Pinnacle Airlines and its subsidiaries have filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. Pinnacle has received a commitment for secured super-priority DIP financing from Delta Air Lines.
Coty, a global beauty company, has submitted a non-binding proposal to acquire Avon Products. for $23.25 per share in cash in a mutually agreeable and negotiated transaction. J.P. Morgan Securities is arranging the debt financing.
Business Capital has amicably resolved over $1.25 million in creditor claims for a well-known national franchisee of children’s gyms.
Ener1 has completed its financial restructuring and successfully emerged from Chapter 11 bankruptcy as a privately held company. The company restructured its long-term debt and secured an infusion of up to $86 million of new equity funding.
FIS, a provider of banking and payments technology, announced the completion of the amendment and extension of its existing credit agreement. J.P. Morgan Securities, Merrill Lynch and Wells Fargo Securities acted as joint lead arrangers of the credit facility.
CIT Group announced that it will redeem $500 million of its 7% Series C Senior Unsecured Notes maturing in 2017. Including this redemption, as well as the $1.6 billion redemption of notes it announced in mid-March, CIT will have eliminated or refinanced $24 billion of high cost debt since the beginning of 2010.
Engs Commercial Finance entered into a credit facility arranged by BMO Capital Markets and U.S. Bank. The company also closed a $200 million equity and debt recapitalization to provide long-term growth capital.
AFA Foods announced that, given recent changes in the market for its ground beef products and the impact of media coverage related to Boneless Lean Beef Trimmings, which has commonly become known as pink slime, the company filed for Chapter 11. Current lenders, GE Capital and Bank of America will provide DIP financing.
TeleTech Holdings has increased the total commitments under its existing revolving credit facility to $500 million by exercising the full $150 million accordion feature permitted under the agreement. KeyBank Capital Markets acted as the lead arranger and sole book runner for the facility.
As a major expansion of its financial restructuring, turnaround management and bankruptcy reorganization capabilities, Deloitte announced it has reached an agreement to purchase substantially all of the assets of CRG Partners, a turnaround and restructuring firm.