Phoenix Advises New England Motor Freight on Chapter 11 Process

New England Motor Freight voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey in Newark. Phoenix Management Services will serve as the company’s restructuring advisor through the bankruptcy process.

Barclays Agents $1.9B DIP Facility to Support Ditech Chapter 11 Process

Mortgage loan originator and servicer Ditech entered into a restructuring support agreement with certain lenders holding more than 75% of the company’s term loans. To facilitate the RSA, Ditech filed voluntary petitions for reorganization under Chapter 11.

Citizens Provides $35MM New Financing for FULLBEAUTY Chapter 11 Exit

Plus-size beauty brand FULLBEAUTY Brands successfully emerged from its Chapter 11 restructuring with approximately $35 million in new financing after eliminating approximately $900 million of debt. The ABL loan was provided by Citizens Bank.

Sears Stores Receive Last-Minute Save by Bankruptcy Court

According to the Associated Press, U.S. Bankruptcy Judge Robert Drain approved the $5.2 billion plan proposed by Sears chairman Eddie Lampert to save 425 stores and 45,000 jobs under the iconic brand.

ABI: January Chapter 11 Filings Decline Slightly Y/Y

According to the American Bankruptcy Institute from data provided by Epiq Systems, commercial Chapter 11 filings declined slightly in January, with 365 total commercial Chapter 11 filings down from January 2018’s total of 366.

KBRA: PG&E Likely to Request PPA Rejection from Bankruptcy Court

Credit rating agency KBRA released a project finance report exploring how the bankruptcy of Pacific Gas & Electric will affect project financings and power purchase agreements.

BofA to Agent $50MM DIP Funding for Fashion Brand Charlotte Russe

Women’s fashion brand Charlotte Russe voluntarily filed for relief under Chapter 11 of the Bankruptcy Code. Bank of America will serve as agent on $50 million in DIP financing for the company.

AlixPartners MD Tapped as Restructuring Chief in PG&E Bankruptcy

Turnaround specialist James Mesterharm, a managing director at AlixPartners, has been tapped to lead restructuring efforts during PG&E’s soon-to-be-filed bankruptcy, according to sources talking Reuters.

ABI: Means Testing for Veterans’ Benefits Causes Trouble in Bankruptcy

In a recent interview for the American Bankruptcy Instiute’s latest podcast, Jay Bender, Kristina M. Stanger and John H. Thompson discussed the unfortunate disparity in the Bankruptcy Code’s treatment for disabled veterans who seek Chapter 7 relief.

BofA, Others to Provide $5.5MM DIP Facilities to PG&E

Bank of America, JPMorgan Chase Bank, Barclays Bank and Citigroup Global Markets signed a commitment letter to provide $5.5 billion in senior secured super-priority DIP credit facilities to support PG&E through its bankruptcy process.