an acuris company september 2017 restructuring …...financial advisor / investment banker...

An Acuris Company

Court Spotlight

Restructuring Advisory MandatesRestructuring Data Report

An overview of advisory hires in the restructuring and bankruptcy spaces

September 2017

Joshua FriedmanSenior Legal AnalystManager of Restructuring [email protected]

Jack M. Tracy IIHead of Legal Analysis, [email protected]

Rong [email protected]

Tim HynesHead of [email protected]

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Restructuring Data Report Advisory Mandates

Table of Contents

General Introduction 3

Frequently Appointed Advisors – Counsel 5

Frequently Appointed Advisors – Financial Advisors/Investment Bankers 6

Frequently Appointed Advisors – Restructuring Advisors/Claims Agents 7

Mandates by Type and Sector 8

Mandates by Type 9

Mandates by Sector 15

Annex A: North America Advisory Mandates List—September 20

Disclaimer 38

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General Information

General Introduction

The Debtwire Restructuring Advisory Mandates Report tracks and ranks advisors by the total number ofrepresentations announced during the month of September, covering both in-court and out-of-courtsituations. Debtwire sourced the advisory mandates highlighted in this report through proprietaryreporting, as well as public documents, including court filings.

The Restructuring Advisory Mandates Report breaks down mandates by the following categories:

• Lead Counsel;

• Local/Special Counsel;

• Financial Advisors/Investment Bankers;

• Restructuring Advisors and

• Claims Agents.

The report also tracks retentions of multiple reorganization parties in interest, including:

• Companies/Debtors;

• Official Committees;

• Lenders/Bondholders (including ad hoc groups);

• Loan Agents/Indenture Trustees and

• PE Sponsors.

This edition identifies a total of 165 advisory mandates related to 43 North American companiesexploring restructuring alternatives or currently engaged in Chapter 11 proceedings (20 in-court, 23out-of-court).*

* We have categorized companies as prime or middle market. Debtwire prime companies have at least USD 150m of funded debt commitments. Revolvers must total at least USD 150m to count towards the funded debt commitment. Debtwire middle market companies have less than USD 150m of funded debt.

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General Information

General Introduction

To further break down September’s results, the mandates reported herein reflect:

• 116 law firm hires;

• 38 FA/IB appointments;

• Four restructuring advisor retentions and

• Seven claims agent engagements.

The combined advisor rankings treat representations of all parties-in-interest equally,whether the representation is for the company itself or another related party (ie, UCC, anad hoc group, etc).

In this edition, we have separately broken out the following types of representations in thecumulative rankings tables, as well as in separate league tables based on representationtype: (1) the company; (2) committees (unsecured creditors and equity) and (3)bonds/loans, which includes loan agents and indenture trustees, ad hoc groups, andsignificant individual lenders or bondholders.

We also provide general mandates information regarding the sector of the restructuringcompanies.

The rankings data in this report provides the respective category leaders. Theaccompanying Excel file includes all of the retention data for 2017 year-to-date.

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Frequently Appointed Advisors

LEAD COUNSEL. This category tracks the main restructuring/bankruptcy counsel retained by a party. Kirkland &Ellis was alone at the top of the lead counsel leaderboard with five company mandates in September, two clear ofthe rest of the field. Four other firms tied for second, with three mandates each: Davis Polk and Paul Weissobtained three financial creditor hires, while Jones Day and Kramer Levin focused on company-side and UCCmandates, respectively.

LOCAL/SPECIAL COUNSEL. This category tracks law firms retained as local counsel or special counsel (ie, for aspecific purpose such as conflicts or taxes). Three law firms obtained more than one mandate in this category.

September 2017 Mandates: Lead Counsel

Lead Counsel EngagementsPrime / Middle

MarketCompany Official Committees Bond / Loan

Kirkland & Ellis 5 4/1 5 0 0

Davis Polk & Wardwell 3 3/0 0 0 3

Jones Day 3 3/0 2 0 1

Kramer Levin Naftalis & Frankel 3 3/0 0 2 1

Paul, Weiss, Rifkind, Wharton & Garrison 3 2/1 0 0 3

Lowenstein Sandler 2 0/2 0 2 0

Milbank, Tweed, Hadley & McCloy 2 2/0 1 0 1

Skadden, Arps, Slate, Meagher & Flom 2 2/0 1 0 1

Frequently Appointed Advisors: Counsel

September 2017 Mandates: Local Counsel

Local/Special Counsel EngagementsPrime / Middle

MarketCompany Official Committees Bond / Loan

Troutman Sanders 2 1/1 1 0 1

Whiteford, Taylor & Preston 2 1/1 0 1 1

Young Conaway Stargatt & Taylor 2 1/1 1 0 1

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FINANCIAL ADVISORS (FA)/INVESTMENT BANKERS (IB). This category puts both FA and IB representations into onecategory, in order to show the combined mandates of the firms operating in the financial restructuring advisoryspace.

There was a four-way tie at the top of the financial advisor/investment banker table: Berkeley Research Groupand Huron Consulting Group each obtained three creditor-side mandates, while Guggenheim and HoulihanLokey’s respective three mandates were split between companies and creditors. Six other firms obtained morethan one mandate.

September 2017 Mandates: Financial Advisors / Investment Bankers

Financial Advisor / Investment Banker EngagementsPrime / Middle

MarketCompany

Official Committees

Bond / Loan

Berkeley Research Group (BRG) 3 2/1 0 1 2

Guggenheim 3 2/1 2 0 1

Houlihan Lokey 3 2/1 1 0 2

Huron Consulting Group 3 1/2 0 1 2

Detring Energy Advisors 2 2/0 2 0 0

Evercore 2 2/0 2 0 0

FTI Consulting 2 2/0 0 2 0

Moelis & Co 2 2/0 0 0 2

PJT Partners 2 2/0 1 0 1

Rothschild 2 2/0 1 0 1

Frequently Appointed Advisors: Financial Advisors / Investment Bankers

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CLAIMS AGENTS. This category tracks administrative and claims agents that debtors and other parties-in-interest inChapter 11 cases have retained.

