Hornbeck Offshore Services, Inc. — Representation of Hornbeck Offshore Services, Inc. and its affiliates, in its Chapter 11 restructuring in the United States Bankruptcy Court for the Southern District of Texas. Hornbeck provides marine transportation and subsea installation services to support the deep water drilling and production needs of their exploration and production, oilfield service, offshore construction, and U.S. military customers. The Hornbeck Chapter 11 cases were filed with a prepackaged plan of reorganization that contemplates a $75 million in debtor-in-possession (DIP) financing and a fully backstopped $100 million rights offering.
Stage Stores, Inc. — Representation of Stage Stores, Inc. (NYSE: SSI) and its affiliate Specialty Retailers, Inc. in their Chapter 11 cases pending before the United States Bankruptcy Court for the Southern District of Texas. Stage operates in 42 states through 437 department stores under the Bealls, Palais Royal, Peebles, Stage and Goody’s brands and 289 off-price stores under the Gordmans brand. Stage had $1.6 billion in revenue in 2019.
Tapstone Energy, LLC — Representation of Tapstone Energy, LLC and certain of its affiliates in their out-of-court restructuring. Tapstone is an independent oil and natural gas company focused on the development and production of oil, natural gas, and NGLs in the Anadarko Basin in Oklahoma, Texas, and Kansas. The restructuring transaction reduced Tapstone’s funded debt by approximately $440 million and provided the company with liquidity, including a $50 million new money investment, to optimize operations and expand its production base through mergers and acquisitions.
Clover Technologies Group, LLC — Representation of Clover Technologies Group, LLC (“Clover”), a provider of aftermarket management services for mobile device carriers and historically operated as a collector and remanufacturer of printer cartridges, in connection with its restructuring of $650 million of term loan indebtedness. As part of its comprehensive restructuring, Clover sold its printer cartridge remanufacturing business for over $200 million, acquired an additional company for synergies with the remaining mobile device business, and entered into a restructuring support agreement for the equitization of the vast majority of the term loan indebtedness.
