Debtor-in-possession financing

Aleafia Health Obtains Creditor Protection to Pursue Restructuring and Sale Process

Retrieved on: 
Tuesday, July 25, 2023

The DIP Loan (as described below) is anticipated to fund the operations of the Aleafia Group in the ordinary course through the duration of the CCAA proceedings.

Key Points: 
  • The DIP Loan (as described below) is anticipated to fund the operations of the Aleafia Group in the ordinary course through the duration of the CCAA proceedings.
  • This may include the sale of all or substantially all of the business or assets of the Aleafia Group through a court-supervised sale process.
  • In that regard, the Aleafia Group intends to seek Court approval to launch a sale and investment solicitation process for its business and assets (the “SISP”) promptly following the Initial Order.
  • The SISP is expected to be administered by the Monitor, with the assistance of the Aleafia Group.

NewAge, Inc. Receives Court Approval of First Day Motions

Retrieved on: 
Friday, September 2, 2022

(Nasdaq: NBEV) (the Company) today announced that the U.S. Bankruptcy Court for the District of Delaware has granted the Company interim approval for first day motions related to its Chapter 11 restructuring.

Key Points: 
  • (Nasdaq: NBEV) (the Company) today announced that the U.S. Bankruptcy Court for the District of Delaware has granted the Company interim approval for first day motions related to its Chapter 11 restructuring.
  • The approved motions will support the Companys ongoing operations during its financial restructuring process.
  • NewAge can pay vendors and suppliers for goods and services provided after the filing date on normal terms.
  • Forward-looking statements include statements related to the Companys filing of the Chapter 11 cases and the continued operation of the business.

NewAge, Inc. Files Voluntary Petition for Relief Under Chapter 11

Retrieved on: 
Tuesday, August 30, 2022

The Company has determined that the Chapter 11 process is the most expeditious way to pursue a strategic transaction and protect and preserve value for all stakeholders.

Key Points: 
  • The Company has determined that the Chapter 11 process is the most expeditious way to pursue a strategic transaction and protect and preserve value for all stakeholders.
  • This capital, together with revenue generated from ongoing operations, will provide liquidity to support the Company through the sale process.
  • This transaction is subject to court approval and any higher or better offers as part of the Companys ongoing auction process.
  • Forward-looking statements include statements related to the Debtors filing of the Chapter 11 cases in the Bankruptcy Court and the continued operation of the business.

Experienced Financial Restructuring and Transactional Insolvency Lawyer Frederick (Rick) Hyman Joins Crowell & Moring

Retrieved on: 
Wednesday, August 4, 2021

NEW YORK, Aug. 4, 2021 /PRNewswire/ --Crowell & Moring has expanded its Corporate Group in New York with the addition of partner Frederick "Rick" Hyman , a highly regarded financial restructuring and insolvency lawyer.

Key Points: 
  • NEW YORK, Aug. 4, 2021 /PRNewswire/ --Crowell & Moring has expanded its Corporate Group in New York with the addition of partner Frederick "Rick" Hyman , a highly regarded financial restructuring and insolvency lawyer.
  • Hyman represents lenders and other creditors in all aspects of bankruptcy, including negotiating restructuring support agreements and debtor-in-possession financing facilities.
  • Hyman joins the firm from Duane Morris, where he was a partner in the firm'sBusiness Reorganization and Financial Restructuring Practice Group.
  • "I am incredibly excited to join Crowell & Moring, especially considering the breadth of the firm's offerings to financial services clients," said Hyman.

Avianca Holdings S.A. Issues Statement on Government of Colombia Financing Commitment and Colombian Court Injunction

Retrieved on: 
Saturday, September 12, 2020

BOGOTA, Colombia, Sept. 12, 2020 /PRNewswire/ -- Avianca Holdings S.A. (OTCMKTS: AVHOQ, BVC: PFAVH) (the "Company" or "Avianca") today issued a statement regarding the commitment from the Government of Colombia to participate in the Company's expected debtor-in-possession ("DIP") financing, following the injunction issued by the Administrative Court of Cundinamarca.

