Better Health Group — Representation of Better Health in the first post-Serta decision liability management “uptiering” transaction that significantly enhanced the company’s liquidity and resulted in a meaningful reduction of the company’s total debt. The transactions included a $112.5 million new money investment into a super senior debt tranche and an uptier exchange of 97% of the company’s first lien term loans into super senior debt tranches, capturing over $38 million in debt discount. The transactions also extended the maturities of the company’s debt, including the company’s $105 million revolving credit facility.
48forty Solutions — Representation of 48forty Solutions, LLC and certain of its affiliates (“48forty”), in their out-of-court restructuring, which was supported by 100% of 48forty’s lenders. 48forty is the largest pallet management services company in North America. Pursuant to the restructuring transactions, 48forty received $50 million in new capital and significant relief under its existing credit facilities, including certain liquidity support, a three-year maturity extension and covenant relief.
Accuride Corporation — Representation of Accuride Corporation and 15 of its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Accuride is the one of the largest and most diversified manufacturers and suppliers of wheels and wheel end components in the world. Accuride commenced its Chapter 11 cases with approximately $485.6 million in funded debt and commitments from an ad hoc group of prepetition term loan lenders to provide nearly $103 million in debtor-in-possession financing. Accuride and its term loan lenders have also agreed on the framework of a consensual restructuring transaction which will deleverage the company’s balance sheet via an equitization of the lenders’ prepetition debt.
