Hertz secured commitments for debtor-in-possession financing totaling $1.65 billion. Moelis & Co. is serving as investment banker, while FTI Consulting is serving as Hertz’s financial advisor and White & Case is serving as legal advisor.
TNT Crane & Rigging and certain of its affiliates emerged from Chapter 11 bankruptcy protection. The company emerged from its restructuring as a private company with a new ownership group, recapitalized with a new $225 million term loan.
24 Hour Fitness entered into a restructuring support agreement with lenders holding approximately 73% of the company’s secured debt and approximately 65% of the company’s senior unsecured notes. The restructuring will reduce $1.2 billion dollars of funded debt.
Daniel Williams and Barry Monheit joined Simon Consulting as senior managing directors. Williams previously held positions at RSM, Deloitte and Arthur Andersen, while Monheit is the co-founder and former president of the financial division of FTI Consulting.
FTI Consulting added Rick Arrowsmith as senior managing director in the corporate finance and restructuring segment, specializing in turnaround and restructuring advisory, with a focus on sub-acute care, senior living, laboratory companies, medical equipment and life sciences.
CEC Entertainment, the owner/operator of Chuck E. Cheese and Peter Piper Pizza, entered into a plan support agreement with consenting creditors and received a commitment for $200 million in debtor-in-possession financing from certain of its first lien lenders.
The United States Bankruptcy Court for the Southern District of Texas confirmed EP Energy’s amended plan of reorganization. FTI Consulting is serving as restructuring advisor and Evercore is serving as financial advisor to EP Energy.
FTI Consulting continued investment in its aviation offering with the launch of a dedicated global industry practice and the appointment of two senior managing directors and four managing directors.
FTI Consulting appointed Rupesh Shah and Aaron Terry managing directors within the corporate finance and restructuring segment, adding further restructuring, business transformation and transactions expertise to the firm’s energy, power and products practice.
FTI Consulting appointed Kevin Barrentine a senior managing director. Previously, Barrentine was a senior managing director at Conway MacKenzie and a managing director in the restructuring practice at Deloitte.