Chapter 11, Title 11, United States Code

Chris Dickerson Joins Ropes & Gray as Firm Expansion Continues in Liability Management and Restructuring

Retrieved on:

Tuesday, October 3, 2023

Bankruptcy, Chambers, Chapter 11, Title 11, United States Code, Rodan + Fields, Caesars Entertainment, Ropes & Gray, Deal, Circuit City, Publication, Barnes & Noble, Growth, Nightclub, Financial adviser, Rope, US Airways

Chris's addition is another, significant step as Ropes & Gray continues to enhance its restructuring, liability management and special situations offering.

Key Points:

Chris's addition is another, significant step as Ropes & Gray continues to enhance its restructuring, liability management and special situations offering.
"Chris is recognized as a creative, commercial, and experienced advisor for companies, investors, and sponsors in their most important matters," said Julie Jones, chair of Ropes & Gray.
"His strategic approach, his depth of experience, and dedication to client service makes him a perfect fit for Ropes & Gray and our continued expansion into this key market."
For over two decades, Chris has advised on the most high-profile restructuring and liability management matters.

Scilex Holding Company Provides Notice to All Record Holders and Beneficial Owners of Restricted Shares of Scilex Holding Company

Retrieved on:

Tuesday, October 3, 2023

The Scilex Dividend Stock was primarily received by “record holders,” or brokers, dealers, banks and other nominees acting as agents for shareholders who are the true “beneficial owners” of the Scilex Dividend Stock.

Key Points:

The Scilex Dividend Stock was primarily received by “record holders,” or brokers, dealers, banks and other nominees acting as agents for shareholders who are the true “beneficial owners” of the Scilex Dividend Stock.
“Naked short” sales or “naked short” positions in any Scilex common stock may constitute a violation of SEC Regulation SHO.
If a holder of a short-position already holds unrestricted shares of Scilex common stock, such holder may convert such shares into restricted shares subject to the Lockup via the same process outlined herein.
b. Scilex and the buyer will jointly instruct Continental Stock Transfer & Trust Company, Scilex’s transfer agent (“Continental”), to impose the Lockup on the shares.

SVB Financial Group Completes Sale of Investment Banking Business to Management Team Group

Retrieved on:

Monday, October 2, 2023

Centerview Partners, Bankruptcy, SVB Securities, Chapter 11, Title 11, United States Code, Baupost Group, Sale, Oliver Cromwell, Acquisition, SVB, Kroll, Alvarez and Marsal, Sullivan & Cromwell, United States bankruptcy court, Silicon, Pink, Financial adviser

SANTA CLARA, Calif., Oct. 2, 2023 /PRNewswire/ -- SVB Financial Group (Pink Sheets: SIVBQ) today announced that it has completed the sale of its investment banking business, SVB Securities LLC (now named Leerink Partners LLC), to the management team bidder group led by Jeff Leerink, Leerink Partners' Chief Executive Officer and Founder, and backed by funds managed by The Baupost Group L.L.C.

Key Points:

SANTA CLARA, Calif., Oct. 2, 2023 /PRNewswire/ -- SVB Financial Group (Pink Sheets: SIVBQ) today announced that it has completed the sale of its investment banking business, SVB Securities LLC (now named Leerink Partners LLC), to the management team bidder group led by Jeff Leerink, Leerink Partners' Chief Executive Officer and Founder, and backed by funds managed by The Baupost Group L.L.C.
As previously announced, the management-led buyout was selected and approved as the successful bid for the investment banking business following a competitive bidding process conducted under procedures approved by the U.S. Bankruptcy Court for the Southern District of New York.
MoffettNathanson LLC, a sell-side research business owned by SVB Financial Group, was not included in the transaction and remains part of SVB Financial Group.
Centerview Partners LLC is serving as financial advisor, Sullivan & Cromwell LLP is serving as legal counsel and Alvarez & Marsal is serving as the restructuring advisor to SVB Financial Group as debtor-in-possession.

FUTURE OF AN INFLUENTIAL BIKE BRAND SECURED

Retrieved on:

Monday, October 2, 2023

Carbon, Growth, Longevity, Acquisition, Investment, Marketing, Chapter 11, Title 11, United States Code, Management, Parlee Beach Provincial Park

The acquisition of the brand and 100% of the assets of Parlee Cycles signals the end of their Chapter 11 restructuring and ensures the longevity of the renowned brand.

Key Points:

The acquisition of the brand and 100% of the assets of Parlee Cycles signals the end of their Chapter 11 restructuring and ensures the longevity of the renowned brand.
The business will operate under a newly formed entity named Parlee Composites, Inc., with John Harrison assuming the role of President and CEO.
Bob Parlee, the founder of Parlee Cycles, is broadly considered one of the leading designers and original masterminds of the carbon fiber bike industry.
Bob will remain on the executive team as Chief Designer and will turn 100% of his attention to the design and development of future models.

