Bankruptcy Code

Casa Systems Initiates Court-Supervised Chapter 11 Sale Process for Businesses

Retrieved on:

Wednesday, April 3, 2024

Cloud, CASA, Sale, Bankruptcy Code, United States bankruptcy court, Bankruptcy, Investment, Sidley Austin, Hand, RAN

To facilitate these sales, the Company filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

Key Points:

To facilitate these sales, the Company filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
The Company remains committed to the success of its customers and partners and intends to continue supporting them throughout this process.
Casa’s international subsidiaries are not debtors in the Chapter 11 filing; however, certain of their businesses and related assets are included in the two asset sale transactions.
The Company’s NetComm business, which commenced voluntary administration proceedings under Australian law on March 11, 2024, is not included in the U.S. Chapter 11 process.

Eiger BioPharmaceuticals Files for Voluntary Chapter 11 Protection

Retrieved on:

Monday, April 1, 2024

International, Patient, Sale, Bankruptcy Code, Acquisition, United States bankruptcy court, Bankruptcy, PALO, Therapy, Sidley Austin, Eiger

PALO ALTO, Calif., April 01, 2024 (GLOBE NEWSWIRE) -- Eiger BioPharmaceuticals, Inc. (Nasdaq:EIGR) today announced that it and its direct subsidiaries have filed voluntary petitions for chapter 11 protection under the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas. The company also announced a “stalking horse” agreement for the sale of Zokinvy® (lonafarnib) to Sentynl Therapeutics, Inc., a biopharmaceutical company focused on rare diseases. Under the terms of the “stalking horse” agreement, subject to court approval, Sentynl Therapeutics will pay up to $26.0 million, subject to certain purchase price adjustments, including per diem reductions if the sale closes after April 24, 2024, for the acquisition of Zokinvy®. In accordance with Section 363 of the Bankruptcy Code, other potential bidders can submit competing bids for the company’s assets through a court-supervised process.

Key Points:

PALO ALTO, Calif., April 01, 2024 (GLOBE NEWSWIRE) -- Eiger BioPharmaceuticals, Inc. (Nasdaq:EIGR) today announced that it and its direct subsidiaries have filed voluntary petitions for chapter 11 protection under the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas.
Eiger filed customary “first day” motions with the court requesting relief designed to enable Eiger to transition into chapter 11 and uphold its commitments to stakeholders during the process without material disruption to its ordinary course of operations.
Court filings and other information regarding the chapter 11 case are available via Kurtzman Carson Consultants LLC, a third-party bankruptcy claims and noticing agent, at: www.kccllc.net/Eiger.
Eiger does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

Vecima Announces Intent to Acquire the Assets of Casa Systems’ Cable Business

Retrieved on:

Wednesday, April 3, 2024

Vecima Networks, Inc. (TSX: VCM) today announced it has entered into an asset purchase agreement (“APA”) to acquire the Cable Business assets of Casa Systems, Inc. (“Casa”) and certain of Casa’s subsidiaries.

Key Points:

Vecima Networks, Inc. (TSX: VCM) today announced it has entered into an asset purchase agreement (“APA”) to acquire the Cable Business assets of Casa Systems, Inc. (“Casa”) and certain of Casa’s subsidiaries.
Under the APA, Vecima, or its affiliates, will acquire substantially all the assets of Casa’s Cable Business for a purchase price of USD $20 million.
Casa is seeking approval of Vecima as a “stalking horse” bidder for the Cable Business assets under Section 363 of the Bankruptcy Code.
The transaction is subject to Bankruptcy Court approval and other bids for the Cable Business assets at an auction coordinated through the Bankruptcy Court.

CURO Group Holdings Corp. to Reduce Debt and Strengthen Financial Position Through Restructuring Support Agreement; Implements Prepackaged Restructuring Plan by Commencing Voluntary Chapter 11 Reorganization

Retrieved on:

Monday, March 25, 2024

CURO also intends to file recognition proceedings in Canada under Part IV of the Companies’ Creditors Arrangement Act.

Key Points:

CURO also intends to file recognition proceedings in Canada under Part IV of the Companies’ Creditors Arrangement Act.
CURO branches are open, operating as usual and continuing to serve customers in the U.S. and Canada.
(“Oaktree”), Caspian Capital LP, and Empyrean Capital Partners (the “Ad Hoc Group”) led negotiation of the RSA on behalf of creditors.
The DIP financing, which is subject to court approval, is expected to support the Company’s ongoing operations during the court-supervised process.

Petersen Health Care Files Voluntary Petition for Relief Under Chapter 11

Retrieved on:

Wednesday, March 20, 2024

Nursing, Health, Consumer, Hospitals, Seniors, Managed Care, Associate, Winston & Strawn, Bankruptcy Code, DIP, United States bankruptcy court, Bankruptcy, Sales

Petersen Health Care (“Petersen” or “The Company”), an operator of nursing homes and assisted living and long-term care facilities in Illinois, Iowa and Missouri, today announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to facilitate the restructuring of its balance sheet.

