Grouper Holdings, a subsidiary of MiddleGround Capital, entered into a stalking horse stock and asset purchase agreement with Shiloh Industries to acquire substantially all of the company’s assets. Shiloh’s lenders committed to provide a $123.5 million DIP facility.
Chaparral Energy entered into a restructuring support agreement with certain of its funded debtholders, which includes a $300 million exit revolving credit facility. The company commenced soliciting votes to approve the prepackaged plan.
The Wall Street Journal reported Furniture Brands entered into an asset purchase agreement with KPS Capital Partners L.P. to acquire the company’s assets for $280 million, including the company’s Lane business.
According to bankruptcy court documents, Penthouse publisher FriendFinder Networks retained SSG Capital Advisors as its financial advisor, and Greenberg Traurig as bankruptcy counsel.
Furniture Brands announced that “first day” motions filed September 9, 2013 relating to the company’s voluntary Chapter 11 restructuring process were approved by the U.S. Bankruptcy Court. Alvarez and Marsal is acting as restructuring advisor and Paul Hastings is acting as legal counsel.
Geokinetics announced that the U.S. Bankruptcy Court for the District of Delaware confirmed the second modified joint plan of reorganization. The company also secured a commitment from Wells Fargo for a $75 million ABL.
School Specialty said the bankruptcy court issued an order approving the company’s disclosure statement and authorized the company to begin soliciting approval for its joint plan of reorganization.
NewPage successfully completed its financial restructuring and has officially emerged from Chapter 11. Goldman Sachs and J.P. Morgan Securities led the exit financing consisting of a term loan facility and revolver.