Key Points: 
  • BOGOTA, Colombia, Sept. 12, 2020 /PRNewswire/ -- Avianca Holdings S.A. (OTCMKTS: AVHOQ, BVC: PFAVH) (the "Company" or "Avianca") today issued a statement regarding the commitment from the Government of Colombia to participate in the Company's expected debtor-in-possession ("DIP") financing, following the injunction issued by the Administrative Court of Cundinamarca.
  • Avianca commented as follows:
    Avianca reiterates its gratitude to the Republic of Colombia for its continuing support and commitment to participate in the Company's debtor-in-possession (DIP) financing.
  • Avianca looks forward to presenting information to the Colombian courts in the coming days, alongside information being presented by the government of Colombia, that will demonstrate that participation by the Republic of Colombia in the Company's debtor-in-possession financing is a beneficial transaction for the country.
  • Avianca is the trademark for the group of passenger airlines and cargo airlines under the holding company Avianca Holdings S.A. Avianca has been flying continuously for 100 years.

Severance payment for Northern Pulp workers must be priority

Retrieved on: 
Wednesday, July 8, 2020

HALIFAX, NS, July 8, 2020 /CNW/ -Unifor is urging the Nova Scotia government to work with Northern Pulp to secure Debtor-In-Possession (DIP) financing amid the company's restructuring.

Key Points: 
  • HALIFAX, NS, July 8, 2020 /CNW/ -Unifor is urging the Nova Scotia government to work with Northern Pulp to secure Debtor-In-Possession (DIP) financing amid the company's restructuring.
  • "There is no reason the government should object to DIP financing, especially considering the hundreds of families relying on severance to see them through job loss and a pandemic."
  • Northern Pulp notified the union on Tuesday, July 7 that it would not be able to make the second planned severance payment to workers scheduled for the end of July if the company and province could not come to an agreement to allow for third party financing.
  • Northern Pulp parent company Paper Excellence has reassured Unifor and its members that it is committed to supporting employees and maintaining the opportunity for long-term employment at the mill.

Sur La Table to Restructure Its Retail Footprint and Complete a Going-Concern Sale via Voluntary Chapter 11 Process

Retrieved on: 
Wednesday, July 8, 2020

With the support of its lenders, Sur La Table has secured the necessary debtor-in-possession financing to complete the Court process.

Key Points: 
  • With the support of its lenders, Sur La Table has secured the necessary debtor-in-possession financing to complete the Court process.
  • The Company contemplates the sale of Sur La Table retail stores after the rationalization of its national store footprint and closure of certain stores to prosper in the current retail environment and position the Company for a vibrant future.
  • Jason Goldberger, CEO of Sur La Table commented: This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment.
  • With 121 stores across the US and many local cooking schools, Sur La Table is a resource for cooks of all levels.

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

Retrieved on: 
Tuesday, June 30, 2020

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.

Tuesday Morning Corporation Secures $25 Million of Additional Financing to Support Financial and Operational Reorganization

Retrieved on: 
Thursday, June 4, 2020

With this commitment, the Company has secured commitments for a total of $125 million to support the continuity of operations during Chapter 11 proceedings.

Key Points: 
  • With this commitment, the Company has secured commitments for a total of $125 million to support the continuity of operations during Chapter 11 proceedings.
  • This additional capital is an important milestone as it provides significant liquidity for us to continue operations throughout the reorganization process.
  • The DIP financing with B. Riley Financial, Inc. remains subject to a number of conditions, including Bankruptcy Court approval.
  • Haynes and Boone, LLPis serving as legal advisor,Miller Buckfire, a Stifel company, is serving as financial advisor, andAlixPartners, LLPis serving as restructuring advisor to Tuesday Morning.

1st Commercial Credit Roles Out Debtor in Possession (DIP) Factoring Finance

Retrieved on: 
Friday, May 15, 2020

1st Commercial Credit has contracted seasoned bankruptcy attorneys to expedite DIP Financing request with an average funding time frame under 2 weeks.

Key Points: 
  • 1st Commercial Credit has contracted seasoned bankruptcy attorneys to expedite DIP Financing request with an average funding time frame under 2 weeks.
  • Raul Esqueda, President of 1st Commercial Credit says, "I am seeing many companies struggling with overwhelming debt and now with the latest economic downturn has put them in what I refer to as the 'Forever Red Zone'.
  • Many businesses that were growing last year turned to multiple Cash Advance Lenders and are not able to sustain the daily debits now.
  • Once the client accepts the invoice factoring rates and conditions of the funding, a $5,000 due diligence/attorney fee will be required to represent the 1st Commercial Credit Funding group.