September was another fairly slow month for the claims agent market. Only seven new mandates were announced, a slightincrease from five in August. Prime Clerk led the way with three mandates, followed closely by JND CorporateRestructuring’s two middle market mandates.

September 2017 Mandates: Claims Agents

Claims Agent Engagements Prime / Middle Market

Prime Clerk 3 2/1

JND Corporate Restructuring 2 0/2

Rust Consulting/Omni Bankruptcy 1 0/1

Donlin, Recano & Co 1 1/0

Frequently Appointed Advisors: Claims Agents

RESTRUCTURING ADVISORS. The restructuring advisor category segregates representations involving operationalcomponents from representations that are purely FA/IB mandates.

The restructuring advisory space was exceedingly quiet in September, with only four new mandates. Alvarez & Marsal,however, was the dominant advisor this month, with three Debtwire Prime engagements.

Frequently Appointed Advisors: Restructuring Advisors

September 2017 Mandates: Restructuring Advisor

Restructuring Advisor Engagements Prime / Middle Market

Alvarez & Marsal 3 3/0

Berkeley Research Group (BRG) 1 0/1

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Type and Sector

Mandates: Type and Sector

In order to provide a more robust picture, this report provides general mandatesinformation based on the sector of the restructuring company and YTD firm rankingsbased on the party represented, including:

• Company-side mandates;

• Committee representations, including both UCC and equity committees; and

• Financial creditor hires, including loan agents, indentures trustees, ad hoc groups, andsignificant bondholders and lenders.

We have provided separate league tables for Lead Counsel, Local/Special Counsel andFinancial Advisor/I-Banker, based on whether the representation was: (1) on the companyside, (2) for a committee or (3) for a financial creditor. We present the YTD rankings underthe role the advisor played (ie, lead counsel), not the party represented (ie, committee).

In this edition, we also provide charts tracking monthly mandates in the energy, retail andhealthcare sectors for January 2016–September 2017.

In past editions, we also provided monthly rankings based on company-side and sector-specific representations. For September 2017, 63 of the 165 total mandates were on thecompany-side, while 95 representations were in the retail sector.

Readers can use the accompanying Excel to make monthly and further YTD comparisons.

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Court Spotlight

Mandates by Type

2017 YTD

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Type and Sector

Total Representations: September 2017

Representations Lead Counsel Local/Special Counsel

Financial Advisor / Investment

Banker

Restructuring Advisor

Claims Agent Grand Total

Company 18 27 20 4 7 76

Lenders / Bondholders 24 8 12 0 0 44

Agent / Trustee 10 8 0 0 0 18

UCC 9 7 5 0 0 21

Other 3 2 1 0 0 6

Total 64 52 38 4 7 165

Prime/Middle Market Representations: September 2017



Banker



Company 11/7 20/7 13/7 3/1 3/4 50/26

Lenders / Bondholders 16/8 6/2 10/2 0/0 0/0 32/12

Agent / Trustee 8/2 6/2 0/0 0/0 0/0 14/4

UCC 3/6 3/4 2/3 0/0 0/0 8/13

Other 1/2 1/1 1/0 0/0 0/0 3/3

Total 37/25 36/16 26/12 3/1 3/4 107/58

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Type and Sector

Total Representations: YTD



Banker



Company 195 144 241 80 92 752

Lenders / Bondholders 295 100 77 0 0 472

Agent / Trustee 106 44 10 0 0 160

UCC 82 55 62 0 0 199

Other 38 19 7 0 0 64

Total 716 363 397 80 92 1,647

Prime/Middle Market Representations: YTD



Banker



Company 86/109 77/67 122/119 41/39 42/50 368/384

Lenders / Bondholders 154/141 47/53 65/12 0/0 0/0 266/206

Agent / Trustee 74/32 29/15 5/5 0/0 0/0 108/52

UCC 24/58 17/38 24/38 0/0 0/0 65/134

Other 28/10 15/4 7/0 0/0 0/0 50/14

Total 366/350 185/177 223/174 41/39 42/50 857/790

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Mandates by Type

Company

Lead Counsel Engagements Prime / Middle Market

Kirkland & Ellis 21 17/4

Weil, Gotshal & Manges 15 12/3

Jones Day 6 6/0

DLA Piper 5 2/3

Simpson Thacher & Bartlett 5 5/0

Pachulski Stang Ziehl & Jones 4 2/2

Skadden, Arps, Slate, Meagher & Flom 4 3/1

Committee


Lowenstein Sandler 10 0/10

Cooley 9 2/7

Brown Rudnick 6 4/2


Fox Rothschild 4 0/4

Akin Gump Strauss Hauer & Feld 3 3/0

Heller, Draper, Patrick, Horn & Dabney 3 0/3

Kelley Drye & Warren 3 1/2


Morgan, Lewis & Bockius 14 10/4

Paul, Weiss, Rifkind, Wharton & Garrison 14 12/2

White & Case 13 13/0

Milbank, Tweed, Hadley & McCloy 11 10/1

Akin Gump Strauss Hauer & Feld 9 9/0

Davis Polk & Wardwell 9 9/0

Greenberg Traurig 8 0/8

Holland & Knight 7 2/5

Jones Day 7 7/0

Kirkland & Ellis 7 5/2

Ropes & Gray 7 6/1

Stroock & Stroock & Lavan 7 7/0

Mandates by Type: YTD Lead Counsel Representation

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Mandates by Type

Company

Local / Special Counsel Engagements Prime / Middle Market

Richards, Layton & Finger 8 6/2

Morris, Nichols, Arsht & Tunnell 6 2/4

Young Conaway Stargatt & Taylor 6 3/3

Haynes and Boone 3 2/1

Kutak Rock 3 2/1

Munger, Tolles & Olson 3 3/0

Saul Ewing Arnstein & Lehr 3 0/3

Committee


Whiteford, Taylor & Preston 6 2/4

Klehr Harrison Harvey Branzburg 3 2/1

Saul Ewing Arnstein & Lehr 3 1/2

The Rosner Law Group 3 3/0

Barnes & Thornburg 2 0/2

Cole Schotz 2 1/1

Freeborn & Peters 2 0/2

Gellert Scali Busenkell & Brown 2 0/2


Shaw Fishman Glantz & Towbin 2 0/2

Bond / Loan


Young Conaway Stargatt & Taylor 11 6/5

Ashby & Geddes 7 1/6

Richards, Layton & Finger 6 1/5

Morris James 5 2/3

Reed Smith 5 2/3

Drinker Biddle & Reath 4 0/4

Morris, Nichols, Arsht & Tunnell 4 2/2

Mandates by Type: TYD Local / Special Counsel Representation

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Mandates by Type

Company

FA / I - Banker Engagements Prime / Middle Market

Houlihan Lokey 18 9/9

Evercore 13 12/1

Moelis & Co 11 9/2

Lazard 10 7/3

PJT Partners 10 10/0


Guggenheim 9 5/4

Jefferies 8 7/1

Goldman Sachs 7 6/1

Perella Weinberg Partners / Tudor, Pickering Holt & Co 7 6/1

Committee


FTI Consulting 11 6/5

Province 10 2/8


Berkeley Research Group (BRG) 5 3/2

CohnReznick 5 1/4

Emerald Capital Advisors 3 0/3

Gavin/Solmonese 3 1/2

Stifel / Miller Buckfire 3 3/0

Bond / Loan


Houlihan Lokey 15 14/1

Moelis & Co 9 8/1

PJT Partners 7 7/0

Ducera Partners 5 5/0

FTI Consulting 4 3/1

GLC Advisors & Co 4 3/1

Guggenheim 4 4/0

Opportune 3 2/1

Rothschild 3 3/0

Mandates by Type: YTD FA/ I - Banker Representation

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Court Spotlight

Sector Trends

January 2016 – September 2017

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Type and Sector

September 2017 Mandates

Sector Lead Counsel Local/Special Counsel

Financial Advisor /

Investment Banker


Claims Agent Grand TotalNumber of Companies

Retail 33 35 21 2 4 95 13

Energy 16 10 12 1 1 40 16

Consumer 4 4 1 0 2 11 3

Construction 2 0 0 0 0 2 1

Industrial Products and Services

2 0 0 0 0 2 1

Telecom 2 1 0 0 0 3 1

Automotive 1 0 0 0 0 1 1

Chemicals 1 1 1 1 0 4 1

Financial Services 1 0 0 0 0 1 1

Utilities 1 1 0 0 0 2 1

Alternative Energy 0 1 0 0 0 1 1

Medical 0 0 1 0 0 1 1

Mining 0 0 1 0 0 1 1

Transportation 0 0 1 0 0 1 1

Total 63 53 38 4 7 165 43

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Sector Trend

Key Analytics

Advisory Mandates by Sector: Retail

0

10

20

30

40

50

60

70

80

90

100

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17

Prime 0 4 19 2 6 1 4 4 1 19 23 11 10 12 21 20 14 24 21 4 57

Middle Market 10 11 5 23 16 25 13 0 14 2 15 12 19 41 44 11 25 4 8 4 38

Total 10 15 24 25 22 26 17 4 15 21 38 23 29 53 65 31 39 28 29 8 95

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20

40

60

80

100

120

140



Prime 31 55 49 47 106 83 65 27 21 50 39 22 28 17 24 12 25 18 14 11 32

Middle Market 4 28 28 41 22 16 28 18 8 15 8 9 16 6 11 11 3 9 7 23 8

Total 35 83 77 88 128 99 93 45 29 65 47 31 44 23 35 23 28 27 21 34 40

18


Sector Trend

Key Analytics

Advisory Mandates by Sector: Energy

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5

10

15

20

25

30

35

Jan-16 Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 Aug-16 Sep-16 Oct-16Nov-16Dec-16 Jan-17 Feb-17Mar-17Apr-17May-17Jun-17 Jul-17 Aug-17 Sep-17


Prime 0 0 0 1 2 0 3 0 2 1 5 5 3 0 2 9 13 10 1 2 1

Middle Market 6 4 20 8 6 5 3 1 0 0 4 8 10 10 24 24 15 8 3 2 0

Total 6 4 20 9 8 5 6 1 2 1 9 13 13 10 26 33 28 18 4 4 1

19


Sector Trend

Key Analytics

Advisory Mandates by Sector: Medical

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Court Spotlight

Annex A:

North American Advisory Mandates Detail

September 2017

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NA Advisory Mandates

Advisory Mandates: September 2017

CompanyPrime / Middle Market

Total Debt

(USD m)Country

In-court or Out-of-court

RestructuringSector Advisor Type Appointed by

Notes on AppointmentReported Retention

Date

99 Cents Only Stores

Prime 899 US Out-of-Court Retail

GuggenheimFinancial Advisor / Investment Banker

Company99 Cents Only Stores management is working with Guggenheim and Deutsche Bank to pursue liability management exercises.

19-Sep-17

Deutsche BankFinancial Advisor / Investment Banker

Company99 Cents Only Stores management is working with Guggenheim and Deutsche Bank to pursue liability management exercises.

19-Sep-17

Milbank, Tweed, Hadley & McCloy

Lead Counsel Company99 Cents Only has retained Milbank Tweed and ProskauerRose, alongside its hire of Guggenheim Partners as restructuring advisor.

20-Sep-17

Proskauer Rose Lead Counsel Company99 Cents Only has retained Milbank Tweed and ProskauerRose, alongside its hire of Guggenheim Partners as restructuring advisor.

20-Sep-17

AbengoaBioenergy Biomass of Kansas

Prime N/A US In-CourtAlternative

EnergyDrinker Biddle &

ReathLocal / Special

CounselCompany

Abengoa Bioenergy Biomass of Kansas filed for Involuntary Chapter 7 bankruptcy protection in the District of Kansas on 23 March 2016. The docket number is 16-10446.

26-Sep-17

AerosolesMiddle Market

72 US In-Court Retail

Ropes & Gray Lead Counsel CompanyAerogroup International filed for Chapter 11 bankruptcy protection in the District of Delaware on 15 September 2017. The docket number is 17-11962.

15-Sep-17

BayardLocal / Special

CounselCompany

Aerogroup International filed for Chapter 11 bankruptcy protection in the District of Delaware on 15 September 2017. The docket number is 17-11962.

15-Sep-17

Prime Clerk Claims Agent CompanyAerogroup International filed for Chapter 11 bankruptcy protection in the District of Delaware on 15 September 2017. The docket number is 17-11962.

15-Sep-17

Berkeley Research Group (BRG)


CompanyAerogroup International filed for Chapter 11 bankruptcy protection in the District of Delaware on 15 September 2017. The docket number is 17-11962.

15-Sep-17

ProvinceFinancial Advisor / Investment Banker

Unsecured Creditors

Committee


26-Sep-17

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Total Debt

(USD m)Country




Date

AerosolesMiddle Market


Cooley Lead CounselUnsecured Creditors

Committee


26-Sep-17

Gellert Scali Busenkell & Brown

Local / Special Counsel

Unsecured Creditors

Committee


26-Sep-17

Paul Hastings Lead Counsel Agent / TrusteeAerogroup International filed for Chapter 11 bankruptcy protection in the District of Delaware on 15 September 2017. The docket number is 17-11962.

15-Sep-17

Young Conaway Stargatt & Taylor


Agent / TrusteeAerogroup International filed for Chapter 11 bankruptcy protection in the District of Delaware on 15 September 2017. The docket number is 17-11962.

15-Sep-17

Choate, Hall & Stewart

Lead Counsel Agent / TrusteeAerogroup International filed for Chapter 11 bankruptcy protection in the District of Delaware on 15 September 2017. The docket number is 17-11962.

15-Sep-17

Womble Carlyle Sandridge & Rice


Agent / TrusteeAerogroup International filed for Chapter 11 bankruptcy protection in the District of Delaware on 15 September 2017. The docket number is 17-11962.

15-Sep-17

Weil, Gotshal & Manges

Lead CounselLenders /

Bondholders


19-Sep-17

Richards, Layton & Finger


Lenders / Bondholders


19-Sep-17

Alevo USAMiddle Market

N/A US In-Court Energy Northen Blue Lead CounselUnsecured Creditors

Committee

Alevo USA filed for Chapter 11 bankruptcy protection in the Middle District of North Carolina on 21 August 2017. The docket number is 17-50876.

18-Sep-17

Algeco Scotsman Prime 3,256 US Out-of-Court ConstructionPaul, Weiss, Rifkind, Wharton & Garrison


Bondholders

Paul Weiss and Sullivan & Cromwell represent the group, which holds approximately two-thirds of Algeco’s USD 745m 10.75% unsecured notes due October 2019, as well as a substantial amount of the company’s secured indebtedness.

6-Sep-17

22




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Total Debt

(USD m)Country




Date

Algeco Scotsman Prime 3,256 US Out-of-Court Construction Sullivan & Cromwell Lead CounselLenders /

Bondholders

Paul Weiss and Sullivan & Cromwell represent the group, which holds approximately two-thirds of Algeco’s USD 745m 10.75% unsecured notes due October 2019, as well as a substantial amount of the company’s secured indebtedness.

6-Sep-17

Bi-Lo Prime 1,596 US Out-of-Court Retail

Moelis & CoFinancial Advisor / Investment Banker


An ad hoc group of Bi-Lo holdco and secured bondholders has organized with financial advisor Moelis.

26-Sep-17

Morrison & Foerster Lead CounselLenders /

Bondholders

Fidelity, one of the group’s largest holders, has been working with Morrison & Foerster as legal counsel, with the expectation that the firm will represent the broader crossholder group.

26-Sep-17

Bon-Ton Store Prime 986 US Out-of-Court Retail

PJT PartnersFinancial Advisor / Investment Banker

CompanyBon-Ton Stores tapped PJT Partners as a restructuring adviser in an effort to rein in its USD 900m debt load.

7-Sep-17

Jones Day Lead CounselLenders /

Bondholders

Certain holders of Bon-Ton’s USD 350m 8% second lien notes due 2021 have been consulting with legal counsel at Jones Day.

25-Sep-17

Bonanza Creek Energy

PrimeN/AN/A

USUS

Out-of-Court Energy

EvercoreFinancial Advisor / Investment Banker

Company

Bonanza Creek Energy is nearing the end of a formal sale process, and the list of potential suitors is down to a few strategic and private equity bidders. Evercore and Kirkland & Ellis are advising on the sale process.

27-Sep-17

Kirkland & Ellis Lead Counsel Company

Bonanza Creek Energy is nearing the end of a formal sale process, and the list of potential suitors is down to a few strategic and private equity bidders. Evercore and Kirkland & Ellis are advising on the sale process.

27-Sep-17

California Resources

Prime 5,069 US Out-of-Court Energy Goldman SachsFinancial Advisor / Investment Banker

Company

California Resources is working with investment bank Goldman Sachs to lead a liability management transaction aimed at freeing up some of its secured debt capacity and issuing a new term loan.

20-Sep-17

Charlotte Russe Prime 230 US Out-of-Court RetailBerkeley Research

Group (BRG)Financial Advisor / Investment Banker


An ad hoc group of Charlotte Russe lenders has selected Berkeley Research Group (BRG) as an advisor.

