Central Security Group, Inc. ― Represented Central Security Group, Inc., one of the nation’s largest providers of home and business security and automation, in an out-of-court debt-for-equity exchange that significantly improved the Company’s overall capital structure, eliminating approximately $250 million (more than 50%) of the Company’s funded debt and including a new $25 million revolving credit facility commitment. The out-of-court transaction was executed after the Company successfully solicited support from 100% of its first lien and second lien lenders.
Town Sports International, LLC ― Representing Town Sports International, LLC, a subsidiary of Town Sports International Holdings, Inc., and certain of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Town Sports is a leading owner and operator of fitness clubs primarily in the Northeast and Mid-Atlantic regions of the United States, with brands that include New York Sports Clubs, Boston Sports Clubs, Washington Sports Clubs, and Philadelphia Sports Clubs. As of December 31, 2019, Town Sports operated 186 fitness clubs and served approximately 605,000 members.
Lakeland Tours, LLP — Representing Lakeland Tours, LLP d/b/a WorldStrides (“WorldStrides”) and certain of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. WorldStrides is a provider of educational travel experiences both domestically and abroad and filed for Chapter 11 to restructure more than $768 million of funded indebtedness after the worldwide shutdown of travel due to COVID-19 negatively impacted their businesses during their peak tour operating season.
Jason Industries, Inc. — Representing Jason Industries, Inc. and its subsidiaries in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. Jason is a publicly-traded global industrial manufacturing company that provides mission critical components and manufacturing solutions—including brushes, polishing buffs, compounds, and seating products—to customers across a wide range of end markets, industries, and geographies. On June 24, 2020, Jason solicited and filed its prepackaged Chapter 11 cases with the support of over 87% of its first lien lenders under a restructuring support agreement. If approved, the prepackaged plan will deleverage Jason’s balance sheet by approximately $250 million and leave general unsecured claims unimpaired.
APC Automotive Technologies Intermediate Holdings, LLC — Representing APC Automotive Technologies Intermediate Holdings, LLC and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. APC is a leading supplier of undercar replacement parts in the automotive aftermarket and the only true full-line underbody supplier for brake, chassis, and exhaust replacement parts. Following entry into a restructuring support agreement with its key stakeholders, APC commenced its Chapter 11 cases with a prepackaged plan of reorganization that will reduce its more than $430 million in indebtedness by $290 million by exchanging its term loan debt for equity.
Hornbeck Offshore Services, Inc. ― Representing Hornbeck Offshore Services, Inc. and its affiliates, in its Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. Hornbeck provides marine transportation and subsea installation services to support the deep water drilling and production needs of their exploration and production, oilfield service, offshore construction, and U.S. military customers. The Hornbeck Chapter 11 cases were filed with a prepackaged plan of reorganization that contemplates a $75 million in debtor-in-possession (DIP) financing and a fully backstopped $100 million rights offering.
Destination Maternity Corporation — Representing Destination Maternity Corporation and certain of its affiliates, the largest national omni-channel maternity apparel retailer, in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. As of filing, Destination Maternity operated approximately 436 stores in the U.S. and Canada, 423 leased departments in big-box retailer stores, ten international franchise locations, and three e-commerce sites in the U.S. and Canada. The existing lenders in the Chapter 11 cases agreed to provide the company access to liquidity to fund the Chapter 11 cases and support the ongoing marketing process, which contemplates consummating a sale transaction before the end of 2019.
