Commercial Chapter 11 Filings Increase 5% In H1/19

Total commercial Chapter 11 filings during the first six months of the year increased 5% to 2,854 from the 2,716 total filings during the same period in 2018. Total commercial filings also increased slightly to 19,531.

Citibank Agents $1.5B DIP for Weatherford

Weatherford International received approval from the U.S. Bankruptcy Court for the Southern District of Texas for access to up to $1.5 billion of DIP financing.

Clearwater Provides $20MM DIP to Blackjewel

Blackjewel has petitioned for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of West Virginia.

RBC Leads $325MM Exit Financing for EXCO Resources

EXCO Resources has successfully completed its financial restructuring and emerged from Chapter 11.

Wells Fargo Agents Up to $100MM DIP for Legacy Reserves

Legacy Reserves has executed a global restructuring support agreement with its lenders. Wells Fargo is serving as administrative agent for up to $100 million in DIP financing.

BofA Agents $94.5MM DIP for FTD

FTD and all of its domestic subsidiaries have filed voluntary petitions commencing cases under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware to facilitate the company’s restructuring.

TD Securities Leads $225MM Facility for Jones Energy

Jones Energy is emerging from Chapter 11 bankruptcy with a prepackaged plan supported by a $225 million reserve-based credit facility led by TD Securities.

Wells Fargo Leads $90MM DIP ABL Facility for Hollander Sleep Products

Hollander Sleep Products filed voluntary petitions to restructure under Chapter 11. Wells Fargo is leading a $90 million DIP ABL facility to support the company through its restructuring process.

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.