Bankruptcy Updates Archives

Progrexion Files for Chapter 11 Protection

Progrexion and certain of its wholly-owned subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

June 6, 2023 Chad Wallace | Progrexion Ian Koplin

Commercial Chapter 11 Filings Increased 105% in May

According to Epiq Bankruptcy, commercial Chapter 11 filings increased 105% in May 2023 to 680 versus the 332 filings in May 2022. Nearly half of the Chapter 11 filings were made by corporate subsidiaries.

June 5, 2023 American Bankruptcy Institute | Amy Quackenboss | Epiq Bankruptcy | Gregg Morin Ian Koplin

Cyxtera Initiates Pre-Arranged Chapter 11 Process

Cyxtera, a provider of data center colocation and interconnection services, initiated a pre-arranged court-supervised process under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey.

June 5, 2023 AlixPartners | Cyxtera | Guggenheim Securities | Kirkland & Ellis | Nelson Fonseca Ian Koplin

Incora Files for Chapter 11 Bankruptcy

Incora, a global provider of supply chain management solutions, filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.

June 2, 2023 Alvarez & Marsal | David Coleal | Incora | Milbank | PJT Partners Ian Koplin

Diebold Nixdorf Enters Debt Restructuring Support Agreement with Creditors

Diebold Nixdorf, a banking technology service provider, entered into a restructuring support agreement with certain of its financial stakeholders, including creditors who hold a majority of its secured term loan debt, to effectuate a debt restructuring transaction.

May 30, 2023 Diebold Nixdorf | Octavio Marquez Ian Koplin

Anaergia Subsidiary Files Chapter 11 Bankruptcy, Seeks DIP Financing

Rialto Bioenergy Facility, a subsidiary of Anaergia, initiated voluntary Chapter 11 restructuring proceedings in the U.S. Bankruptcy Court for the Southern District of California. Rialto Bioenergy Facility intends to enter into a debtor-in-possession financing facility with a lender.

May 26, 2023 Anaergia | Anaergia Services | Rialto Bioenergy Facility | Yaniv Scherson Ian Koplin

QualTek Files Chapter 11, Enters RSA to Reduce Debt by $307MM

QualTek Services, an infrastructure services provider, announced a restructuring transaction that will reduce the company’s debt by approximately $307 million and provides $40 million of additional liquidity.

LM Funding America Expects Approval for Stalking Horse Bid to Purchase Symbiont.io Assets

LM Funding America, a cryptocurrency mining and technology-based specialty finance company, reported its $2.6 million stalking horse bid to purchase the assets of Symbiont.io, which is currently in Chapter 11 bankruptcy proceedings, is unopposed and expected to be approved by the bankruptcy court.

May 24, 2023 Bruce M. Rodgers | LM Funding America | Symbiont.io Ian Koplin

Enghouse Systems Enters into Asset Purchase Agreement with Lifesize

Lifesize, a provider of video conferencing and omnichannel contact center solutions, entered into an asset purchase agreement (APA) with Enghouse Systems, a vertical enterprise software solutions company. To effectuate the sale, the company filed for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas, Laredo Division.

Vice Media Enters Chapter 11, Agrees to Asset Purchase Agreement with Lenders

Vice Media Group agreed to the terms of an asset purchase agreement with a consortium of its lenders, including Fortress Investment Group, Soros Fund Management and Monroe Capital, and entered Chapter 11 bankruptcy in the Southern District of New York.

Category: Bankruptcy Updates