Arena Energy, L.P. ― Representation of Arena Energy, L.P., which filed a prepackaged Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas to pursue a sale of its assets as a going-concern. The sale — which is supported by Arena’s first-lien revolving lenders and second-lien term lenders — will restructure more than $1 billion in funded indebtedness and address over $500 million of plugging and abandonment liabilities.
AllSaints ― Representation of AllSaints, the British fashion retailer, in its parallel company voluntary arrangements (CVA) for two of its English tenant companies, and its Chapter 15 proceeding in the United States, which (if creditors approve) will mark the first time a CVA has compromised a company’s lease liabilities in North America. Founded in 1994, AllSaints has approximately 3,000 employees across the world and has 255 directly operated stores, franchises, concessions and outlets across 27 countries.
Intelsat S.A. ― Representation of Intelsat S.A. and certain of its affiliates in connection with their Chapter 11 cases in the United States Bankruptcy Court for the Eastern District of Virginia. Intelsat had approximately $14.7 billion in funded debt as of its Chapter 11 filing and operates the world’s largest satellite fleet and connectivity infrastructure, and provides diversified communication services to many of the world’s leading media companies, telecommunications operators, Internet service providers, and the United States government and military. Intelsat filed with $1 billion in committed DIP financing and will use Chapter 11 to restructure its balance sheet and maximize value through its strong operations and future growth plans, positioning the Company for long-term success.
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.
