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 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, 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.
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.
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.
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, 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.
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, 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.