Gymboree Declares Bankruptcy, Receives DIP Financing from Goldman Sachs

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.

Wells Fargo Agents $480MM DIP Funding to Support Shopko Restructuring

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.

Houlihan Lackey Advises Waypoint Leasing on Chapter 11 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.

ABI: October Commercial Chapter 11 Filings Increase 75% Y/Y

Commercial chapter 11 filings increased 75% in October 2018 over October of last year, according to data provided by Epiq Systems on behalf of the American Bankruptcy Institute.

Retail Relief: Amend the UCC to End the Filing Requirement to Perfect Consignment Interests

Placing goods on consignment is a common occurrence in retail, but to perfect those goods, consignors are required to file with the UCC and give notice to other secured parties. Many consignors fail to follow this procedure and end up as unsecured creditors if the retailer files for Chapter 11. Stephen Selbst argues it is time to change the law.

August Commercial Chapter 11 Filings Increased 29% Over July

Commercial Chapter 11 filings totaled 426 in August 2017, a 29% increase over July’s total of 331 filings, according to data provided by Epiq Systems, which has partnered with the American Bankruptcy Institute.

June Commercial Chapter 11 Filings Rise 16%, 2017 Down 7% Overall

According to the ABI and Epiq Systems, total commercial Chapter 11 bankruptcies for the month of June 2017 increased 16% but commercial Chapter 11 filings have dropped 7% in 2017 overall.

May Commercial Chapter 11 Bankruptcies Increase 16%

Commercial Chapter 11 filings increased 16% to 498 filings in May 2015 from the 431 commercial Chapter 11 filings registered in May 2014, according to data provided by Epiq Systems.

Chapter 11, Five Cards at a Time: Secured Lenders Hold ‘Em or Bust

To Hahn Loeser & Parks Partner Rocco I. Debitetto, navigating Chapter 11 is like playing a hand of no-limit Texas Hold ‘Em. By understanding the fundamentals of the popular poker variation relying on mathematically and psychologically correct decisions, secured lenders can control the money pot. First move: Take stock of who’s at the table, evaluate their interests and envision their strategy.

ABI Chapter 11 Reform Commission Calls for Modernization

The ABI Commission to Study the Reform of Chapter 11 released its final report containing recommendations for modernizing the Bankruptcy Code for Chapter 11 business reorganizations.