Cirque du Soleil, the world’s premier live entertainment media company based in Quebec, Canada, in its Chapter 15 proceedings in the United States to recognize proceedings commenced in Canada under the Companies’ Creditors Arrangement Act (CCAA). Prior to filing for bankruptcy, Cirque du Soleil entered into a stalking horse asset purchase agreement with its sponsors for the sale of substantially all company assets. Cirque du Soleil intends to use the insolvency process to run a competitive sale and bidding process under the supervision of the Canadian Court to maximize enterprise value. Over the past 36 years, Cirque du Soleil conceptualized, produced, and presented shows to more than 180 million spectators, in approximately 450 cities across 90 countries in 6 continents.
J. C. Penney Company, Inc. and 17 of its affiliates in their pre-arranged Chapter 11 cases. JCPenney, an iconic American retail staple tracing its roots back to 1902, includes private brands such as Liz Claiborne, St. John’s Bay, Stafford, and Arizona Jean Co. JCPenney employs more than 85,000 people, manages a massive supply chain with nearly 3,000 vendors and eleven domestic shipping facilities, and operates approximately 850 stores in the United States and Puerto Rico, in addition to a substantial e-commerce business. With approximately $4.9 billion in debt, JCPenney entered bankruptcy with a Restructuring Support Agreement that carries broad first lien stakeholder support and is expected to substantially de-lever the company’s balance sheet.
Pier 1 Imports, Inc. and its subsidiaries in their Chapter 11 cases in the United States Bankruptcy Court for the Eastern District of Virginia. Pier 1 is a publicly-traded omnichannel retailer specializing in home furnishings and décor with 923 stores in the United States and Canada.
One Call Corporation, a leader in ancillary services for the workers’ compensation industry, in a successful out-of-court recapitalization that reduced One Call’s debt through a consensual equitization of nearly $1 billion of junior debt, reduced its annual interest expense by approximately $90 million, and eliminated all near-term maturities. The restructuring was facilitated by a $375 million investment led by existing lenders KKR and GSO Capital Partners.
