Chapter 11, Title 11, United States Code

Benevis Enters Voluntary Chapter 11 Reorganization

Monday, August 3, 2020 - 3:00pm

LT Smile Corporation, along with its subsidiaries Benevis Holding Corporation, Benevis Corporation, Benevis, LLC, Benevis Affiliates, LLC and Benevis Informatics LLC (Benevis and Company), announced that it has filed voluntary petitions for relief in the Southern District of Texas under Chapter 11 of the United States Bankruptcy Code to effectuate a recapitalization and sale of the business, and to improve its balance sheet and operating position.

Key Points: 
  • LT Smile Corporation, along with its subsidiaries Benevis Holding Corporation, Benevis Corporation, Benevis, LLC, Benevis Affiliates, LLC and Benevis Informatics LLC (Benevis and Company), announced that it has filed voluntary petitions for relief in the Southern District of Texas under Chapter 11 of the United States Bankruptcy Code to effectuate a recapitalization and sale of the business, and to improve its balance sheet and operating position.
  • Benevis and its employees will continue their normal operations and their support of high-quality dental care at supported dental practices throughout the process.
  • None of the Companys supported dental practices are part of the Chapter 11 filing.
  • Benevis has secured committed financing from its current lenders; including New Mountain Finance Corporation and several of its credit investing affiliates, to bolster liquidity and enhance ongoing operations during the reorganization process.

Rosehill Resources Inc. and Rosehill Operating Company, LLC File Voluntary Bankruptcy Petitions

Monday, July 27, 2020 - 12:00pm

The Company expects to continue to operate its business during the Chapter 11 Cases without material disruption to its vendors, partners or employees.

Key Points: 
  • The Company expects to continue to operate its business during the Chapter 11 Cases without material disruption to its vendors, partners or employees.
  • As previously announced, under the RSA, Rosehill and the Consenting Creditors have reached an agreement on the terms of a prepackaged plan of reorganization (the Plan).
  • Rosehill Resources Inc. is an independent oil and gas exploration company with assets positioned in the Delaware Basin portion of the Permian Basin.
  • While the Company makes these statements in good faith, neither the Company, its management, nor Rosehill Operating can guarantee that anticipated future results will be achieved.

APC Automotive Technologies Successfully Completes Restructuring

Saturday, July 25, 2020 - 2:35am

APC Automotive Technologies, LLC, together with certain of its subsidiaries, (APC or the Company), today announced that it has successfully implemented the debt restructuring set out in the Restructuring Support Agreement with its asset-based lenders, term loan lenders, and significant equity holders, following confirmation of the Companys chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the District of Delaware on July 10, 2020, which became effective today.

Key Points: 
  • APC Automotive Technologies, LLC, together with certain of its subsidiaries, (APC or the Company), today announced that it has successfully implemented the debt restructuring set out in the Restructuring Support Agreement with its asset-based lenders, term loan lenders, and significant equity holders, following confirmation of the Companys chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the District of Delaware on July 10, 2020, which became effective today.
  • Kirkland & Ellis LLP, Jefferies LLC, and WeinsweigAdvisors LLC served as advisors to the Company through the restructuring.
  • APC Automotive Technologies is a leading supplier of automotive, light truck, and heavy-duty replacement parts.
  • APC Automotive Technologies offers industry-leading product depth, customer service, and support.

Rhino Resource Partners LP Voluntarily Files for Relief under Chapter 11

Wednesday, July 22, 2020 - 11:47pm

LEXINGTON, KY, July 22, 2020 (GLOBE NEWSWIRE) -- Rhino Resource Partners LP (OTC: RHNO) (Rhino or the Partnership) announced today that it, along with its subsidiaries and certain of its affiliates, has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Ohio.

Key Points: 
  • LEXINGTON, KY, July 22, 2020 (GLOBE NEWSWIRE) -- Rhino Resource Partners LP (OTC: RHNO) (Rhino or the Partnership) announced today that it, along with its subsidiaries and certain of its affiliates, has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Ohio.
  • Rick Boone, Rhinos chief executive officer, said, Rhino has been taking steps to improve both the performance and financial strength of our business.
  • We are using Chapter 11 to maximize the value of our business and have entered into a stalking horse purchase agreement.
  • Rhino has made customary filings with the court, including first-day motions, to help ensure an orderly transition into Chapter 11 while minimizing business disruption.

Pyxus International, Inc. Receives Overwhelming Support of Creditors for Prepackaged Plan of Reorganization

Wednesday, July 22, 2020 - 10:32pm

MORRISVILLE, N.C., July 22, 2020 /PRNewswire/ --Pyxus International, Inc. ("Pyxus" or "the Company") (OTC Pink: PYXSQ), a global value-added agricultural company, announced todaythat on July 20, 2020, the Prepackaged Plan of Reorganization of Pyxus International, Inc. and its Affiliated Debtors (the "Prepackaged Plan") was overwhelmingly approved by each class of creditors entitled to vote.

