American Tire Distributors, Inc. (2024) — Representation of American Tire Distributors, Inc. and 12 of its debtor affiliates (“ATD”) in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. ATD operates the largest distribution network of replacement tires across North America. Prior to commencing its Chapter 11 cases, ATD had approximately $1.9 billion in funded debt, across a term loan and asset-based lending facility. ATD executed an RSA with a group of lenders holding more than 90% of their term loan and 100% of their FILO facility and commitments from the same group of lenders as well as their ABL lenders to provide debtor-in-possession financing, which included $250 million of new money commitments.
Celsius Network LLC — Representation of Celsius Network LLC and its affiliates in their Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of New York. Celsius is one of the largest and most sophisticated cryptocurrency-based finance platforms in the world and provides financial services to institutional, corporate, and retail clients across more than 100 countries.
Express, Inc. — Representation of Express, Inc. and certain of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Express is a forty-year old iconic fashion brand headquartered in Columbus, Ohio with 600 stores across the United States and partnerships spanning the globe. In addition to the Express brand, the Bonobos and UpWest retail banners are included in the Chapter 11 cases. Express is a publicly traded company with over $1 billion of liabilities as of the petition date.
BlockFi — Representation of BlockFi Inc. and certain of its subsidiaries (“BlockFi”) in their Chapter 11 cases in the District of New Jersey. BlockFi is an industry-leading provider of cryptocurrency related products and services, allowing its retail and institutional clients access to liquidity, yield, and credit. Following disruption in the cryptocurrency industry, BlockFi commenced Chapter 11 to stabilize its business and provide for the opportunity to consummate a comprehensive restructuring transaction that maximizes value for its clients and stakeholders.
Voyager Digital Holdings, Inc. — Representation of Voyager Digital Holdings, Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. Voyager Digital is one of the largest cryptocurrency platforms in the world, allowing customers to buy, sell, trade, and store more than 100 cryptocurrencies and supporting over $1.3 billion in aggregate cryptocurrency holdings on the platform. Voyager’s Chapter 11 cases mark one of the first restructurings of a major cryptocurrency company.
QualTek Services Inc. — Representation of QualTek Services Inc. and its subsidiaries in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. QualTek is a provider of infrastructure services and renewable energy project solutions to the North American telecommunications and power industries. With Kirkland’s assistance, QualTek’s fully consensual comprehensive restructuring will reduce the company’s total debt by nearly half, from approximately $625 million to approximately $318 million, substantially increase QualTek’s cash on hand, and strengthen its liquidity position.
Venator Materials PLC — Representation of Venator Materials PLC and its affiliates (together, “Venator”) in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Venator, which is an NYSE-listed Public Limited Company organized under the laws of England and Wales, is a global manufacturer of pigments and additives that bring color, vibrancy, and a sustainable finish to a variety of objects and for a variety of uses and has over $1.1 billion in total funded debt obligations. Venator filed for Chapter 11 with a restructuring support agreement supported by holders of 94% in principal of its total funded debt obligations and $275 million in new-money postpetition DIP financing. Venator’s Chapter 11 plan was confirmed approximately 70 days after the filing.
