Akin Gump Strauss Hauer & Feld Archives

Avaya Holdings Enters into Restructuring Support Agreement with Secured Lenders

Avaya Holdings, a provider of solutions to enhance and simplify communications and collaboration, entered into a restructuring support agreement with overwhelming support of more than 90% of the company’s secured lenders.

Carestream Health Enters Recapitalization Process with Lenders

Carestream Health is taking the planned next step to implement the recapitalization process with its lenders by voluntarily filing for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

Monarch Alternative Capital Provides $500MM Secured Financing to Dhanani Group

Dhanani Group closed financing totaling $500 million. Monarch Alternative Capital and its partners led the five-year secured bank loan facility.

Glass Mountain Enters Restructuring Support Agreement

Glass Mountain Pipeline Holdings, with the support of its equity sponsor, GEPIF Glass Mountain Pipeline, and lenders holding 66.97% of the company’s revolving and term loans, entered into a restructuring support agreement that provides for the elimination of more than $230 million in debt.

GGT Communications Enters into Restructuring Support Agreement

GTT Communications entered into a restructuring support agreement with key stakeholders, including holders of a majority of its secured and unsecured debt and I Squared Capital, to implement a restructuring of the company’s remaining balance sheet.

Tree Line and Bridge Bank Support Bessemer Investors’ Acquisition of Stake in Legacy Restoration

Bessemer Investors, a New York-based investment firm, acquired a stake in Legacy Restoration, a provider of exterior restoration and remodeling services. Tree Line Capital Partners and Bridge Bank, a division of Western Alliance Bank, provided debt financing for the transaction.

Valaris Receives $520MM Capital Injection, Court Approval of Plan of Reorganization

Valaris received approval from the United States Bankruptcy Court for the Southern District of Texas of its prearranged plan of reorganization. Valaris also will receive a $520 million capital injection through the issuance of a $550 million secured note.

Morgan Stanley Leads Debt Financing to Support E.W. Scripps’ Buy of ION Media

Morgan Stanley Senior Funding led debt financing to support the close of E.W. Scripps Company’s acquisition of ION Media Networks. In addition, BofA Securities, Truist Securities, J.P. Morgan and Wells Fargo acted as joint book runners on the debt financing.

AlixPartners Serves as Restructuring Advisor in Pacific Drilling’s Chapter 11

Pacific Drilling and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11. Greenhill & Co. is acting as financial advisor, Latham & Watkins and Jones Walker are acting as legal counsel and AlixPartners is acting as restructuring advisor.

Valaris Executes $500 Million DIP Term Loan Credit Agreement

Valaris entered into a $500 million Debtor-in-Possession term loan agreement with certain of its noteholders.

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