Joseph Marchese, a partner at PKF Clear Thinking, was appointed chief restructuring officer of footwear brand The Rockport Company, which commenced voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware.
Galaxy Universal, a portfolio company of Gainline Capital Partners, agreed to acquire the And1, Avia, Gaiam and SPRI brands from Sequential Brands Group for approximately $330 million. KKR led the debt financing for the acquisition and will participate as a co-investor.
Sequential Brands Group, together with its wholly-owned subsidiaries, commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. In connection with this process, Sequential will be obtaining $150 million in debtor-in-possession financing from its existing lenders.
Sundance Energy filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Sundance Energy also secured commitments from certain of its term loan lenders for at least $45 million in DIP financing.
J.P. Morgan, Wells Fargo and Bank of America provided a $110 million asset-backed lending facility to Tuesday Morning in the company’s emergence from its Chapter 11 filing.
BRF Finance, an affiliate of B. Riley Financial, committed to provide Tuesday Morning with $25 million of debtor-in-possession financing as required by the company’s current $100 million DIP agreement with its existing lender group.
AlixPartners is serving as restructuring advisor and Miller Buckfire is serving as financial advisor to Tuesday Morning, which filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code.
Stifel Financial hired two managing directors in its investment banking division. Alex Rohan joined Miller Buckfire, Stifel’s restructuring unit, and Greg Urban joined the Stifel Diversified Industrials Group, with a specific focus on the automotive sector.
Bank of America will provide debtor-in-possession financing to fund the restructuring process of Techniplas, which filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.
The New York Times reported that the tribe that owns the Foxwoods Resort Casino said it was seeking to restructure its debt due to slumping revenue, although legal hurdles may complicate reorganization.