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.
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.
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.
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.
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.
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.