Lazard Archives - Page 2 of 8

Wells and Pathlight Provide $1.5B Combined Facility for JCPenney in Chapter 11 Exit

Wells Fargo provided an ABL facility and Pathlight Capital provided a FILO facility for a total of $1.5 billion in financing for JCPenney after the company sold its retail and operating assets to Simon Property Group and Brookfield Asset Management to exit Chapter 11.

Brookfield, Simon and First Lien Lenders Provide Asset Purchase Agreement to JCPenney

JCPenney entered into an asset purchase agreement with Brookfield Asset Management, Simon Property Group and a majority of the company’s DIP and first lien lenders.

Makinson Cowell to Join Lazard

Makinson Cowell, an advisor on capital markets and investor relations matters, will join financial advisory and asset management firm Lazard, beginning Dec. 1, 2020. Makinson Cowell will work as a separate team.

October 26, 2020 Bob Cowell | Cyrus Kapadia | Lazard | Makinson Cowell Ellie Delany

Libbey Secures $150M Term Loan and $100MM ABL in Exit Financing

Libbey, a glass tableware manufacturer, secured exit financing consisting of a $150 million term loan and a $100 million asset-based lending facility and expects to emerge from Chapter 11 with under $200 million of funded debt.

October 20, 2020 Alvarez & Marsal | Latham & Watkins | Lazard | Libbey | Mike Bauer Ellie Delany

24 Hour Fitness Enters Restructuring Agreement with Lenders, Will Reduce Debt by $1.2B

24 Hour Fitness entered into a restructuring support agreement with lenders holding approximately 73% of the company’s secured debt and approximately 65% of the company’s senior unsecured notes. The restructuring will reduce $1.2 billion dollars of funded debt.

October 8, 2020 24 Hour Fitness | FTI Consulting | Lazard | Tony Ueber | Weil Gotshal & Manges Ellie Delany

PIMCO, Davidson Kempner, Sixth Street Provide $750MM in Exit Financing to Neiman Marcus

Neiman Marcus emerged from voluntary Chapter 11 protection. The company’s new owners, including PIMCO, Davidson Kempner Capital Management and Sixth Street, are funding a $750 million exit financing package.

Pyxus Completes Restructuring, Glendon and Monarch Lead Investment in Exit Term Loan

Pyxus completed its financial restructuring, which includes a $213 million exit term loan and a $75 million exit asset based revolving facility. Glendon Capital Management and Monarch Alternative Capital are leading the investment in Pyxus’ exit term loan facility.

Ares Commits Additional Capital as Part of Salt Creek Recapitalization

SCM Topco, parent of Salt Creek Midstream, closed on a recapitalization with additional investments from both its existing lender groups and funds managed by Ares Management.

Bankruptcy Court Approves $250MM DIP for 24 Hour Fitness

The U.S. Bankruptcy Court for the District of Delaware approved the first day motions related to 24 Hour Fitness’ voluntary Chapter 11 filing, including access to $250 million in debtor-in-possession financing.

June 18, 2020 24 Hour Fitness | FTI Consulting | Lazard | Tony Ueber | Weil Gotshal & Manges Phil Neuffer

Bankruptcy Court Grants Neiman Marcus Access to DIP Facility

The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division approved Neiman Marcus Group to access debtor-in-possession financing, including the immediate availability of $250 million and an additional $150 million as needed after Sept. 4, 2020.

June 17, 2020 Berkeley Research Group | Geoffroy van Raemdonck | Kirkland & Ellis | Lazard | Neiman Marcus Group Phil Neuffer

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