US Bankruptcy Court approves LATAM’s Reorganization Plan

The U.S. Bankruptcy Court for the Southern District of New York approved a plan of reorganization filed by LATAM Airlines Group and its subsidiaries in the context of its Chapter 11 reorganization proceeding.

June 20, 2022 Chapter 11 | LATAM Airlines Group | LATAM Plan | Roberto Alvo | U.S. Bankruptcy Court for the Southern District of New York Phil Neuffer

Do Subchapter V Bankruptcy Proceedings Herald a Resurgence of the 1111(b) Election?

Steven D. Jerome and Emily Gildar Wagner provide a deep dive on the tools secured creditors have at their disposal in Subchapter V bankruptcy filings, specifically outlining considerations around the 1111(b) election.

January 26, 2022 bankruptcy | Chapter 11 | Chapter 11 bankruptcy | Emily Gildar Wagner | Steven D. Jerome | Subchapter V Phil Neuffer

Centerbridge, Warburg Pincus, Dundon Capital Support Hertz Chapter 11 Exit

Hertz Global Holdings selected an enhanced proposal from Centerbridge Partners, Warburg Pincus and Dundon Capital Partners to provide the equity capital required to fund its exit from Chapter 11, keeping the company on track to conclude its Chapter 11 case in June 2021.

April 5, 2021 Centerbridge Partners | Chapter 11 | Dundon Capital Partners | equity capital | Hertz Global Holdings | Warburg Pincus Ian Koplin

eCapital Supplies $1.5MM DIP Factoring Facility to LED Lighting Company

eCapital Commercial Finance, a division of eCapital, provided a $1.5 million debtor-in-possession factoring facility to an industrial LED lighting company in Chapter 11 bankruptcy.

January 19, 2021 bankruptcy | Chapter 11 | Dave Ciccolo | Debtor in Possession Financing | eCapital | eCapital Commercial Finance | Factoring Phil Neuffer

Overall Bankruptcy Filings Hit Lowest Mark in 35 Years in 2020 Despite Rise in Chapter 11s

According to Epiq, 2020 had the lowest number of bankruptcy filings in the U.S. since 1968, with a total of 529,068 filings across all chapters. However, Chapter 11 filings continued to grow year-over-year, rising 29% to 7,128 new filings in 2020 compared with 5,518 in 2019.

January 6, 2021 bankruptcy | Chapter 11 | Chris Kruse | Deirdre O’Connor | Epiq Phil Neuffer

MiddleGround Subsidiary to Purchase Shiloh Industries Assets in Chapter 11 Reorganization

Grouper Holdings, a subsidiary of MiddleGround Capital, entered into a stalking horse stock and asset purchase agreement with Shiloh Industries to acquire substantially all of the company’s assets. Shiloh’s lenders committed to provide a $123.5 million DIP facility.

August 31, 2020 Chapter 11 | DIP Facility | Grouper Holdings | MiddleGround Capital | Shiloh Industries | U.S. Bankruptcy Court for the District of Delaware Phil Neuffer

Valaris Files for Chapter 11; Lenders Commit to $500MM DIP

Valaris filed a voluntary petition for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. In connection with the filing, certain Valaris lenders committed to provide $500 million in debtor-in-possession financing.

August 20, 2020 Chapter 11 | DIP | Tom Burke | Valaris Rita Garwood

Chaparral Energy Files for Chapter 11, Enters $300MM Exit Facility

Chaparral Energy entered into a restructuring support agreement with certain of its funded debtholders, which includes a $300 million exit revolving credit facility. The company commenced soliciting votes to approve the prepackaged plan.

August 17, 2020 Chaparral Energy | Chapter 11 | restructuring agreement | U.S. Bankruptcy Court for the District of Delaware Phil Neuffer

Franchise Group to Provide $25MM DIP to Tuesday Morning

Franchise Group is providing Tuesday Morning with a $25 million debtor-in-possession loan as part of its bankruptcy proceedings.

July 13, 2020 Chapter 11 | Franchise Group | Tuesday Morning Phil Neuffer

Expected Increase in Restructuring Activity Causes Pivot to Distressed M&A

According to data from Datasite and Debtwire, 71% of U.S. dealmakers, 70% of deal markers in Europe, the Middle East and Africa, and 61% of dealmakers in the Asia Pacific region expect to see more restructuring activity in the next 12 to 24 months.

May 21, 2020 Chapter 11 | Datasite | Debtwire | M&A | Restructuring Phil Neuffer