Transactions
INDUSTRY
Other
CLIENT
Christensen Farms
TYPE
Out-of-Court Restructuring
REPRESENTING
Senior Lenders
BUSINESS OVERVIEW
$500 million integrated pork producer with bank debt ballooned to over $450 million due to a commodity squeeze.
NOTABLE ACCOMPLISHMENT
Restructured debt resulting in par recovery for the 17-member bank group. After two years of losses totaling more than $200 million, helped agent and bank group raise interim financing to allow time for commodity market recovery.
INDUSTRY
Other
CLIENT
Acadia LLC
TYPE
Reorganization
REPRESENTING
Debtor
BUSINESS OVERVIEW
Family investment vehicle investing largely in PE funds, in default with secured lender and PE investments.
NOTABLE ACCOMPLISHMENT
Helped family gain control from senior family member, re-establish working relationships with lender and sponsors following years of defaults and litigation, and confirm plan of reorganization with material return to family.
INDUSTRY
Other
CLIENT
Pacific USA
TYPE
Ch. 11 Reorganization
REPRESENTING
Debtor
BUSINESS OVERVIEW
U.S. holding company of major Taiwanese parent company that lost more than $650 million in preceding three years.
NOTABLE ACCOMPLISHMENT
Helped achieve recovery of more than 40% for majority of U.S. creditors, despite virtually no remaining U.S.-based businesses or assets.
INDUSTRY
Retail/Restaurant
CLIENT
Hancock Fabrics
TYPE
Ch. 11 Reorganization
REPRESENTING
Debtor
BUSINESS OVERVIEW
$375 million fabric specialty retail chain experiencing mounting losses and defaults with senior lenders.
NOTABLE ACCOMPLISHMENT
$118 million improvement over initial expected EV of $73 million, a 261% increase. Transaction received Turnaround of the Year Award from Turnaround Atlas and Financing of the Year Award from The M&A Advisor.
INDUSTRY
Retail/Restaurant
CLIENT
Jillian’s Entertainment
TYPE
363 Sale
REPRESENTING
Debtor
BUSINESS OVERVIEW
$110 million operator of restaurant/games venues under Chapter 11
NOTABLE ACCOMPLISHMENT
Took over management of the transaction and obtained final auction bids over 170% of stalking horse bids, producing almost complete recovery for secured creditor and significant return for unsecured creditors.
INDUSTRY
Retail/Restaurant
CLIENT
Orchard Brands
TYPE
Ch. 11 Reorganization
REPRESENTING
Unsecured Creditors' Committee
BUSINESS OVERVIEW
$880 million retailer of mature women’s apparel that was experiencing increasing losses due to sales declines.
NOTABLE ACCOMPLISHMENT
Developed analyses that revealed the company was made insolvent years earlier due to acquisitions and dividend recap, leading to substantial settlement with sponsor resulting in net recoveries of over 45% to the unsecured creditors.