Cenveo Completes Restructuring; BofA, Others Provide Exit Financing

Cenveo successfully completed its restructuring and Chapter 11 Plan of Reorganization and emerged from bankruptcy. Bank of America, among others, provided exit financing for the company.

Brookstone Signs LoI with Bluestar for Stalking Horse Bid

Bluestar Alliance signed a letter of intent with specialty retailer Brookstone to acquire the brand assets of the company and to serve as a stalking horse bidder in Brookstone’s Chapter 11 restructuring.

Falivene Joins Webster Bank Commercial Lending Team

Philip Falivene joined Webster Bank’s Commercial Lending team as senior vice president, senior relationship manager.

Commercial Chapter 11 Filings Fall 12% in August

According to th American Bankruptcy Institute, 361 commercial Chapter 11 filings were recorded in August 2018, down 12% from the 412 commercial Chapter 11 filings in July.

Craig Provides $2MM DIP to Ruby’s Diner

Ruby’s Diner, the operator and franchisor of multiple Ruby’s Diner restaurants across the nation, entered into a plan support agreement with businessman Steven L. Craig to provide $2 million DIP financing to support the company’s restructuring.

Ally Bank Provides $185MM DIP to Verity Health Systems

Verity Health System of California filled voluntary petitions for protection under Chapter 11. Ally Bank will be providing secured DIP financing of up to $185 million.

Credit Suisse Supports $1.5B Pacific Drilling Recap

Pacific Drilling has made progress in connection with its Chapter 11 proceedings, including receiving a commitment from Credit Suisse Securities to support a $1.5 billion recapitalization of the company’s capital structure.

Authentic, SB360 Capital Bid $22MM for HHG Brands

Heritage Home Group closed an agreement for a newly-formed entity of Authentic Brands Group and SB360 Capital Partners to acquire HHG’s Broyhill and Thomasville & Co and to serve as Stalking Horse bidder in the upcoming court-supervised auction.

SWK, CNH Provide $13MM to Support Provant Health Asset Sale

Hooper Holmes d/b/a Provant Health entered into an asset purchase agreement with Summit Health as part of a 363 sale. SWK Holdings and CNH Finance agreed to provide the company with up to $13.6 million in financing to keep the business operating until the sale closes.

BofA Agents $411MM Exit Financing for Cenveo

The U.S. Bankruptcy Court for the Southern District of New York approved the exit plan of Stamford, CT-based print products company Cenevo. The company received exit financing commitments in the form of a $175 million ABL facility and a $236 million term loan.