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.
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.
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.
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.
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.