DIP

Shoes For Crews® Commences Financial Restructuring to Complete Sale Process and Continue Global Industry Leadership on Stronger Financial Foundation

Retrieved on: 
Tuesday, April 2, 2024
Office Products, Online Retail, Manufacturing, Travel, Cruise, Supermarket, Specialty, Food, Beverage, Retail, Textiles, Restaurant, Bar, Growth, International, Stalking, Sale, DIP, LLP, Berkeley Research Group, United States bankruptcy court, Bankruptcy, Shoe, Possessive, File, Ropes & Gray

The Company is commencing a court-supervised sale process to “market-check” the Stalking Horse APA and seeks the highest or otherwise best bid for its assets to maximize value for all stakeholders.

Key Points: 
  • The Company is commencing a court-supervised sale process to “market-check” the Stalking Horse APA and seeks the highest or otherwise best bid for its assets to maximize value for all stakeholders.
  • The Company is targeting the sale process to be completed in approximately two months.
  • Shoes For Crews has also filed standard “first day” motions in the Chapter 11 cases, seeking court approval to continue supporting its operations during the court-supervised sale process.
  • Additional information is available through the Company’s claims agent, Omni Agent Solutions, at https://omniagentsolutions.com/ShoesforCrews .

Airspan to Receive Up to $95 Million in New Equity Financing and Eliminate All Existing Funded Debt

Retrieved on: 
Sunday, March 31, 2024
Technology, Mobile, Wireless, Software, 5G, Networks, Hardware, Agreement, Fortification, Partner (business rank), DIP, LLP, United States bankruptcy court, Bankruptcy, Fortress Investment Group, VRS, Telecommunications, MIMO, Hand, Dorsey & Whitney, Security (finance)

Our significant commitments through this Agreement reflect our conviction that a recapitalized Airspan can further solidify its leadership position within the wireless industry.

Key Points: 
  • Our significant commitments through this Agreement reflect our conviction that a recapitalized Airspan can further solidify its leadership position within the wireless industry.
  • Airspan will operate its business without disruption through this process, safeguarding its commitment to employees, customers, and suppliers.
  • The DIP financing is subject to Court approval and the satisfaction of specified closing conditions.
  • VRS Restructuring Services, LLC is serving as Airspan’s financial advisor and Intrepid Investment Bankers LLC is serving as Airspan’s investment banker.

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
Banking, Fintech, Professional Services, Finance, Empyrean, RSA, Growth, Vinson & Elkins, Disclosure, Bankruptcy Code, DIP, LLP, Senior, United States bankruptcy court, Bankruptcy, Credit, Corporate action, OTC, File, Oaktree Capital Management, LP, Security (finance)

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.

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”).

COPL Announces CCAA Application and Suspension of Trading in the Company's Shares

Retrieved on: 
Monday, March 11, 2024
Province, COPL, AB, London Stock Exchange, LLP, CCAA, DIP, XOP, Security (finance)

The Initial Order would provide for, among other things, a stay of proceedings in favour of the COPL Group, approval of debtor-in-possession financing ("DIP Financing") and the appointment of KSV Restructuring Inc. to serve as monitor of the COPL Group (in such capacity, the "Monitor").

Key Points: 
  • The Initial Order would provide for, among other things, a stay of proceedings in favour of the COPL Group, approval of debtor-in-possession financing ("DIP Financing") and the appointment of KSV Restructuring Inc. to serve as monitor of the COPL Group (in such capacity, the "Monitor").
  • In light of the application for the Initial Order, the Company has requested a suspension of trading in the Company's common shares on both the London Stock Exchange and the Canadian Securities Exchange with immediate effect.
  • The COPL Group will continue its day-to-day operations as usual and intends to continue paying its critical suppliers in the ordinary course during the CCAA proceedings.
  • As previously announced, Peter Kravitz of Province Fiduciary Services is serving as COPL's Chief Restructuring Officer.

Audacy Receives Court Approval of Reorganization Plan

Retrieved on: 
Tuesday, February 20, 2024
Entertainment, Technology, TV and Radio, Music, Audio, Video, Podcast, International, FTI Consulting, PJT Partners, AUDA, Plan, DIP, OTC, News, Growth, Federal Communications Commission, Radio, Sport, Federal, United States bankruptcy court, Latham & Watkins, Gibson Dunn, LLP, Bankruptcy, Lien, Financial adviser

Audacy, Inc., (OTC: AUDA) (the “Company” or “Audacy”) announced today that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) approved the Company’s Plan of Reorganization (“the Plan”).

