PJT Partners Archives

WeWork Enters into Restructuring Support Agreement, Files for Chapter 11 Bankruptcy

Flexible workspace provider WeWork commenced a comprehensive reorganization to strengthen its capital structure and financial performance. As part of the reorganization plan, WeWork and certain of its entities filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

Rithm Capital Acquires Sculptor Capital Management for Approximately $639MM

Rithm Capital and Sculptor Capital Management entered into a definitive agreement under which Rithm will acquire Sculptor in a transaction valued at approximately $639 million, which includes $11.15 per Class A share of Sculptor.

Incora Files for Chapter 11 Bankruptcy

Incora, a global provider of supply chain management solutions, filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.

June 2, 2023 Alvarez & Marsal | David Coleal | Incora | Milbank | PJT Partners Ian Koplin

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.

Revlon Announces Confirmation of Plan of Reorganization

The U.S. Bankruptcy Court for the Southern District of New York has confirmed Revlon’s plan of reorganization. The plan positions Revlon to emerge from bankruptcy in late April, consistent with the timeline announced at the beginning of the restructuring.

April 5, 2023 Alvarez & Marsal | Debra Perelman | Paul Weiss Rifkind Wharton & Garrison | PJT Partners | Revlon Ian Koplin

Starry Files Voluntary Chapter 11, Backed by RSA with Lenders

Starry Group Holdings and subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and have entered into a restructuring support agreement with lenders holding the company’s debt.

Core Scientific Files Chapter 11, Receives $56MM DIP Facility Commitment

Core Scientific, a blockchain computing data center provider, will enter into a restructuring support agreement with an ad hoc noteholder group, which agreed to provide commitments for a debtor-in-possession facility of up to $56 million.

December 21, 2022 AlixPartners | Core Scientific | PJT Partners | Weil Gotshal & Manges Phil Neuffer

Syndicate of Lenders Upsize and Extend Maturity of Park Hotels & Resorts’ Credit Facility to $950MM

Park Hotels & Resorts amended and restated its existing $901 million revolving credit facility to increase total capacity to $950 million, extend the maturity from December 2023 to December 2026, and release all collateral securing the credit.

Phoenix Services Files for Voluntary Chapter 11 Reorganization

Phoenix Services, a provider of mission critical services to global steel producing companies, has taken the next step in its comprehensive restructuring strategy by filing voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

Lumileds Enters into RSA with Lender Group

Lumileds Holding, a global provider of innovative lighting solutions, entered into a restructuring support agreement with its lenders.

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