Consumer goods company Thrasio entered into a restructuring support agreement with approximately 81% of its revolving credit facility lenders and approximately 88% of its term loan lenders that will eliminate approximately $495 million of the company’s existing debt.
Ebix reached a “stalking horse” agreement to sell its North American Life and Annuity assets to Zinnia, an Eldridge business and life insurance and annuity technology and service company, as part of its efforts to strengthen its balance sheet and position the company for sustainable growth.
Cyxtera, a data center colocation, interconnection services and digital infrastructure company, entered into an asset purchase agreement under which Brookfield Infrastructure Partners and its institutional partners will acquire substantially all of Cyxtera’s assets for $775 million.
Businesses of all sizes have faced mounting pressure this year, whether due to tightened lending standards or continually increasing interest rates. Representatives from several turnaround management firms spoke with ABF Journal to explore the factors driving restructuring activity in 2023 and beyond.
Shift Technologies, a consumer-centric omnichannel retailer for buying and selling used cars, and its subsidiaries intend to file a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court to implement an orderly wind down of its business.
AlixPartners welcomed Paolo Rinaldi as its new partner and managing director in the firm’s Italian turnaround and restructuring practice.
Instant Brands, a houseware and appliance manufacturer with brands like Pyrex and Instant Pot, received a commitment for an additional $30 million in new term loan financing from its existing lenders, increasing the amount of the company’s term loan credit facility to $162.5 million.
AlixPartners released the findings of its 18th annual Turnaround and Transformation Survey, which revealed that the world’s turnaround executives expect a prolonged and intensifying period of restructuring on the horizon.
Instant Brands filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Additionally, the company appointed Adam Hollerbach, partner and managing director at AlixPartners, chief restructuring officer.
Cyxtera, a provider of data center colocation and interconnection services, initiated a pre-arranged court-supervised process under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey.