North American glass recycling company Strategic Materials filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. The company also secured new money commitments of $23 million for a debtor-in-possession financing facility.
Bright Health Group, a healthcare company, entered into a credit facility with an investment partnership of New Enterprise Associates with $60 million of credit capacity on Aug. 4, 2023.
Tupperware Brands finalized an agreement with its lenders to restructure its existing debt obligations, improving the company’s overall financial position by amending certain credit obligations and extending the maturity of certain debt facilities to allow it to continue with its turnaround efforts.
H.I.G. Capital, a global alternative investment firm with $57 billion of capital under management, completed the sale of its portfolio company Riveron to affiliates of Kohlberg & Company. H.I.G. will continue its partnership with Riveron through a minority investment. The sale was first announced in June.
Riveron, a national business advisory firm focused on the office of the CFO, private equity and other capital providers, entered into a definitive agreement to be acquired by affiliates of Kohlberg & Company. H.I.G. Capital will continue its partnership with Riveron through a minority investment.
BlackRock and Kreos Capital entered into a definitive agreement under which BlackRock will acquire full control of Kreos, which is a provider of growth and venture debt financing to companies in the technology and healthcare industries.
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.
The U.S. Bankruptcy Court for the Southern District of Texas granted final approval of Sorrento Therapeutics’ $75 million debtor-in-possession financing from JMB Capital Partners in connection with Sorrento’s Chapter 11 bankruptcy filing in February.
Obra Capital, a portfolio company of RedBird Capital Partners and Reverence Capital Partners, completed a super priority secured debtor-in-possession credit and security agreement for GWG Holdings, a financial services firm based in Dallas.
TPC Group, a provider of products to chemical and petroleum-based companies, voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.