Gordon Bros, Others Bid to Save Necco Wafers

According to the Chicago Tribune, three new bidders have emerged to challenge stalking horse bidder Gordon Brothers’ effort to purchase Necco wafers – long derided as America’s least favorite candy.

Rex Energy Files for Chapter 11; Angelo, Gordon to Agent $100MM DIP

Rex Energy filed a voluntary petition for Chapter 11 to facilitate a sale process for its remaining assets.

iHeartMedia Files Motion to Access $450MM DIP, Citibank to Agent

iHeartMedia filed a motion seeking to access a $450 million debtor-in-possession credit facility with an incremental accordion up to $100 million. Citibank will serve as administrative agent.

BofA, Ankura Support Remington Exit from Chapter 11

Remington Outdoor Company emerged from Chapter 11 after successfully implementing its plan of reorganization. The company is exiting with a new $193 million ABL loan, a new $55 million FILO term loan and a new $100 million term loan. 

SunTrust Agents $525MM Exit Term Loan for Southeastern Grocers

The U.S. Bankruptcy Court for the District of Delaware confirmed Southeastern Grocers’ amended prepackaged Chapter 11 plan, including a $525 million exit term loan with SunTrust Bank as administrative and collateral agent.

Citizens Agents $60MM DIP for Rockport

Footwear manufacturer The Rockport Group entered into an asset purchase agreement with CB Marathon. To facilitate the sale, Rockport filed for Chapter 11 in the U.S. Bankruptcy Court for Delaware.

BofA May Exit Remington Loan to Honor Pledge

Reuters reported Bank of America hinted it may exit the Remington Outdoor post-petition loan syndicate to honor its pledge to stop financing civilian assault weapons.

April Commercial Chapter 11 Filings Tumble 32%

According to the American Bankruptcy Institute, total commercial filings dropped 32% to 391 in April from the April 2017 total of 575.

Cortland Capital Agents $135MM DIP for Gibson

The U.S. Bankruptcy Court granted, on an interim basis, Gibson Brand’s first-day motions, including an authorization for $135 million of debtor-in-possession financing. Cortland Capital Markets will be administrative agent for the financing.

Remington RSA Plan Approved, Expects to Exit Chapter 11

The U.S. Bankruptcy Court approved Remington Outdoor’s restructuring plan, with the company anticipating an emergence from Chapter 11 by the end of May with a new $193 million ABL facility.