Renesas Electronics Corporation — Representation of Renesas Electronics Corporation and its affiliate, the largest creditor of Wolfspeed, Inc. (NYSE: WOLF) and its affiliated debtor (Wolfspeed) in Wolfspeed’s prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Renesas is a Tokyo-based global leader in advanced semiconductor solutions, and designs and manufactures a wide range of products, including microcontrollers, microprocessors, analog and power devices, and system-on-chips. Prior to the Chapter 11 filing, Renesas entered into a restructuring support agreement with Wolfspeed and its key lenders for the exchange of, among other things, Renesas’ existing unsecured loan for takeback notes and a significant amount of equity in reorganized Wolfspeed.
JOANN Inc. — Representation of JOANN Inc. and certain of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. JOANN is a leading national retailer in sewing, fabrics, and arts and crafts headquartered in Hudson, Ohio with approximately 800 stores across the United States. Prior to commencing its Chapter 11 cases, JOANN had approximately $615.7 million in funded debt, across a term loan and asset-based lending facility. JOANN commenced its Chapter 11 cases with the goal of facilitating a marketing and sale process for its assets to maximize value and creditor recoveries.
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.
