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.
At Home Group, Inc. — Representation of At Home Group, Inc. and 41 of its affiliates (At Home) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. At Home is a nation-wide home décor and furnishings brand with 260 retail locations and a robust e-commerce website. At Home commenced its Chapter 11 cases with support of approximately 95% of its capital structure to equitize its approximately $1.98 billion in funded debt obligations, and with commitments from its existing lenders for a $200 million new-money debtor-in-possession financing facility to fund the bankruptcy and provide continued liquidity upon emergence. At Home is using its Chapter 11 cases to exit unprofitable store locations and implement a comprehensive restructuring to emerge as a de-levered go-forward business.
Sunnova Energy International Inc. — Representation of Sunnova Energy International Inc. (NYSE: NOVA) and over 275 affiliates in their comprehensive restructuring of approximately $9 billion of corporate debt and securitized obligations. Sunnova is among the nation’s largest installers and servicers of residential solar systems, with approximately 440,000 residential solar customers across the country and in Puerto Rico. Sunnova also manages and services 26 securitization trusts holding $7 billion of homeowner contracts and leases. Certain of Sunnova’s corporate entities are utilizing Chapter 11 to facilitate value-maximizing transactions as part of their enterprise-wide restructuring.
Packers Sanitation Services Inc. — Representation of Packers Sanitation Services Inc., a Blackstone portfolio company and food safety sanitation company, in an out-of-court deleveraging transaction with 100% of its unsecured noteholders. The transaction provides Packers with incremental liquidity and a reduced debt load, and extends runway to continue operational recovery and value creation via maturity extension.
Northvolt AB — Representation of Northvolt AB and eight of its affiliates in their Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Northvolt is a Swedish manufacturer of electric vehicle batteries with a mission to build the world’s greenest battery. As of the petition date, Northvolt had nearly $6 billion in funded debt obligations. Northvolt filed Chapter 11 with commitments of $100 million in new money debtor-in-possession financing from a key customer and access to approximately $145 million in cash collateral from its project finance lenders.
