Court Approves Avaya Restructuring Plan

The U.S. Bankruptcy Court for the Southern District of New York has confirmed Avaya’s second amended Chapter 11 plan of reorganization. As a result, Avaya expects to emerge from its restructuring process before the end of this year.

SSG Advises Peekay Boutiques in Sale of Assets

SSG Capital Advisors acted as investment banker to Peekay Boutiques, in the sale of substantially all of its assets to an affiliate of Peekay’s senior secured Term A lenders.

BofA Agents $85MM DIP for Real Industry

Real Industry initiated restructuring efforts by filing a petition for voluntary Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware along with Real Alloy Holding and its U.S. subsidiaries.

DNB Agents $125MM Facilities to Support GulfMark Restructuring

GulfMark Offshore completed its financial restructuring plan and emerged from bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. DNB Capital served as administrative agent for a $25 million revolver and a $100 million term loan to support the restructuring.

HPS Provides $65MM Revolver to Support Wentworth Restructuring

J.G. Wentworth reached an agreement with its lenders, led by Jefferies, to support its prepackaged restructuring plan. HPS Investment Partners provided a $65 million revolver to cover the company’s restructuring expenses.

Vitamin World to Liquidate, SSG to Advise

Retailer Vitamin World filed Chapter 11 with Wells Fargo providing DIP financing. Due to lackluster sales, the company agreed to liquidate the retail stores with SSG Advisors acting as investment bank.

October Commercial Chapter 11 Filings Drop 22% Year/Year

The American Bankruptcy Institute announced the 316 total commercial Chapter 11 filings in October were down 22% from the October 2016 commercial Chapter 11 filing total of 405.

RadioShack Exits Chapter 11. Reduces Number of Stores

The U.S. Bankruptcy Court approved the reorganization plan of General Wireless Operations d/b/a RadioShack. The plan includes concentrating on online retail operation and reducing the number of brick-and-mortar stores to 28 or less.

Westinghouse Receives Approval for Emergency Funding

The Wall Street Journal reported Westinghouse Electric will provide emergency funding to its subsidiaries in Europe, the Middle East and Africa after it obtained approval from the U.S. Bankruptcy Court in New York.

Toys”R”Us Receives Final Court Approval for $3.1B DIP

Toys”R”Us received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to access the full amount of its more than $3 billion in DIP financing. JPMorgan is serving as administrative agent for the financing.