Wells Fargo provided an ABL facility and Pathlight Capital provided a FILO facility for a total of $1.5 billion in financing for JCPenney after the company sold its retail and operating assets to Simon Property Group and Brookfield Asset Management to exit Chapter 11.
JCPenney entered into an asset purchase agreement with Brookfield Asset Management, Simon Property Group and a majority of the company’s DIP and first lien lenders.
Makinson Cowell, an advisor on capital markets and investor relations matters, will join financial advisory and asset management firm Lazard, beginning Dec. 1, 2020. Makinson Cowell will work as a separate team.
Libbey, a glass tableware manufacturer, secured exit financing consisting of a $150 million term loan and a $100 million asset-based lending facility and expects to emerge from Chapter 11 with under $200 million of funded debt.
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.
Neiman Marcus emerged from voluntary Chapter 11 protection. The company’s new owners, including PIMCO, Davidson Kempner Capital Management and Sixth Street, are funding a $750 million exit financing package.
Pyxus completed its financial restructuring, which includes a $213 million exit term loan and a $75 million exit asset based revolving facility. Glendon Capital Management and Monarch Alternative Capital are leading the investment in Pyxus’ exit term loan facility.
SCM Topco, parent of Salt Creek Midstream, closed on a recapitalization with additional investments from both its existing lender groups and funds managed by Ares Management.
The U.S. Bankruptcy Court for the District of Delaware approved the first day motions related to 24 Hour Fitness’ voluntary Chapter 11 filing, including access to $250 million in debtor-in-possession financing.
The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division approved Neiman Marcus Group to access debtor-in-possession financing, including the immediate availability of $250 million and an additional $150 million as needed after Sept. 4, 2020.