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.
Hoonigan — Representation of Hoonigan and 26 of its affiliates (collectively, “Hoonigan”) in their prepackaged cases filed in the United States Bankruptcy Court for the District of Delaware. Hoonigan is a global designer and supplier of premium aftermarket automotive products, reaching millions of customers through a broad network of distributors, e-commerce platforms, and digital content. Hoonigan commenced its prepackaged cases with a consensual deal with a majority of its debtholders and sponsor that contemplates eliminating approximately $1.2 billion of its $1.7 billion prepetition funded debt and leaving general unsecured claims unimpaired.
Digital Media Solutions, Inc. — Representing Digital Media Solutions, Inc. and 36 of its affiliates in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Digital Media Solutions is a leading technology-enabled advertising company that leverages its advanced technology and proprietary customer data to connect its customers efficiently and effectively with their target consumers. Digital Medial Solutions filed the Chapter 11 cases with the support of its prepetition lenders through the funding of an approximately $122 million debtor-in-possession financing facility consisting of $30 million in new money and approximately $92 million in a “roll-up” of prepetition debt. The prepetition lenders serving as the DIP lenders also entered into a stalking horse agreement with Digital Media Solutions for a $95 million credit bid, subject to higher or otherwise better bids.
WeWork, Inc. — Representation of WeWork, Inc. and its debtor affiliates — the leading global flexible space provider — in their Chapter 11 cases in the United States Bankruptcy Court for the District of New Jersey. With approximately $17 billion in funded debt and lease obligations at the time of filing and posing complex, novel issues of international, regulatory and foreign law, WeWork, with over 500 entities, is one of the largest jointly administered Chapter 11 cases in history. Through its Chapter 11 cases, WeWork was able to equitize all $4.3 billion of its funded indebtedness, right size its lease portfolio and reduce future obligations by $11 billion as the result of a pioneering strategy for rent negotiations, facilitate a global settlement with numerous stakeholders and navigate complex cross-border issues.
QualTek Services Inc. — Representation of QualTek Services Inc. and its subsidiaries in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. QualTek is a provider of infrastructure services and renewable energy project solutions to the North American telecommunications and power industries. With Kirkland’s assistance, QualTek’s fully consensual comprehensive restructuring will reduce the company’s total debt by nearly half, from approximately $625 million to approximately $318 million, substantially increase QualTek’s cash on hand, and strengthen its liquidity position.
Genesis Care Pty Ltd — Representation of Genesis Care Pty Ltd and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. GenesisCare is a leading cancer care provider, offering personalized and accessible treatment across a network of highly-skilled healthcare professionals to patients globally. GenesisCare is one of the world’s largest integrated oncology organizations and the world’s largest provider of radiotherapy, operating more than 400 cancer centers in the U.S., Australia, Spain and the UK which treat more than 450,000 patients annually. As of its Chapter 11 filing, GenesisCare’s funded debt totaled approximately $1.7 billion, including approximately $1.55 billion in secured term loan indebtedness. GenesisCare commenced its Chapter 11 cases to obtain access to debtor-in-possession financing, to conduct a marketing and sale process for its U.S. assets, and to restructure its financial obligations.
Celsius Network LLC — Representation of Celsius Network LLC and its affiliates in their Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of New York. Celsius is one of the largest and most sophisticated cryptocurrency-based finance platforms in the world and provides financial services to institutional, corporate, and retail clients across more than 100 countries.
