Vertis Holdings achieved the next key milestones in its Chapter 11 case and sale process by obtaining court’s approval of bidding procedures for the sale of the company. The court also issued final orders giving the company access to $150 million in new financing.
GA Keen Realty Advisors has been retained by Jericho Acquisitions I, LLC and Aurora Capital Associates to market the remaining 11 former Daffy’s high-fashion discount stores as part of a bankruptcy lease auction.
The official committee that represents unsecured creditors in Vertis Holdings
An Associated Press article reported that Johnson Controls has dropped out as the DIP lender for A123 Systems due to a legal issue with Wanxiang Group, which is now offering to provide DIP financing to the company.
Hawker Beechcraft has filed an amended restructuring plan after its sale to Superior Aviation Beijing fell through. Creditors, including Centerbridge Partners, Angelo Gordon, Sankaty Advisors, and Capital Research & Management, will take over the business jet manufacturer.
Victory Park Capital announced the approval of its acquisition of the consumer business of the Fuller Brush Company. The U.S. Bankruptcy Court for the Southern District of New York entered an order approving the sale of Fuller Brush’s consumer assets, consumer brands and goodwill to a VPC affiliate.
Salus Capital Partners has provided a $65 million DIP credit facility to HMX Group, a designer, manufacturer, and marketer of men’s and women’s business and leisure apparel. The DIP financing will be used by HMX Group to provide working capital as the company operates under Chapter 11.
GE Capital, Restructuring Finance is administrative agent on a $150 million DIP credit facility for Vertis Holdings, a marketing communications company. The loan will be used for working capital needs as the company continues operations under Chapter 11. GE Capital Markets served as lead arranger.
Tiger Group’s Remarketing Services division, in cooperation with Hackman Capital’s Equipment Acquisition Company, is auctioning a wide range of assets on October 30 from plumbing and pipeline contractor RCR Plumbing and Mechanical, which filed for Chapter 11 last year.
U.S. Bankruptcy Judge Kevin Carey in the U.S. Bankruptcy Court for the District of Delaware has granted interim approval for A123 Systems to borrow $15.5 million in debtor-in-possession financing from Johnson Controls.