1-Sep-17

Charming Charlie

Middle Market

210 US Out-of-Court RetailHuron Consulting

GroupFinancial Advisor / Investment Banker


Charming Charlie's lenders have signed off on an amendment loosening a maximum leverage test through 2018, and the lenders worked with advisors Huron and Loughlin Management Partners and Paul Weiss as legal counsel.

7-Sep-17

23




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Total Debt

(USD m)Country




Date

Charming Charlie

Middle Market

210 US Out-of-Court Retail

Paul, Weiss, Rifkind, Wharton & Garrison


Bondholders


7-Sep-17

LoughlinManagement Partners + Co

Financial Advisor / Investment Banker



7-Sep-17

Custom EcologyMiddle Market

195 US Out-of-Court Transportation Houlihan LokeyFinancial Advisor / Investment Banker

CompanyCustom Ecology (dba Stafford Logistics) engaged HoulihanLokey last month as it navigates an oncoming liquidity crunch.

26-Sep-17

Destination Maternity

Middle Market

36 US Out-of-Court Retail GuggenheimFinancial Advisor / Investment Banker

CompanyDestination Maternity has re-engaged Guggenheim Securities and mandated the bank to help management pursue strategic and financial alternatives.

27-Sep-17

EV Energy Prime 604 US Out-of-Court Energy

Perella Weinberg Partners / Tudor,

Pickering Holt & Co


Company

EV Energy Partners (EVEP) has retained Perella Weinberg Partners as financial advisors, and Kirkland & Ellis as legal advisor to assist with a restructuring of the overleveraged company.

14-Sep-17

Kirkland & Ellis Lead Counsel Company

EV Energy Partners (EVEP) has retained Perella Weinberg Partners as financial advisors, and Kirkland & Ellis as legal advisor to assist with a restructuring of the overleveraged company.

14-Sep-17

EXCO Resources

Prime 1,125 US Out-of-Court Energy

Alvarez & MarsalRestructuring

AdvisorCompany

The company, at the direction of the audit committee, has retained PJT Partners LP as financial advisors and Alvarez & Marsal North America, LLC as restructuring advisors.

7-Sep-17

Brown Rudnick Lead CounselLenders /

Bondholders

An ad-hoc group of EXCO Resources unsecured bondholders is working with Brown Rudnick as legal advisor to assist with restructuring negotiations.

15-Sep-17

Exelco North America

Prime N/A US In-Court Consumer

Hughes Hubbard & Reed

Lead Counsel CompanyExelco North America filed for Chapter 11 bankruptcy protection in the District of Delaware on 27 September 2017. The docket number is 17-12029.

26-Sep-17

Young Conaway Stargatt & Taylor


CompanyExelco North America filed for Chapter 11 bankruptcy protection in the District of Delaware on 27 September 2017. The docket number is 17-12029.

26-Sep-17

24




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Total Debt

(USD m)Country




Date

Exelco North America

Prime N/A US In-Court Consumer Donlin, Recano & Co Claims Agent CompanyExelco North America filed for Chapter 11 bankruptcy protection in the District of Delaware on 27 September 2017. The docket number is 17-12029.

26-Sep-17

FerrellgasPartners

Prime 2,021 US Out-of-Court Energy Bracewell Lead Counsel CompanyFerrellgas Partners recently brought on legal counsel Bracewell for assistance in tackling its over-levered balance sheet.

28-Sep-17

FieldwoodEnergy

Prime

1,118

US Out-of-Court EnergyDavis Polk &

WardwellLead Counsel


An ad hoc group of Fieldwood Energy second lien lenders led by Mudrick Capital has engaged Davis Polk as legal counsel.

29-Sep-17

Four Corners Petroleum

Prime N/A US Out-of-Court EnergyDetring Energy

AdvisorsFinancial Advisor / Investment Banker

CompanyFour Corners Petroleum engaged Detring Energy Advisors to sell its conventional holdings in Wyoming’s Powder River basin.

12-Sep-17

GST AutoLeather

Middle Market

170 US In-Court Automotive Kirkland & Ellis Lead Counsel CompanyThe volatile dynamic, which is exacerbated by an earnings decline trend, has prompted management to enlist counsel Kirkland & Ellis to explore workout options.

11-Sep-17

Hard Rock Exploration

Middle Market

30 US In-Court Energy

Fowler Bell Lead Counsel CompanyHard Rock Exploration filed for Chapter 11 bankruptcy protection in the Southern District of West Virginia on 5 September 2017. The docket number is 17-20459.

5-Sep-17

Hoyer, Hoyer & SmithLocal / Special

CounselCompany

Hard Rock Exploration filed for Chapter 11 bankruptcy protection in the Southern District of West Virginia on 5 September 2017. The docket number is 17-20459.

5-Sep-17

The Getty Law GroupLocal / Special

CounselCompany


5-Sep-17

Simms Law OfficeLocal / Special

CounselCompany


5-Sep-17

Buchanan Ingersoll & Rooney


Bondholders


6-Sep-17

25




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Total Debt

(USD m)Country




Date

IronGate Energy Services

Prime 230 US Out-of-Court EnergyIntrepid Financial

PartnersFinancial Advisor / Investment Banker

Sponsor / Owner

IronGate Energy Services sponsor Clearlake Capital is working with Intrepid Financial Partners on a capital structure resolution after a forbearance expired all the way back in November 2016.

29-Sep-17

Jyoti AmericasMiddle Market

8 US In-CourtIndustrial

Products & Services

Okin & Adams Lead Counsel CompanyJyoti Americas filed for Chapter 7 bankruptcy protection in the Southern District of Texas on 4 September 2017. The docket number is 17-35240.

4-Sep-17

Nathan SommersJacobs


Bondholders

Jyoti Americas filed for Chapter 7 bankruptcy protection in the Southern District of Texas on 4 September 2017. The docket number is 17-35240.

