financial Position

Retrieved on: 
Wednesday, March 13, 2024
Forest Products, Energy, Natural Resources, Other Energy, KCC, RSA, Growth, Inc., Lazard, Vinson & Elkins, Alvarez and Marsal, Wood, United States bankruptcy court, Bankruptcy, File, Swedish Royal Academies, Interim, Security (finance)

To implement this pre-arranged restructuring, Enviva and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”).

Key Points: 
  • To implement this pre-arranged restructuring, Enviva and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”).
  • These motions, which Enviva expects to be approved in short order, are expected to help facilitate a smooth transition into Chapter 11.
  • Enviva expects to continue to pay suppliers in the ordinary course for authorized goods received and services provided after the filing.
  • Vinson & Elkins LLP is serving as legal counsel; Lazard is serving as investment banker; and Alvarez & Marsal is serving as financial advisor to Enviva.

Fire Victim Trust to Increase Pro Rata Payments to California Fire Survivors to 66%

Retrieved on: 
Tuesday, March 12, 2024
Public Policy, Government, Legal, Natural Disasters, Utilities, Environment, State, Local, Energy, Professional Services, Bankruptcy, PG&E, Camp Fire (2018), Sale, Butte Fire, Death, Trust, United States bankruptcy court, Corporate action, Survivor, Fire, Medicine, FVT, Trustee, Campfire

Cathy Yanni, Trustee of the Fire Victim Trust (FVT), announced a pro rata payment increase from 60 percent to 66 percent effective April 25, 2024.

Key Points: 
  • Cathy Yanni, Trustee of the Fire Victim Trust (FVT), announced a pro rata payment increase from 60 percent to 66 percent effective April 25, 2024.
  • “With $1.2 billion in additional liquidity from our final stock sales and 97% of claims now accepted and final, we are confident we can safely increase the pro rata payment percentage for all fire survivors by six percent,” said Cathy Yanni.
  • The FVT was created in July 2020 and funded with both cash and shares of stock pursuant to PG&E’s Chapter 11 Plan of Reorganization.
  • The Fire Victim Trust evaluates, administers, processes and resolves eligible claims arising from the 2015 Butte Fire, 2017 North Bay Fires, and 2018 Camp Fire.

Patient Square Capital, a Leading Health Care-Focused Investment Firm, Agrees to Acquire NanoString Technologies

Retrieved on: 
Monday, March 11, 2024
Science, Software, Other Science, Research, Health, Health Technology, Technology, Genetics, Universe, Bankruptcy, NanoString Technologies, AlixPartners, Bankruptcy Code, Sale, LLP, United States bankruptcy court, OTC, Willkie Farr & Gallagher, Kirkland & Ellis, Kirkland

NanoString Technologies, Inc. (OTC: NSTGQ) (“NanoString” or the “Company”), a leading provider of life science tools for discovery and translational research, today announced that it has reached an agreement with Patient Square Capital (“Patient Square”), a prominent health care investment firm, pursuant to which Patient Square will serve as the “stalking horse” bidder in conjunction with a court-supervised sales process.

Key Points: 
  • NanoString Technologies, Inc. (OTC: NSTGQ) (“NanoString” or the “Company”), a leading provider of life science tools for discovery and translational research, today announced that it has reached an agreement with Patient Square Capital (“Patient Square”), a prominent health care investment firm, pursuant to which Patient Square will serve as the “stalking horse” bidder in conjunction with a court-supervised sales process.
  • Under the terms of the agreement, Patient Square intends to purchase substantially all assets of the Company’s global business operations as a going concern for $220 million.
  • “This agreement with Patient Square provides continuity for our scientific customers and employees, and represents an important step in our financial restructuring,” said Brad Gray, President & CEO of NanoString.
  • Patient Square is represented by Kirkland & Ellis LLP as counsel and Greenhill & Co as investment banker.