BofA, Others to Provide $5.5MM DIP Facilities to PG&E

Bank of America, JPMorgan Chase Bank, Barclays Bank and Citigroup Global Markets signed a commitment letter to provide $5.5 billion in senior secured super-priority DIP credit facilities to support PG&E through its bankruptcy process.

Great American, Tiger, Hilco, Gordon Bros. to Lead Gymboree Liquidation

Great American Group, Tiger Capital Group, Hilco Merchant Resources and Gordon Brothers will lead the liquidation of all Gymboree and Crazy 8 stores in the U.S. and Canada in the wake of Gymboree’s bankruptcy filing.

ESL Winning Bidder in Sears Bankruptcy Auction

ESL Investments was selected as the winning bidder in the court-supervised bankruptcy auction of Sears Holdings. ESL will acquire substantially all of the company’s assets for approximately $5.2 billion.

Gymboree Declares Bankruptcy, Receives DIP Financing from Goldman Sachs

Children’s specialty retailer Gymboree filed for Chapter 11 and entered an asset purchase agreement with Special Situations Investing Group. Goldman Sachs Specialty Lending and SSIG agreed to provide $30 million in DIP financing to support proceedings.

Wells Fargo Agents $480MM DIP Funding to Support Shopko Restructuring

Regional general merchandise retailer Shopko filed voluntary petitions for a court-supervised financial restructuring under Chapter 11. Wells Fargo acted as administrative agent on $80 million in DIP funding to support the process.

Court Approves Aegean Marine RSA, $535MM in DIP Financing

The U.S. Bankruptcy Court approved Aegean Marine Petroleum’s restructuring support agreement and $535 million in DIP financing provided by two Mercuria Energy subsidiaries and agented by ABN AMRO.

A Sweeter Deal Could Save Both Sears, More Sears Employees

According to two Bloomberg articles, Eddie Lambert’s ESL Investments has increased its bid to purchase Sears to $5 billion and hopes to keep the bankruptcy court in its corner by maintaining more jobs than initially proposed.

ABI: Total Bankruptcy Filings Decrease 2% in 2018

Total bankruptcy filings during calendar year 2018 decreased 2% from 2017, according to the American Bankruptcy Institute from data provided by Epiq Systems.

Beauty Brands Files for Chapter 11; Hilco to Serve as Stalking Horse in Asset Sale

Kansas-based salon and spa retailer Beauty Brands has filed for Chapter 11 in the wake of 25 store closures, according to the Kansas City Star.

Lampert Files Last-Minute $4.4B Bid to Keep Sears in Business

According to the Pittsburgh Post-Gazette, ESL Investments, the hedge fund run by former Sears CEO Eddie Lampert, submitted a $4.4 billion bid to keep Sears afloat, coming in just under the wire before Friday’s filing deadline.