4-Sep-17

Knight Oil ToolsMiddle Market

200 US In-Court Energy

Huron Consulting Group


Unsecured Creditors

Committee

Knight Oil Tools’ unsecured creditors committee (UCC) enlisted Huron as financial advisor. The UCC, which is currently comprised of NLB Corp and EDI Environmental Services, also hired Baker Donelson as legal counsel.

14-Sep-17

Baker, Donelson, Bearman, Caldwell &

BerkowitzLead Counsel

Unsecured Creditors

Committee

Knight Oil Tools’ unsecured creditors committee (UCC) enlisted Huron as financial advisor. The UCC, which is currently comprised of NLB Corp and EDI Environmental Services, also hired Baker Donelson as legal counsel.

14-Sep-17

La Paloma Generating Company

Prime 524 US In-Court Utilities

The Rosner Law Group


Unsecured Creditors

Committee

La Paloma Generating Company filed for Chapter 11 bankruptcy protection in the District of Delaware on 6 December 2016. The docket number is 16-12700.

26-Sep-17

Brinkman Portillo Ronk

Lead CounselUnsecured Creditors

Committee

La Paloma Generating Company filed for Chapter 11 bankruptcy protection in the District of Delaware on 6 December 2016. The docket number is 16-12700.

26-Sep-17

Mossi & GhisolfiGroup

Prime 1,925US /

Other Country

In-Court Chemicals


AdvisorCompany

The Italian petrochemical giant mandated Alvarez & Marsal as CRO and to provide advisory services, and retained Italian legal firm Gianni Origoni Grippo Cappelli & Partners (GOP) to advise the Italy-based business, as well as Jones Day to advise its US division.

19-Sep-17

Jones Day Lead Counsel Company


19-Sep-17

Gianni Origoni Grippo Cappelli & Partners


Company


19-Sep-17

26




An Acuris Company


Total Debt

(USD m)Country




Date

Mossi & GhisolfiGroup

Prime 1,925US / Other

CountryIn-Court Chemicals Rothschild


Company


19-Sep-17

Nine West Prime 1,925 US Out-of-Court Retail

Davis Polk & Wardwell


Bondholders

KKR and Farmstead Capital Group of secured lenders has hired counsel Davis Polk to go along with financial advisor Ducera.

14-Sep-17

GuggenheimFinancial Advisor / Investment Banker


A separate crossover group of unsecured and secured lenders has hired Guggenheim and King & Spalding.

14-Sep-17

King & Spalding Lead CounselLenders /

BondholdersA separate crossover group of unsecured and secured lenders has hired Guggenheim and King & Spalding.

14-Sep-17

Moelis & CoFinancial Advisor / Investment Banker


Creditor Brigade Capital has enlisted Moelis and Kramer Levin to represent its own interests.

14-Sep-17

Kramer Levin Naftalis & Frankel


BondholdersCreditor Brigade Capital has enlisted Moelis and Kramer Levin to represent its own interests.

14-Sep-17

Northern Oil & Gas

Prime 700 US Out-of-Court Energy

Jones Day Lead Counsel CompanyNorthern Oil and Gas is working with legal counsel Jones Day and financial advisor Evercore to explore a series of liability management strategies.

29-Sep-17

EvercoreFinancial Advisor / Investment Banker

CompanyNorthern Oil and Gas is working with legal counsel Jones Day and financial advisor Evercore to explore a series of liability management strategies.

25-Sep-17

Payless ShoeSource

Prime 665 US In-Court RetailMilbank, Tweed, Hadley & McCloy


Bondholders

Payless Holdings filed for Chapter 11 bankruptcy protection in the Eastern District of Missouri on 4 April 2017. The docket number is 17-42267.

21-Sep-17

PerfumaniaHoldings

Middle Market

199 US In-Court RetailRichards, Layton & Finger

Lead Counsel Sponsor / OwnerPerfumania filed for Chapter 11 bankruptcy protection in the District of Delaware on 26 August 2017. The docket number is 17-11794.

25-Sep-17

27




An Acuris Company


Total Debt

(USD m)Country




Date

PerfumaniaHoldings

Middle Market


Morris, Nichols, Arsht& Tunnell


Sponsor / OwnerPerfumania filed for Chapter 11 bankruptcy protection in the District of Delaware on 26 August 2017. The docket number is 17-11794.

8-Sep-17

Nastasi Partners Lead Counsel Sponsor / OwnerPerfumania filed for Chapter 11 bankruptcy protection in the District of Delaware on 26 August 2017. The docket number is 17-11794.

8-Sep-17

Portrait Innovations

Middle Market


Rayburn Cooper & Durham

Lead Counsel CompanyPortrait Innovations filed for Chapter 11 bankruptcy protection in the Western District of North Carolina on 1 September 2017. The docket number is 17-31455.

1-Sep-17

Troutman SandersLocal / Special

CounselCompany

Portrait Innovations filed for Chapter 11 bankruptcy protection in the Western District of North Carolina on 1 September 2017. The docket number is 17-31455.

1-Sep-17

Piper JaffrayFinancial Advisor / Investment Banker

CompanyPortrait Innovations filed for Chapter 11 bankruptcy protection in the Western District of North Carolina on 1 September 2017. The docket number is 17-31455.

1-Sep-17

Rust Consulting/Omni

BankruptcyClaims Agent Company


1-Sep-17

K&L Gates Lead CounselLenders /

Bondholders


1-Sep-17

Hull & ChandlerLocal / Special

Counsel

Unsecured Creditors

Committee


26-Sep-17

Kelley Drye & Warren Lead CounselUnsecured Creditors

Committee


25-Sep-17

The Finley GroupFinancial Advisor / Investment Banker

CompanyPortrait Innovations filed for Chapter 11 bankruptcy protection in the Western District of North Carolina on 1 September 2017. The docket number is 17-31455.

1-Sep-17

28




An Acuris Company


Total Debt

(USD m)Country




Date

Seadrill Prime 8,021US /

Other Country

In-Court Energy

Jackson WalkerLocal / Special

CounselCompany

Seadrill filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 12 September 2016. The docket number is 16-60079.

