Pretium Packaging, LLC — Representation of Pretium Packaging, L.L.C. (Pretium) and 9 of its affiliates in its voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey, a first-of-its-kind expedited prepackaged case in the District. Pretium is a leading global supplier of sustainable rigid packaging solutions used by a diverse set of end markets. Pretium entered into Chapter 11 to implement a comprehensive restructuring transaction that would eliminate approximately $900 million of the company’s approximately $1.8 billion funded debt obligations with the overwhelming support of its existing lenders and Clearlake, Pretium’s equity sponsor. Pretium received approval for up to $533.5 million in debtor in possession (DIP) term loan facility and access to a $100 million DIP ABL facility, and commitments to roll such facilities into exit financing to support Pretium’s long-term growth.
National Resilience — Representation of National Resilience, a leading a North American contract development and manufacturing organization (CDMO), in a comprehensive out-of-court restructuring of certain lease obligations and a corresponding capital raise of $825 million of new money from Oak Hill Advisors and its co-investors. The comprehensive transactions provide National Resilience with capital to pay down existing debt and fund capital expenditures to build out manufacturing capabilities to support its diverse customer base.
BYJU's Alpha and Epic! Creations — Representation of GLAS Trust Company LLC, as agent to a co-operative group of institutional lenders, in the Chapter 11 restructurings of BYJU’s Alpha, Epic! Creations, Neuron Fuel and Tangible Play. Following the discovery of extensive fraud within the BYJU’s ed-tech conglomerate, the lenders exercised remedies against BYJU’s Alpha, which commenced Chapter 11 proceedings and successfully obtained summary judgment of more than $540 million each against multiple defendants on account of fraudulent transfers. In addition, the lenders successfully commenced involuntary Chapter 11 proceedings against Epic! Creations and the other U.S. subsidiaries and obtained the appointment of a Chapter 11 trustee, ultimately resulting in $100 million of proceeds from asset sales. Related international proceedings include, among other things, involuntary insolvency proceedings against Think & Learn in India and receivership proceedings against Great Learning in Singapore.
At Home Group, Inc. — Representation of At Home Group, Inc. and 41 of its affiliates (At Home) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. At Home is a nation-wide home décor and furnishings brand with 260 retail locations and a robust e-commerce website. At Home commenced its Chapter 11 cases with support of approximately 95% of its capital structure to equitize its approximately $1.98 billion in funded debt obligations, and with commitments from its existing lenders for a $200 million new-money debtor-in-possession financing facility to fund the bankruptcy and provide continued liquidity upon emergence. At Home is using its Chapter 11 cases to exit unprofitable store locations and implement a comprehensive restructuring to emerge as a de-levered go-forward business.
Zips Car Wash, LLC — Representation of Zips Car Wash, LLC and certain of its affiliates in their prearranged Chapter 11 cases in the U.S Bankruptcy Court for the Northern District of Texas. Zips, one of the largest privately held car wash operators in the United States, emerged from Chapter 11 with a plan of reorganization supported by 100% of its lenders. Through the restructuring, Zips eliminated approximately $275 million of funded-debt obligations and rationalized its site footprint by exiting unprofitable locations and shedding hundreds of millions of dollars of go-forward lease liabilities.
Northvolt AB — Representation of Northvolt AB and eight of its affiliates in their Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Northvolt is a Swedish manufacturer of electric vehicle batteries with a mission to build the world’s greenest battery. As of the petition date, Northvolt had nearly $6 billion in funded debt obligations. Northvolt filed Chapter 11 with commitments of $100 million in new money debtor-in-possession financing from a key customer and access to approximately $145 million in cash collateral from its project finance lenders.
