Exide Technologies filed a voluntary petition for reorganization. A JPMorgan-led syndicate provided $500 million in DIP financing, replacing Exide’s previous ABL with Wells Fargo Capital Finance.
The U.S. Bankruptcy Court in Delaware approved the sale of Ormet to Smelter Acquisition, a portfolio company owned by private investment funds managed by Wayzata Investment Partners.
AlixPartners said its recent survey found that levels of corporate stress are rising across a number of countries and industries, which could be driving factors behind the region’s turnarounds and restructurings.
Revel AC announced that it successfully completed its financial restructuring and emerged from Chapter 11. Its restructuring plan reduced the casino’s debt by 82%.
Cadwalader, Wickersham & Taft announced that Gregory M. Petrick, head of the firm’s European and Asia restructuring practice and Mark C. Ellenberg, partner in the restructuring practice, have been named co-chairs of Cadwalader’s financial restructuring department.
Revel AC announced that it received final bankruptcy court approval for its $250 million DIP financing to help support and maintain its day-to-day operations throughout its restructuring.
Revel AC said it has filed its voluntary prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey to facilitate its previously announced financial restructuring.