Key Points:

Petersen Health Care (“Petersen” or “The Company”), an operator of nursing homes and assisted living and long-term care facilities in Illinois, Iowa and Missouri, today announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to facilitate the restructuring of its balance sheet.
Petersen expects to continue to operate its business as normal with funds to support its operations during the restructuring process.
“Petersen will operate as usual, and our team remains committed to continuing to provide first-rate care for our residents,” said David Campbell, the Company’s Chief Restructuring Officer.
Further information on the reorganization process for Petersen is available by visiting the Company's website, www.petersenhealthcare.net , which will be updated as new information becomes available.

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

Retrieved on:

Monday, March 11, 2024

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.

PKF Clear Thinking Awarded 'Section 363 Sale of the Year' by 18th Annual Turnaround Awards

Retrieved on:

Friday, March 29, 2024

Bankruptcy, Authentic Brands Group, Ropes & Gray, Sale, LLP, Bankruptcy Code, Piper, Rockport (company), DLA Piper, PKF

CRANFORD, N.J., March 29, 2024 /PRNewswire-PRWeb/ -- PKF Clear Thinking, the award-winning business advisory firm and subsidiary of PKF O'Connor Davies, one of the nation's largest accounting, tax and advisory practices, is proud to announce that it has been awarded the "Section 363 Sale of the Year ($50MM to $100MM)" by the 18th Annual Turnaround Awards for its contribution to the sale of Rockport to Authentic Brands Group. Organized by The M&A Advisor, the awards recognize the leading distressed transactions, restructuring and refinancing deals, products and services, firms, and professionals in the United States and international markets.

Key Points:

"We're extremely proud to receive this honor, especially alongside so many other standout firms and professionals who are doing transformative M&A work," said Joseph Marchese, Partner at PKF Clear Thinking.
"We're extremely proud to receive this honor, especially alongside so many other standout firms and professionals who are doing transformative M&A work," said Joseph Marchese, Partner at PKF Clear Thinking.
PKF Clear Thinking's engagement with the sale began in June 2023, when Marchese was appointed Chief Restructuring Officer of The Rockport Company, LLC.
With the support of Michael Wesley, Partner at PKF Clear Thinking, and Jackie Reinhard, Partner at PKF O'Connor Davies, PKF Clear Thinking supported the global footwear brand as it began voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.

NYSE American to Commence Delisting Proceedings Against Polished.com Inc. (POL)

Retrieved on:

Friday, March 1, 2024

Professional Services, Business, Finance, Exchange, POL, Committee, Bankruptcy Code, Security (finance)

NYSE American LLC (“NYSE American” or the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Polished.com Inc. (the “Company”) — ticker symbol POL — from NYSE American.

Key Points:

NYSE American LLC (“NYSE American” or the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Polished.com Inc. (the “Company”) — ticker symbol POL — from NYSE American.
Trading in the Company’s common stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(i) of the NYSE American Company Guide in light of the Company’s disclosure on February 29, 2024 that it has suspended operations and anticipates filing a case under the provisions of Chapter 7 of the Bankruptcy Code as soon as practicable.
The NYSE American will apply to the Securities and Exchange Commission to delist the Company’s common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

Polished.com Suspends Operations and Announces Intention to File for Chapter 7 Bankruptcy Protection

Retrieved on:

Thursday, February 29, 2024

Home Goods, Retail, Specialty, Acceleration, Bankruptcy Code

Polished.com Inc. (the “Company” or “Polished”) (NYSE American: POL) has suspended its operations.

Key Points:

Polished.com Inc. (the “Company” or “Polished”) (NYSE American: POL) has suspended its operations.
These steps followed a comprehensive review by the Company’s Board of Directors of available strategic alternatives, and upon consultation with the members of the Company’s management, with the assistance of the Company's legal and financial advisors.
The Company anticipates filing a case under the provisions of Chapter 7 of the Bankruptcy Code as soon as practicable.
Despite working aggressively to raise capital and improve its liquidity position, the Company was unable to obtain additional financing.

Faraday Future Announces Updated Master Plan 1.1 to Strategically Position Itself for Growth in 2024

Retrieved on:

Monday, February 26, 2024

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future”, “FF” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today released an open letter from Matthias Aydt, Global CEO of FF, to share an updated master plan 1.1 for the growth of Faraday Future in 2024.

Key Points:

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future”, “FF” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today released an open letter from Matthias Aydt, Global CEO of FF, to share an updated master plan 1.1 for the growth of Faraday Future in 2024.
View the full release here: https://www.businesswire.com/news/home/20240225201526/en/
Faraday Future Announces Updated Master Plan 1.1 to Strategically Position Itself for Growth in 2024.
10,000 capacity - future potential annual production capacity at FF's self-operated manufacturing facility in Hanford, California with $200+ million invested.
Phase Two of the Company's Three-Phase Delivery Plan for the Company’s FF 91 2.0 Futurist Alliance launched in the third quarter 2023.