KeyBank Provides DIP Financing to Support EdgeMarc 363 Sale

EdgeMarc Energy Holdings and its subsidiaries commenced voluntary Chapter 11 proceedings. KeyBank will provide $108 million in DIP financing to support the company’s Section 363 sales process.

Cloud Peak Files for Chapter 11, Ankura to Agent DIP Financing

Coal company Cloud Peak Energy filed voluntary petitions under Chapter 11. Ankura Trust will serve as both administrative and collateral agent on DIP facilities to support the company through the bankruptcy process.

Citigroup to Lead DIP Revolver to Support Weatherford Restructuring

Weatherford International has executed a restructuring support agreement with a group of its senior noteholders. The agreement anticipates $1.75 billion in DIP financing, which would include a revolver led by Citigroup.

Cortland Agents $100MM DIP Facility for Sungard AS

Sungard Availability Services successfully emerged from its “prepackaged” Chapter 11 restructuring. Cortland Capital Market Services agented on a DIP facility in the aggregate amount of $100 million to support the company’s restructuring.

iHeartMedia Successfully Completes Restructuring

iHeartMedia emerged from Chapter 11 and completed its restructuring process, significantly reducing debt from $16.1 billion to $5.75 billion.

Sears Restructuring Team Sues Lampert

Reuters reported the restructuring team winding up the Sears bankruptcy estate filed suit against former chair Eddie Lampbert, claiming his hedge fund illegally drew billions of dollars from the company before it entered Chapter 11.

Barclays Agents Up to $155MM DIP for CTI Foods

The U.S. Bankruptcy Court for the District of Delaware has confirmed CTI Foods’ plan of reorganization. Barclays Bank and Wells Fargo are providing an $80 million ABL revolver and a $75 million term loan to support the restructuring.

SB360 Capital Partners Conducts Store Closing Sales for Fred’s

SB360 Capital Partners has been retained as the exclusive consultant to conduct “store closing” sales and other clearance events for Memphis-based Fred’s.

Bankruptcy Filings Down, Commercial Chapter 11 Filings Decrease

Total bankruptcy filings for the month of March 2019 decreased 3 percent from this time last year, according to data provided by Epiq Systems.

Citibank Funds $130MM DIP Facility for Vanguard Natural Resources

Vanguard Natural Resources has voluntarily filed petitions for relief under Chapter 11. Citibank underwrote a $130 DIP facility to support the company through the bankruptcy process.