Barretts Minerals Inc. and Barretts Ventures Texas LLC File for Chapter 11 Protection

Retrieved on:

Monday, October 2, 2023

Talc, Bankruptcy, File, Chapter 11, Title 11, United States Code, Latham & Watkins, Sale, United States bankruptcy court, Jefferies Group, MTI, Bankruptcy Code, BMI, MTX, NYSE, Safety, Credit, Airline

The Debtors intend to operate their businesses normally throughout the duration of the Chapter 11 cases.

Key Points:

The Debtors intend to operate their businesses normally throughout the duration of the Chapter 11 cases.
No other subsidiaries or business units of MTI are included in the filing and, as such, all are operating business as usual and will continue to do so during and after the Chapter 11 process.
Proceeds of the sale will be used to fund the Chapter 11 case and an anticipated section 524(g) trust.
Additional information about the Chapter 11 cases can be found at: https://cases.stretto.com/BMI .

PARTY CITY DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against Party City Holdco, Inc. and Encourages Investors to Contact the Firm

Retrieved on:

Saturday, September 30, 2023

Class Action Lawsuit, Professional Services, Legal, P.C, LLP, Chapter 11, Title 11, United States Code, Telephone, Jeanne Eagels, Person, District court, OTC, Court, News, Ernst & Young, Security (finance), Party City

Investors have until October 2, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Key Points:

Investors have until October 2, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
After trading on January 17, 2023, Party City filed for bankruptcy protection under Chapter 11.
Following this news, Party City's stock price declined by 22% over the next three trading days from a closing price of $0.046 on June 9, 2023 to $0.036 on June 14, 2023.

SmileDirectClub Seeks to Execute Comprehensive Recapitalization to Strengthen the Business for Sustainable Growth

Retrieved on:

Friday, September 29, 2023

Centerview Partners, LLP, Bankruptcy, Kirkland & Ellis, Marketing, Chapter 11, Title 11, United States Code, FTI Consulting, Kirkland, Love, United States bankruptcy court, SmileDirectClub, Cryptocurrency

The additional capital and stronger financial position from this recapitalization is intended to bolster the Company’s balance sheet and fuel growth initiatives to allow SmileDirectClub to thrive as an international oral care leader for many years to come.

Key Points:

The additional capital and stronger financial position from this recapitalization is intended to bolster the Company’s balance sheet and fuel growth initiatives to allow SmileDirectClub to thrive as an international oral care leader for many years to come.
During this restructuring process, SmileDirectClub intends to continue to provide affordable and accessible oral care to its customers without disruption.
“At SmileDirectClub, we are committed to delivering a premium customer experience and helping over 2 million customers achieve a smile they love.
SmileDirectClub is represented in this matter by Kirkland & Ellis LLP as legal counsel, FTI Consulting as financial advisor, and Centerview Partners as investment banker.

Capstone Green Energy Enters into Transaction Support Agreement with Senior Secured Lender

Retrieved on:

Thursday, September 28, 2023

Subject to Bankruptcy Court approval, this "new money" financing will provide liquidity to support continued operations during the Chapter 11 process.

Key Points:

Subject to Bankruptcy Court approval, this "new money" financing will provide liquidity to support continued operations during the Chapter 11 process.
"The significant agreement and investment of our senior secured lender demonstrates its support of the Company and our long-term strategy," said Mr. Flexon.
At the conclusion of the presentation, Capstone management will conduct a question and answer session to allow financial analysts the chance to ask questions.
In addition, Capstone will be offering an opportunity for the broader audience to submit their questions online while the broadcast is live.

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Party City, Hayward, and KeyCorp and Encourages Investors to Contact the Firm

Retrieved on:

Thursday, September 28, 2023

After trading on January 17, 2023, Party City filed for bankruptcy protection under Chapter 11.

Key Points:

After trading on January 17, 2023, Party City filed for bankruptcy protection under Chapter 11.
As a result, Hayward Holdings reduced its 2022 guidance to reflect massive inventory reduction in the second half of the year.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects.
For more information on the KeyCorp class action go to: https://bespc.com/cases/KEY

Porch Group announces cash investment in HOA, its insurance carrier

Retrieved on:

Wednesday, September 27, 2023

Insurance, Chapter 11, Title 11, United States Code, Texas Department of Insurance, Acquisition, Investment, Fraud, Demotech, TDI, Home insurance, Cryptocurrency, Porch, HOA

SEATTLE, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced a cash investment of $57 million to its insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), in exchange for both a $49 million surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the fraud connected to Vesttoo Ltd. (“Vesttoo”) and others.

Key Points:

SEATTLE, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced a cash investment of $57 million to its insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), in exchange for both a $49 million surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the fraud connected to Vesttoo Ltd. (“Vesttoo”) and others.
Porch announced on September 5, 2023 that HOA is under supervision by the Texas Department of Insurance (“TDI”) following the release of HOA’s statutory accounts for the quarter ending June 30, 2023.
Porch has worked closely with the TDI to restore surplus to an appropriate level.
At June 30, 2023, the Company held $358 million of unrestricted cash and investments, including $192 million at HOA, and $166 million in other Porch businesses and corporate.