Akin Gump Strauss Hauer & Feld Archives - Page 2 of 2

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.

Ares Commits Additional Capital as Part of Salt Creek Recapitalization

SCM Topco, parent of Salt Creek Midstream, closed on a recapitalization with additional investments from both its existing lender groups and funds managed by Ares Management.

Chesapeake Energy Files Chapter 11, Secures $925MM DIP Financing Commitment

Alvarez & Marsal is serving as restructuring advisor to Chesapeake Energy, which voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas.

AlixPartners Supports Constellis Recapitalization

AlixPartners provided a managing director to serve as chief restructuring officer and served as restructuring and operations advisor to Constellis, which completed a debt de-levering and recapitalization transaction with consent from 100% of its term loan and revolving lenders.

Foresight Energy Files Chapter 11 Bankruptcy to Access $100MM in New Financing

Foresight Energy and all of its subsidiaries entered into a restructuring support agreement with ad hoc lender groups holding more than 73% of the approximately $1.4 billion in claims under each of Foresight Energy’s first lien credit agreement and second lien notes.

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.

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