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.
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.
Multi-Color Corporation — Representation of Multi-Color Corporation and 55 of its affiliates (collectively, MCC) in their prepackaged Chapter 11 proceedings filed in the United States Bankruptcy Court for the District of New Jersey. MCC is a leading global provider of prime label solutions, with more than 12,500 employees worldwide supporting prominent brands across end categories, including food and beverage, wine and spirits, home and personal care, and healthcare, among others. MCC entered Chapter 11 with the support of its key stakeholders, including an ad hoc group of secured first lien lenders holding more than 72% of first lien claims, and its equity owner, creditor and plan sponsor, CD&R. MCC’s confirmed Chapter 11 plan reflects a global settlement among MCC’s major constituencies and reduces net debt by nearly $4 billion. MCC will receive an $889 million investment from the company’s equity sponsor and other secured lenders. The plan leaves general unsecured claims unimpaired.
Fortrex, Inc. — Representation of Fortrex, Inc., formerly known as Packers Sanitation Services Inc., a leading food safety sanitation company and previously a Blackstone portfolio company, on a comprehensive out-of-court restructuring that was supported by 100% of its lenders. In connection with the restructuring, Fortrex’s first lien term loans holders exchanged nearly $1.5 billion in existing secured debt for a pro rata share of $250 million in new take-back term loans and 100% equity ownership in Fortrex. Fortrex’s revolving lenders also extended and upsized Fortrex’s existing $54 million revolving credit facility up to $70 million. The restructuring preserved jobs for employees and positioned Fortrex for continued growth and innovation in the food safety and sanitation field.
