Rite Aid Corporation — Representing Rite Aid Corporation (“Rite Aid”) and 119 of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. As one of the largest pharmacy chains in the United States, Rite Aid employs over 45,000 people, including 6,100 pharmacists in 2,100 retail pharmacy locations across 17 states. Through Elixir, its pharmacy benefit management business, Rite Aid manages pharmacy benefits for more than one million members through accredited specialty and mail-order pharmacies. Following months of negotiations, Rite Aid entered Chapter 11 with access to approximately $3.45 billion in committed post-petition DIP financing provided by its existing bank lenders and an agreement in principle with a majority of its secured bondholders on the terms of a comprehensive restructuring to delever its $4 billion debt load and right-size its operational footprint.
Benefytt Technologies, Inc. — Representing Benefytt Technologies, Inc. and certain of its affiliates (“Benefytt”) in their prearranged Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Benefytt markets and sells Medicare and private health insurance products to individuals, policy administration platforms to insurance carriers, and technology systems to insurance agents. The widely-supported restructuring support agreement (“RSA”) contemplates restructuring approximately $606 million in funded debt. Benefytt expects to consummate the transactions set forth in the RSA to emerge from Chapter 11 on an expedited timeline.
Venator Materials PLC — Representation of Venator Materials PLC and its affiliates (together, “Venator”) in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Venator, which is an NYSE-listed Public Limited Company organized under the laws of England and Wales, is a global manufacturer of pigments and additives that bring color, vibrancy, and a sustainable finish to a variety of objects and for a variety of uses and has over $1.1 billion in total funded debt obligations. Venator filed for Chapter 11 with a restructuring support agreement supported by holders of 94% in principal of its total funded debt obligations and $275 million in new-money postpetition DIP financing. Venator’s Chapter 11 plan was confirmed approximately 70 days after the filing.
Nielsen & Bainbridge, LLC — Representation of Nielsen & Bainbridge, LLC (d/b/a NBG Home) and 13 of its affiliates in their prearranged Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of Texas. NBG Home is a trusted wholesale supplier of home décor and other home goods to prominent brick-and-mortar and online retailers such as Walmart, Target, and Amazon. NBG Home filed for Chapter 11 with a restructuring support agreement in place, supported by the majority of its secured creditors, that contemplates a $60 million DIP facility and an exchange of 100% of the equity of the reorganized company, subject to higher and better proposals. The proposed restructuring will preserve over 700 jobs and address nearly $400 million of secured debt.
Dunn Paper Holdings, LLC — Representing Dunn Paper Holdings, LLC and its affiliates and subsidiaries in connection with an out-of-court restructuring by which an ad hoc group of first lien lenders, comprising all of the company’s approximately $380 million of funded debt, consensually foreclosed upon substantially all of Dunn’s assets and assumed majority ownership of the Company.
Celsius Network LLC — Representing Celsius Network LLC and its affiliates in their Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of New York. Celsius is one of the largest and most sophisticated cryptocurrency-based finance platforms in the world and provides financial services to institutional, corporate, and retail clients across more than 100 countries.
