Klöckner Pentaplast of America, Inc. — Representation of Klöckner Pentaplast of America, Inc. (Klöckner) and 24 of its affiliates in its voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Klöckner is a leading global supplier of essential packaging products used by local and multinational businesses across industries from food packaging to medical devices. Klöckner entered into Chapter 11 to implement a comprehensive restructuring transaction that would eliminate approximately €1.3 billion of the company’s €2.32 billion funded debt obligations with the support of certain of the company’s key stakeholders who are supporting the Chapter 11 through a restructuring supporting agreement. As part of negotiations with existing lenders, Klöckner received approval for debtor in possession financing in the amount of €984 million, including approximately €349 million of new money term loans.
Anthology, Inc. — Representation of Anthology, Inc. and 26 of its affiliates (Anthology) in their prearranged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Anthology is a leading provider of education technology, serving academic institutions, businesses and governments in more than eighty countries. Anthology entered Chapter 11 with the support of their prepetition lenders following an extensive prepetition marketing process for Anthology’s assets, which culminated in the execution of two asset purchase agreements with stalking horse bidders for the sale of three of Anthology’s four business segments. The prepetition lenders serving as the DIP lenders also entered into a restructuring support agreement with Anthology which provides, among other things, the funding of an approximately $100 million debtor-in-possession financing facility consisting of $50 million of new money and a $50 million “roll-up” of prepetition debt and a reorganization transaction effectuated through a Chapter 11 plan around Anthology’s remaining business segment.
Marelli — Representation of Marelli Holdings Co., Ltd. and 75 of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Marelli is one of the largest “Tier 1” automotive components suppliers in the world, employing over 46,000 employees, operating in 24 countries and servicing over 65 OEMs and brand partners. Marelli filed for Chapter 11 with the support of over 80% of its lenders and commitments for over $1.1 billion of new debtor-in-possession financing. Through the Chapter 11 cases, Marelli plans to implement a series of restructuring transactions that will equitize nearly $5 billion of funded indebtedness subject to a marketing process for higher or better offers.
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.
Casper Sleep, Inc. — Representation of Casper Sleep Inc., global sleep products company, on a comprehensive recapitalization transaction, which involved a transfer of the business to Carpenter Co., the company’s second lien lender and key supplier, and entirely deleveraged the company’s balance sheet.
