Republic National Distributing Company, LLC — Representation of Republic National Distributing Company, LLC and 17 of its subsidiaries (RNDC), in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. RNDC was, at its height, the second largest alcohol beverage distributor in the nation, with relationships with over 2,000 suppliers and 170,000 customers across its expansive nationwide distribution network. In advance of the Chapter 11 filing, Kirkland advised RNDC on the consummation of multiple going-concern sale transactions, which generated more than $1.1 billion in aggregate sale proceeds. RNDC commenced their Chapter 11 cases with a $250 million in debtor-in-possession financing facility to pursue additional value-maximizing sale transactions and effectuate an orderly wind-down of the business.
Alkegen — Representation of ASP Unifrax Holdings, Inc. and 62 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Northern District of Texas. Alkegen is a global manufacturer of high performance thermal management, filtration and battery fire protection solutions under a variety of product families. Alkegen commenced Chapter 11 to implement a comprehensive prepackaged restructuring designed to delever its balance sheet by $3.1 billion of its approximately $3.4 billion of funded debt obligations.
Alvaria, Inc. — Representation of Alvaria, Inc. and its affiliates (Alvaria), a contact center and workforce management provider, on its successful out-of-court restructuring that equitized over $700 million of funded debt obligations and injected $50 million into the go-forward business. Implemented through a strict equity foreclosure supported by existing equity holders and a majority of the existing lenders, the transaction preserved 1,000 jobs and eliminated over $80 million of annual interest expense. The transaction follows a successful liability management transaction led by Kirkland in April 2024 that received 100% lender support.
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.
