Ascena Retail Group, Inc. and its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court of the Eastern District of Virginia. Ascena is a leading specialty retailer for women and girls with a collective of seven brands, including Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Cacique, Catherines, and Justice, and over 2,800 stores, approximately 37,000 employees, and $1.6 billion in funded debt. Ascena filed for Chapter 11 with a restructuring support agreement that proposes to equitize over $1 billion of prepetition term loans and includes $150 million in committed new money DIP-to-exit financing to fund the Debtors’ business in and upon emergence from Chapter 11.
Clearlake Capital Partners in connection with its acquisition of PriSo Holdings Corporation (PrimeSource).
Hellman & Friedman and MultiPlan, Inc. in the acquisition of Discovery Health Partners.
J. C. Penney Company, Inc. and 17 of its affiliates in their pre-arranged Chapter 11 cases. JCPenney, an iconic American retail staple tracing its roots back to 1902, includes private brands such as Liz Claiborne, St. John’s Bay, Stafford, and Arizona Jean Co. JCPenney employs more than 85,000 people, manages a massive supply chain with nearly 3,000 vendors and eleven domestic shipping facilities, and operates approximately 850 stores in the United States and Puerto Rico, in addition to a substantial e-commerce business. With approximately $4.9 billion in debt, JCPenney entered bankruptcy with a Restructuring Support Agreement that carries broad first lien stakeholder support and is expected to substantially de-lever the company’s balance sheet.
Pritzker Private Capital and PECO Pallet, in the sale of PECO to Alinda Capital Partners.
Stable Road Acquisition Corp., a special purpose acquisition company, in connection with its pending merger with Momentus Inc., a commercial space company, and the listing of the combined company on NASDAQ.
Sycamore Partners in its acquisition of Azamara Club Cruises.
Thomas H. Lee Partners and Alfresco Software, Inc. in the sale of Alfresco to Hyland Software.
Thomas H. Lee Partners in connection with its recapitalization of HighTower.
Valaris plc and 89 of its subsidiaries in their prearranged Chapter 11 cases. Valaris, which is incorporated in the United Kingdom, is the world’s largest offshore driller by fleet size, owning 67 drilling rigs and operating in every major offshore hydrocarbon basin throughout the globe. Valaris filed Chapter 11 with a restructuring support agreement and backstop commitment agreement to fully equitize all $7.1 billion of its prepetition funded debt, consisting of an unsecured revolving credit facility and 15 series of unsecured notes. The noteholders supporting the restructuring also have committed to a fully backstopped rights offering for $500 million of new secured notes upon emergence from Chapter 11 as well as to provide a $500 million DIP financing facility.