Key Points: 
  • MORRISVILLE, N.C., July 22, 2020 /PRNewswire/ --Pyxus International, Inc. ("Pyxus" or "the Company") (OTC Pink: PYXSQ), a global value-added agricultural company, announced todaythat on July 20, 2020, the Prepackaged Plan of Reorganization of Pyxus International, Inc. and its Affiliated Debtors (the "Prepackaged Plan") was overwhelmingly approved by each class of creditors entitled to vote.
  • "The Company looks forward to working with its creditors and its other constituents to complete its restructuring process and emerge from the Chapter 11 in the near term."
  • The hearing to consider approval of the Prepackaged Plan is scheduled for August 18, 2020 at 9:30 a.m.
  • Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties.

RTW Retailwinds, Inc. Voluntarily Files Chapter 11 Bankruptcy

Monday, July 13, 2020 - 12:45pm

RTW Retailwinds, Inc. [OTC PINK:RTWI], an omni-channel specialty apparel retail platform for powerful celebrity and consumer brands, today announced that it and its subsidiaries (collectively, the Company) have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the Bankruptcy Court).

Key Points: 
  • RTW Retailwinds, Inc. [OTC PINK:RTWI], an omni-channel specialty apparel retail platform for powerful celebrity and consumer brands, today announced that it and its subsidiaries (collectively, the Company) have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the Bankruptcy Court).
  • These motions are typical in the Chapter 11 process and the Company anticipates that they will be approved shortly after the commencement of its Chapter 11 case.
  • Details on the Companys Chapter 11 process and go-forward strategy are as follows:
    The Company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, the Company has launched a store closing and liquidation process.
  • The Company undertakes no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances.

Brooks Brothers Commences Chapter 11 Cases to Support Value-Maximizing Sale Process and Obtain New Financing

Wednesday, July 8, 2020 - 3:29pm

Brooks Brothers, Americas oldest apparel company, today announced that it has commenced Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware to facilitate a value-maximizing sale process.

Key Points: 
  • Brooks Brothers, Americas oldest apparel company, today announced that it has commenced Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware to facilitate a value-maximizing sale process.
  • This capital, together with cash flows from ongoing operations, will provide liquidity to support the Company through the sale process.
  • Brooks Brothers expects to complete the sale process in the next few months, pending court approval.
  • Brooks Brothers will continue to operate its business in the ordinary course throughout the court and sale process.

Chapter 11 U.S. Commercial Bankruptcies up 43% in June

Friday, July 3, 2020 - 1:00pm

Notably, commercial Chapter 11 filings are up 43% over June of last year, with 609 new filings, up from 424 from the same period last year.

Key Points: 
  • Notably, commercial Chapter 11 filings are up 43% over June of last year, with 609 new filings, up from 424 from the same period last year.
  • For the first half of 2020, total commercial Chapter 11 filings are up 26% with 3,604 new filings, up from 2,855 from the same period last year.
  • The new law for Subchapter V of Chapter 11 of the Bankruptcy Code went into effect on February 19, 2020 as a result of the 2019 Small Business Reorganization Act (SBRA).
  • The law was designed to help small businesses move through the bankruptcy process more quickly and with lower costs.

Faraday Future Founder YT Jia Officially Completes His Chapter 11 Restructuring Plan

Thursday, July 2, 2020 - 3:53pm

Faraday Future (FF), a California-based global shared intelligent mobility company, officially confirmed the bankruptcy reorganization procedures of its founder and CPUO (Chief Product and User Ecosystem Officer), YT Jia (YT), have been completed.

Key Points: 
  • Faraday Future (FF), a California-based global shared intelligent mobility company, officially confirmed the bankruptcy reorganization procedures of its founder and CPUO (Chief Product and User Ecosystem Officer), YT Jia (YT), have been completed.
  • The Reorganization Plan has officially become effective, and his Creditor Trust has also been officially established and begun operations.
  • Approval of YT Jias Restructuring Plan removes the biggest hurdle in FF's equity financing efforts and the implementation of the US-China dual home market strategy, allowing FF to work vigorously towards its equity financing targets including an IPO.
  • According to FFs new production launch plan, FF 91 will kick off deliveries approximately 9 months following the closing of successful equity funding.

Chesapeake Energy Corporation's "First-Day Motions" Approved By Court

Tuesday, June 30, 2020 - 3:48am

Chesapeake intends to use the proceedings to strengthen its balance sheet and restructure its legacy contractual obligations to achieve a more sustainable capital structure.

Key Points: 
  • Chesapeake intends to use the proceedings to strengthen its balance sheet and restructure its legacy contractual obligations to achieve a more sustainable capital structure.
  • Chesapeake will operate in the ordinary course during the Chapter 11 process.
  • The Court has also approved, on an interim basis, the Company's $925 million in debtor-in-possession ("DIP") financing, which Chesapeake has secured from certain lenders under its revolving credit facility.
  • The DIP financing will provide Chesapeake the capital necessary to fund its operations during the Court-supervised Chapter 11 reorganization proceedings.