12-Sep-17

AdvokatfirmaetThommessen


CompanySeadrill filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 12 September 2016. The docket number is 16-60079.

12-Sep-17

Conyers Dill & Pearman


CompanySeadrill filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 12 September 2016. The docket number is 16-60079.

12-Sep-17

Prime Clerk Claims Agent CompanySeadrill filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 12 September 2016. The docket number is 16-60079.

12-Sep-17

Orrick, Herrington & Sutcliffe

Lead Counsel Board of DirectorsSeadrill filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 12 September 2016. The docket number is 16-60079.

13-Sep-17

Kramer Levin Naftalis& Frankel


Committee


27-Sep-17

Cole SchotzLocal / Special

Counsel

Unsecured Creditors

Committee


28-Sep-17

Willkie Farr & Gallagher


Board of DirectorsSeadrill filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 12 September 2016. The docket number is 16-60079.

13-Sep-17

FTI ConsultingFinancial Advisor / Investment Banker

Unsecured Creditors

Committee


28-Sep-17

Morgan, Lewis & Bockius

Lead Counsel Agent / TrusteeSeadrill filed for Chapter 11 bankruptcy protection in the Southern District of Texas on 12 September 2016. The docket number is 16-60079.

18-Sep-17

29




An Acuris Company


Total Debt

(USD m)Country




Date

Seadrill Prime 8,021US /

Other Country

In-Court Energy

RothschildFinancial Advisor / Investment Banker



20-Sep-17

Stroock & Stroock & Lavan


Bondholders


20-Sep-17

Cadwalader, Wickersham & Taft


Bondholders


13-Sep-17

Dykema Cox SmithLocal / Special

CounselLenders /

Bondholders


13-Sep-17

Fried, Frank, Harris, Shriver & Jacobson


Bondholders


13-Sep-17

Andrews Kurth Kenyon




14-Sep-17

Tenet Healthcare

Prime 15,366 US In-Court Medical BarclaysFinancial Advisor / Investment Banker

CompanyTenet Healthcare has retained Barclays to explore strategic alternatives, with a focus on a selling the entire company rather than offloading parts of the business piecemeal.

13-Sep-17

Titan Energy (f/k/a Atlas Resource Partners)

Prime N/A US Out-of-Court EnergyDetring Energy

AdvisorsFinancial Advisor / Investment Banker

CompanyTitan Energy has engaged Detring Energy Advisors to sell its coalbed methane (CBM) assets.

8-Sep-17

Toys “R” Us Prime 5,265 US In-Court Retail

Paul, Weiss, Rifkind, Wharton & Garrison


Bondholders

Toys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

12-Sep-17

Whiteford, Taylor & Preston




20-Sep-17

30




An Acuris Company


Total Debt

(USD m)Country




Date


LinklatersLocal / Special

CounselLenders /

Bondholders


20-Sep-17

Prime Clerk Claims Agent CompanyToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

15-Sep-17

Kirkland & Ellis Lead Counsel CompanyToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

6-Sep-17

Kutak RockLocal / Special

CounselCompany


19-Sep-17

Munger, Tolles & Olson


CompanyToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

19-Sep-17

GoodmansLocal / Special

CounselCompany


19-Sep-17

BCFLocal / Special

CounselCompany


19-Sep-17


AdvisorCompany


7-Sep-17

Shearman & Sterling Lead Counsel Agent / TrusteeToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

19-Sep-17

Skadden, Arps, Slate, Meagher & Flom

Lead Counsel Agent / TrusteeToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

19-Sep-17

31




An Acuris Company


Total Debt

(USD m)Country




Date


Troutman SandersLocal / Special

CounselAgent / Trustee


19-Sep-17

Norton Rose Fulbright


Agent / TrusteeToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

19-Sep-17

Davis Polk & Wardwell


19-Sep-17

Hunton & WilliamsLocal / Special



19-Sep-17

Blake, Cassels & Graydon


Agent / TrusteeToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

19-Sep-17

Wachtell, Lipton, Rosen & Katz


Bondholders


11-Sep-17

McGuireWoodsLocal / Special

CounselLenders /

Bondholders


19-Sep-17

Osler, Hoskin & Harcourt




19-Sep-17

Houlihan LokeyFinancial Advisor / Investment Banker



13-Sep-17





19-Sep-17

32




An Acuris Company


Total Debt

(USD m)Country




Date


Cole Schotz Lead Counsel Agent / TrusteeToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

27-Sep-17

Arnold Porter Kaye Scholer


Bondholders


19-Sep-17

Huron Consulting Group




26-Sep-17

Kilpatrick Townsend & Stockton


21-Sep-17

ThompsonMcMullanLocal / Special



21-Sep-17

Porter Hedges Lead Counsel Agent / TrusteeToys R Us filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia on 19 September 2017. The docket number is 17-34665.

19-Sep-17

Emmet, Marvin & Martin


20-Sep-17

Spotts FainLocal / Special



27-Sep-17

PJT PartnersFinancial Advisor / Investment Banker



28-Sep-17

Kramer Levin Naftalis& Frankel


Committee


27-Sep-17

33




An Acuris Company


Total Debt

(USD m)Country




Date


FTI ConsultingFinancial Advisor / Investment Banker

Unsecured Creditors

Committee


27-Sep-17

Curtis, Mallet-Prevost, Colt & Mosle



19-Sep-17

Crenshaw Ware & Martin



19-Sep-17

Klehr Harrison Harvey Branzburg



19-Sep-17

Crowley LiberatoreRyan & Brogan



19-Sep-17

Shaw Fishman Glantz & Towbin



19-Sep-17

Canfield Wells & Kruck



19-Sep-17

Proskauer RoseLocal / Special

CounselCompany


27-Sep-17

DabneyLocal / Special

CounselCompany


27-Sep-17

Ronald PageLocal / Special

CounselCompany


19-Sep-17

34




An Acuris Company


Total Debt

(USD m)Country




Date

TriyardsHoldings

Prime N/AUS / Other

CountryOut-of-Court Energy PwC


CompanyTriyards Holdings has hired PricewaterhouseCoopers (PwC) as financial adviser to restructure its USD 186.5m loans.

