Ascend Performance Materials Holdings Inc. — Representation of Ascend Performance Material Holdings Inc., and certain of its subsidiaries (“Ascend”) in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Ascend is one of the largest, fully integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets and tires, and also new technologies, like electric vehicles and solar energy systems. Ascend filed for Chapter 11 protection in April 2025 with approximately $2 billion in funded debt obligations to pursue and implement a comprehensive deleveraging transaction with the support of its key stakeholders. As part of negotiations with existing lenders, Ascend received approval for a debtor-in-possession financing in the amount of approximately $900 million, including $250 million in new-money term loans. The DIP financing will fund Ascend’s Chapter 11 cases and provide crucial working capital for Ascend’s ordinary course operations.
Liberated Brands LLC — Representation of Liberated Brands LLC and certain of its subsidiaries (“Liberated”) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Liberated is a global leader in the sports, outdoor and lifestyle apparel industry, offering products under high-quality brands such as Volcom®, Billabong®, Quiksilver®, Spyder®, RVCA®, Roxy® and Honolua®. At the time of the Chapter 11 filing, Liberated maintained approximately $98 million in total funded debt. Liberated commenced its Chapter 11 cases to effectuate an orderly and value-maximizing monetization and wind down process along multiple parallel paths, including one or more value maximizing going-concern sale transactions of the Company’s non-U.S. businesses.
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.
Rite Aid Corporation — Representation of Rite Aid Corporation (“Rite Aid”) and 119 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Rite Aid entered its Chapter 11 cases with $3.45 billion in debtor-in possession financing. Following months of negotiations including court-ordered mediation with all of Rite Aid’s key stakeholders, as well as several bet-the-company disputes and obtaining an additional $75 million in debtor-in-possession financing later in the cases, Rite Aid was able to delever its balance sheet by approximately $2 billion through a recapitalization transaction with its senior secured noteholders and resolve more than $2.5 billion in pending and threatened litigation. Rite Aid emerged from Chapter 11 on August 30, 2024 with $2.975 billion in committed exit financing, a new go-forward supply contract with McKesson (Rite Aid’s largest vendor and the provider of 98% of Rite Aid’s just-in-time prescriptions), settlement agreements or controlled substance injunctive terms with the Department of Justice and 15 states in which Rite Aid conducts business, and a leaner, more efficient real estate footprint.
Digital Media Solutions, Inc. — Representation of Digital Media Solutions, Inc. and 36 of its affiliates in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Digital Media Solutions is a leading technology-enabled advertising company that leverages its advanced technology and proprietary customer data to connect its customers efficiently and effectively with their target consumers. Digital Medial Solutions filed the Chapter 11 cases with the support of its prepetition lenders through the funding of an approximately $122 million debtor-in-possession financing facility consisting of $30 million in new money and approximately $92 million in a “roll-up” of prepetition debt. The prepetition lenders serving as the DIP lenders also entered into a stalking horse agreement with Digital Media Solutions for a $95 million credit bid, subject to higher or otherwise better bids.
Thrasio — Representation of Thrasio Holdings, Inc. and 240 of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Thrasio is the largest aggregator of Amazon brands in the world. Thrasio entered Chapter 11 with a restructuring support agreement widely supported by its lenders, and, upon exit from Chapter 11, comprehensively restructured over $3 billion of funded debt and preferred equity obligations and injected $90 million of new money financing into the go-forward business.
