Kirkland & Ellis Archives - Page 2 of 15

QualTek Files Chapter 11, Enters RSA to Reduce Debt by $307MM

QualTek Services, an infrastructure services provider, announced a restructuring transaction that will reduce the company’s debt by approximately $307 million and provides $40 million of additional liquidity.

TEAM Refinances Capital Structure with Corre Management Partners and Eclipse Business Capital

TEAM, a provider of specialty industrial services, secured committed financing from Corre Management Partners and Eclipse Business Capital, with Corre providing a $57.5 million senior secured first lien term loan and Eclipse providing a $27.4 million term loan.

Fortress Management and Mubadala to Acquire Fortress Investment Group

Fortress Investment Group and Mubadala Investment Company, through its wholly-owned asset management subsidiary, Mubadala Capital, entered into definitive agreements to acquire 90.01% of the equity of Fortress that is currently held by SoftBank Group, who have been the owners of Fortress since 2017.

Ares, Amwins and Flexpoint Ford Provide $250MM Equity Financing for SageSure

SageSure, an independent managing general underwriter focused on providing catastrophe-exposed property insurance, closed a $250 million equity investment led by Amwins and Flexpoint Ford, with participation from Ares Management.

Venator Materials Enters Prepackaged Chapter 11 Proceedings

Venator Materials, a global manufacturer and marketer of chemical products, reached an agreement with the overwhelming majority of its lenders and noteholders on the terms of a comprehensive recapitalization plan.

Envision Healthcare Reaches Comprehensive Restructuring Agreement with Lenders

Envision Healthcare filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Envision also entered into a restructuring support agreement with its key stakeholders supported by more than 60% of the company’s approximately $7.7 billion in debt obligations.

Sixth Street Delivers $240MM in DIP Financing to Support Bed Bath & Beyond’s Chapter 11 Filing

Bed Bath & Beyond filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey. Sixth Street Specialty Lending is providing $240 million in debtor-in-possession financing to facilitate the process.

David’s Bridal Files for Chapter 11

David’s Bridal and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey.

Jefferies Completes Refinancing of Term Loan and Subordinated Term Loan Facilities with J.Jill

J.Jill completed the refinancing of its previously outstanding priming term loan and subordinated term loan facilities using the proceeds from the new term loan and cash on hand.

April 6, 2023 J. Jill | Kirkland & Ellis | Latham & Watkins | Mark Webb Ian Koplin

QualTek Services Appoints Turner of Alvarez & Marsal as Chief Restructuring Officer

QualTek Services closed a money incremental term loan providing $55 million in immediately available funds under its existing term loan credit agreement. The company appointed Cari Turner of Alvarez & Marsal as chief restructuring officer to support QualTek’s management team and the board of directors.

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