13-Sep-17

Ultra Petroleum Prime N/A US Out-of-Court Energy Fir Tree PartnersFinancial Advisor / Investment Banker

Company

Ultra Petroleum announced in a press release today that it intends to work with Fir Tree Partners on certain growth initiatives, including ways to de-lever its balance sheet and divest non-core assets.

27-Sep-17

University of Wisconsin Oshkosh Foundation

Middle Market

N/A US In-CourtFinancial Services

Godfrey & Kahn Lead CounselLenders /

Bondholders

University of Wisconsin Oshkosh Foundation filed for Chapter 11 bankruptcy protection in the Eastern District of Wisconsin on 17 August 2017. The docket number is 17-28077.

22-Sep-17

Vitamin WorldMiddle Market


Lowenstein Sandler Lead CounselUnsecured Creditors

Committee

Vitamin World filed for Chapter 11 bankruptcy protection in the District of Delaware on 11 September 2017. The docket number is 17-11933.

19-Sep-17

Whiteford, Taylor & Preston


Unsecured Creditors

Committee


21-Sep-17



Unsecured Creditors

Committee


22-Sep-17

JND Corporate Restructuring

Claims Agent CompanyVitamin World filed for Chapter 11 bankruptcy protection in the District of Delaware on 11 September 2017. The docket number is 17-11933.

11-Sep-17

Saul Ewing Arnstein & Lehr


CompanyVitamin World filed for Chapter 11 bankruptcy protection in the District of Delaware on 11 September 2017. The docket number is 17-11933.

11-Sep-17

Katten MuchinRosenman

Lead Counsel CompanyVitamin World filed for Chapter 11 bankruptcy protection in the District of Delaware on 11 September 2017. The docket number is 17-11933.

11-Sep-17

Mackinac PartnersFinancial Advisor / Investment Banker


11-Sep-17

35




An Acuris Company


Total Debt

(USD m)Country




Date

Vitamin WorldMiddle Market


RAS Management Advisors



20-Sep-17

Riemer & Braunstein Lead CounselLenders /

Bondholders


12-Sep-17

Ashby & GeddesLocal / Special

CounselLenders /

Bondholders


12-Sep-17

Westinghouse Electric / Toshiba

Prime 744 US In-Court Consumer Hayashi & PartnersLocal / Special

Counsel

Unsecured Creditors

Committee

Westinghouse Electric filed for Chapter 11 bankruptcy protection in the Southern District of New York on 29 March 2017. The docket number is 17-10751.

5-Sep-17

Westmoreland Coal

Prime 1,108 US Out-of-Court Mining Houlihan LokeyFinancial Advisor / Investment Banker


Westmoreland Coal’s MLP lenders are working with HoulihanLokey as financial advisor for assistance with restructuring negotiations.

15-Sep-17

Windstream Prime 5,645 US Out-of-Court Telecom

Skadden, Arps, Slate, Meagher & Flom

Lead Counsel Company

Windstream recently had corporate counsel Skadden Arps re-review and confirm that the telecom company’s April 2015 spinoff of its fiber and copper networks into Uniti Group was within covenant parameters.

18-Sep-17

Kirkland & Ellis Lead Counsel CompanyKirkland & Ellis and Ross Aronstam & Moritz are representing Windstream in its motion for preliminary injunction in Delaware Chancery Court.

29-Sep-17

Ross Aronstam & Moritz


CompanyKirkland & Ellis and Ross Aronstam & Moritz are representing Windstream in its motion for preliminary injunction in Delaware Chancery Court.

29-Sep-17

WYNIT Distribution

Middle Market

87 US In-Court Consumer

Stinson Leonard Street

Lead Counsel CompanyWYNIT Distribution filed for Chapter 11 bankruptcy protection in the District of Minnesota on 8 September 2017. The docket number is 17-42726.

8-Sep-17

JND Corporate Restructuring

Claims Agent CompanyWYNIT Distribution filed for Chapter 11 bankruptcy protection in the District of Minnesota on 8 September 2017. The docket number is 17-42726.

8-Sep-17

36




An Acuris Company


Total Debt

(USD m)Country




Date

WYNIT Distribution

Middle Market

87 US In-Court Consumer

Conway MacKenzieFinancial Advisor / Investment Banker

CompanyWYNIT Distribution filed for Chapter 11 bankruptcy protection in the District of Minnesota on 8 September 2017. The docket number is 17-42726.

8-Sep-17

Barnes & ThornburgLocal / Special

Counsel

Unsecured Creditors

Committee

WYNIT Distribution filed for Chapter 11 bankruptcy protection in the District of Minnesota on 8 September 2017. The docket number is 17-42726.

20-Sep-17

Lowenstein Sandler Lead CounselUnsecured Creditors

Committee


20-Sep-17

Greenberg Traurig Lead CounselLenders /

Bondholders


8-Sep-17

Goldman Sloan Nash & Haber


CompanyWYNIT Distribution filed for Chapter 11 bankruptcy protection in the District of Minnesota on 8 September 2017. The docket number is 17-42726.

8-Sep-17

37




An Acuris Company

Debtwire.com

Debtwire reports on corporate debt situations before credit ratings are changed. Offering unique insights, credit analysis, debt data, and analytics for distressed debt and leveraged finance markets.

Subscribers choose Debtwire for speed and depth of coverage they can’t get anywhere else. Our reporters talk to an impressive range of contacts every day to bring you valuable early insight into fast evolving situations.

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We have obtained the information provided in this report in good faith from sources that we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and Debtwire intelligence.

Debtwire is an Acuris company

an acuris company september 2017 restructuring …...financial advisor / investment banker...

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