The Australian reported a hedge fund bidding war is brewing over bankrupt Quiksilver, pitting Oaktree Capital Management against a rival bondholder group led by Brigade Capital Management.
Bloomberg reported that surfwear chain Quiksilver filed for bankruptcy after working out a deal with Oaktree Capital Management. Oaktree was said to be providing $175 million in DIP financing.
Molycorp said it has received approval from the bankruptcy court on $22 million in interim DIP financing provided by an affiliate of Oaktree Capital Management.
Molycorp reportedly is considering a proposal from senior creditors that would swap at least some of their bonds for equity to manage $1.6 billion of
Danish shipping firm Torm reportedly said a financial restructuring plan was tabled by more than half of its lenders and Oaktree Capital Management.
Reichhold replaced its North American revolver with a new $70 million delayed-draw term facility provided by funds managed by Oaktree Capital Management. Bank of America will continue as agent for the lenders.
Furniture Brands filed Chapter 11 and announced it entered into an asset purchase agreement with Oaktree Capital, which will provide $140 million of DIP financing. A GE Capital led lender group is owed $91 million under a prepetition ABL revolver.
Harvest Partners completed the acquisition of the AxelaCare from Excellere Partners. Senior debt was arranged by GE Capital, Ares Capital and BMO Capital Markets. Oaktree Capital Management and Northwestern Mutual Capital provided mezzanine debt financing.