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.
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.
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.
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.
Just because a company files for bankruptcy doesn’t mean they can’t be a source of new business. Scott Greer, Matthew Warren and Jacob Jumbeck of King & Spalding explain what lenders should focus on when determining how to proceed with such debtors, using McDermott International’s recent Chapter 11 filing as an example.
The American Bankruptcy Institute reported total commercial Chapter 11 filings in January 2020 increased 72% over the same period last year, according to data provided by Epiq Systems.
Children’s specialty retailer Gymboree filed for Chapter 11 and entered an asset purchase agreement with Special Situations Investing Group. Goldman Sachs Specialty Lending and SSIG agreed to provide $30 million in DIP financing to support proceedings.
Regional general merchandise retailer Shopko filed voluntary petitions for a court-supervised financial restructuring under Chapter 11. Wells Fargo acted as administrative agent on $80 million in DIP funding to support the process.
Waypoint Leasing Holdings and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11. Houlihan Lackey is acting as investment banker for the company during the bankruptcy process.