CTI Foods Obtains Interim Approval for $142.5MM in DIP Financing

Custom foodservice manufacturer CTI Foods has been granted interim approval to access up to $142.5 million of its $155 million in DIP financing provided by Barclay’s Bank and Wells Fargo.

Alvarez & Marsal Advise Parker Drilling on Reorganization Plan

The U.S. Bankruptcy Court confirmed the amended joint Chapter 11 plan of reorganization of Parker Drilling and its debtor affiliates. Alvarez & Marsal will serve as the company’s financial advisor during the bankruptcy process.

Barclay’s, Wells Fargo to Provide $155MM DIP Financing to CTI Foods

CTI Foods filed for voluntary petitions under Chapter 11 in order to implement its financial restructuring plan. Barclays Bank and Wells Fargo will provide the company with $155 million in DIP financing to support it through the restructuring.

KeyBank Provides $28MM DIP Financing to Support Z Gallerie

Home décor retailer Z Gallerie filed voluntary petitions to restructure under Chapter 11. The company’s existing secured lender, KeyBank, will provide it with a $28MM DIP facility to support it through the bankruptcy process.

SB360 Conducts Liquidation Sales at all Remaining Charlotte Russe Stores

After 44 years, fast-fashion retailer Charlotte Russe is going out of business and closing all of the company’s remaining 416 store locations. A U.S. Bankruptcy Court approved an order naming SB360 Capital Partners as agent for the liquidation.

Marble Ridge Demands Return of MyTheresa Assets from Troubled Retailer Neiman Marcus

Debt investment firm Marble Ridge Capital sent a letter to the Neiman Marcus board of directors in light of the credit default swap market indicating a greater than 80% probability of default.

Alvarez & Marsal Advises on Westmoreland Chapter 11 Plan

The United States Bankruptcy Court for the Southern District of Texas, Houston Division approved the going-concern sale of Westmoreland Coal’s assets pursuant to its Chapter 11 plan.

WSFS Bank to Agent $25MM in DIP Financing for Payless

The Payless Board of Directors authorized the company to seek court approval of up to $25 million in debtor-in-possession financing. WSFS Bank will act as administrative agent and collateral agent on the financing.

Great American, Tiger Capital Manage Payless Liquidation Sales

Great American Group, in a joint venture with Tiger Capital Group, will operate the store closing sales at all Payless ShoeSource locations in the United States and Puerto Rico.

Gordon Bros, Hilco Serve as Stalking Horses in Charlotte Russe Sale

Charlotte Russe Holdings and its subsidiaries entered discussions with prospective bidders for a going-concern sale of the company to continue its brick-and-mortar and online platforms.