Purdue Pharma Files Chapter 11 to Settle Litigation

Purdue Pharma has reached an agreement in principle on a framework for settling the U.S. opioid litigation facing the company and will file Chapter 11 to implement it.

Fred’s Taps SB360 As Exclusive Consultant to Conduct Store Closing Sales

Discount value retailer Fred’s has once again tapped SB360 Capital Partners as its exclusive consultant to conduct store closing sales in its 81 remaining locations.

PG&E Files Joint Chapter 11 Plan of Reorganization

PG&E and Pacific Gas and Electric Company today filed a joint Chapter 11 plan of reorganization in the U.S. Bankruptcy Court for the Northern District of California.

Ankura Trust Agents $150MM DIP for Bristow Group

Bristow Group filed a Chapter 11 plan of reorganization and a related disclosure statement with the U.S. Bankruptcy Court for the Southern District of Texas. Ankura Trust is serving as DIP administrative agent for a $150 term loan.

PNC Agents Up to $12MM DIP for AVENUE Stores

AVENUE Stores voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The company is pursuing this course of action to facilitate its transformation into an e-commerce-only platform.

Money Chest Agents $10MM DIP for Loot Crate

Loot Crate’s first day motions were approved on an interim basis by the U.S. Bankruptcy Court. The Court authorized interim approval of the company’s $10 million DIP financing.

WSFS Agents $175MM DIP Facility for Sanchez Energy

Sanchez Energy and certain of its subsidiaries have voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.

Brigade, B. Riley Provide $218MM New Financing for Barneys

Barneys New York has secured approximately $218 million in new financing from Brigade Capital Management and B. Riley Financial to facilitate a going concern sale process.

Barneys Nears Bankruptcy, Looks to Hilco and Gordon Bros for Financing

The Wall Street Journal reported Barneys New York has received approval from senior lenders Wells Fargo and TPG to request junior loans from Hilco and Gordon Brothers as it prepares to file for Chapter 11 protection.

Total Bankruptcy Filings Up 3% Y/Y, 5% from June

Total U.S. bankruptcy filings increased 3% in July 2019 from July 2018, according to data from the American Bankruptcy Institute, provided by Epiq Systems.