Barclays, Credit Agricole Support McDermott Restructuring

McDermott International has received support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the company’s funded debt, eliminating more than $4.6 billion of debt.

Krystal Restaurant Chain Files Chapter 11

The Chattanooga Times Free Press reported that Krystal Hamburger, the nation’s second oldest fast food chain, has filed Chapter 11 for the second time in 23 years.

BMO Provides $5.7MM DIP Financing for Morris Group

The Court of Queen’s Bench for Saskatchewan granted an order extending their stay of proceedings for the Morris Group under the companies’ Creditors Arrangement Act (CCAA) to March 27, 2020.

Total 2019 Bankruptcy Filings Show First Y/Y Increase in Eight Years

After declining for eight consecutive years, total bankruptcy filings during calendar year 2019 increased 0.28% from 2018, reported ABI, according to data provided by Epiq Systems.

Acosta Completes Recap and Emerges from Chapter 11

Acosta has successfully completed its financial reorganization and recapitalization and emerged from Chapter 11 less than a month after filing.

HPS Investment Agents $100MM Exit Facility for Emerge Energy

Emerge Energy entered into a senior secured asset-based revolving credit and security agreement of up to $100 million with HPS Investment Partners as administrative agent and collateral agent.

Melinta Files Chapter 11, Cortland to Serve as Prepetition Agent

Melinta Therapeutics entered into a restructuring support agreement with the lenders under its senior credit facility, Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV.

Toms Shoes Gets New Owners in Out-of-Court Debt Restructuring

The Wall Street Journal reported that Toms Shoes, the company that donates a pair of shoes to a poor child for each pair it sells, is handing ownership to creditors in an out-of-court recapitalization.

November Chapter 11 Filings Down 32% Y/Y

The American Bankruptcy Institutes reported commercial Chapter 11 filings decreased 32% in November 2019 over November of last year, according to data provided by Epiq Systems.

Quackenboss Selected as ABI Executive Director

The executive committee of the American Bankruptcy Institute’s (ABI) board of directors has selected ABI Deputy Executive Director Amy Alcoke Quackenboss to succeed Samuel J. Gerdano as ABI Executive Director.