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.