Key Points: 
  • Audacy, Inc., (OTC: AUDA) (the “Company” or “Audacy”) announced today that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) approved the Company’s Plan of Reorganization (“the Plan”).
  • With the Plan approved, Audacy expects to emerge from the Chapter 11 process after the Company obtains approval from the Federal Communications Commission.
  • “Today’s announcement marks a powerful step forward for Audacy, positioning the Company for an exciting future,” said David J.
  • “As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.

Bluerock Value Exchange Launches $41 Million Diversified Industrial Portfolio III DST

Retrieved on: 
Monday, February 26, 2024
DST, Delaware statutory trust, Growth, DIP, NOI

NEW YORK, Feb. 26, 2024 /PRNewswire/ -- Bluerock Value Exchange (BVEX), a long-time, national sponsor of 1031 exchange and Delaware Statutory Trust investment programs, announced the launch of its newest 1031 exchange/DST offering known as BR Diversified Industrial Portfolio III, DST (DIP III).

Key Points: 
  • NEW YORK, Feb. 26, 2024 /PRNewswire/ -- Bluerock Value Exchange (BVEX), a long-time, national sponsor of 1031 exchange and Delaware Statutory Trust investment programs, announced the launch of its newest 1031 exchange/DST offering known as BR Diversified Industrial Portfolio III, DST (DIP III).
  • DIP III represents BVEX's 36th individual DST program and is seeking to raise approximately $41 million from accredited investors.
  • BVEX believes DIP III represents an attractive investment opportunity in an already assembled diverse portfolio of industrial properties located in desirable high-growth sunbelt market locations.
  • "Bluerock has over $172 billion of direct and indirect investment experience in the industrial sector.

NanoString Takes Steps to Restructure Its Business and Protect Its Mission to Map the Universe of Biology

Retrieved on: 
Monday, February 5, 2024
Health, Genetics, Other Science, Research, Science, Biotechnology, Universe, Genomics, File, Patent, European, DSP, Debtor in possession, SMI, United States bankruptcy court, AlixPartners, DIP, Sale, LLP, Willkie Farr & Gallagher, Workforce, Bankruptcy

“NanoString has powerful product platforms, strong relationships with our customers throughout the scientific community, an enviable workforce, and conviction in the integrity of our innovation process.

Key Points: 
  • “NanoString has powerful product platforms, strong relationships with our customers throughout the scientific community, an enviable workforce, and conviction in the integrity of our innovation process.
  • NanoString is currently the primary target of an extensive litigation campaign being conducted by 10x Genomics, Inc. (10x).
  • In one case, 10x acquired patents from a defunct company for the apparent purpose of generating litigation with NanoString.
  • Explore strategic alternatives including a potential sale of all or part of the Company’s business to new owners who will continue the Company’s mission.

Audacy Receives Court Approval of “First Day” Motions

Retrieved on: 
Tuesday, January 9, 2024
Technology, TV and Radio, Audio, Video, Entertainment, AUDA, International, Bankruptcy, RSA, United States bankruptcy court, OTC, DIP

Audacy, Inc., (OTC: AUDA) (the “Company” or “Audacy”) announced today that it has received approval from the United States Bankruptcy Court for the Southern District of Texas (“the Court”) for all first day motions related to its prepackaged Chapter 11 proceedings, which commenced on January 7, 2024.

Key Points: 
  • Audacy, Inc., (OTC: AUDA) (the “Company” or “Audacy”) announced today that it has received approval from the United States Bankruptcy Court for the Southern District of Texas (“the Court”) for all first day motions related to its prepackaged Chapter 11 proceedings, which commenced on January 7, 2024.
  • As part of these motions, the Court today granted Audacy access to $57 million in financing from certain of its existing lenders.
  • The Court also authorized Audacy to continue to pay employee wages, salaries and benefits without interruption and to pay vendors and suppliers.
  • As previously announced, Audacy entered into a restructuring support agreement (“RSA”) with a supermajority of its debtholders.