Appgate, Inc. — Representation of Appgate, Inc. (APGT) and 11 of its subsidiaries (“Appgate”) in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Appgate is an industry leader in secure network access, providing an innovative suite of cybersecurity solutions and advisory services to more than 660 leading private enterprises and government agencies around the world. Appgate filed for Chapter 11 on May 6, 2024 with over $170 million in funded debt obligations to pursue the restructuring transactions contemplated under a Restructuring Support Agreement supported by 100% of its first lien noteholders, 100% of its second lien noteholders, its third lien lender, and approximately 89% of its equityholders. Through these prepackaged Chapter 11 cases, Appgate will quickly address its unsustainable debt load through, among other things, a complete equitization of its balance sheet, enabling Appgate to invest in its business, maximize operational efficiencies, and unlock sustained, profitable growth upon emergence. Appgate also filed with a proposed $18 million committed DIP financing facility provided by certain of its first lien lenders.
Equinox Group — Representation of Equinox Group, the owner of a high-growth collective of influential luxury lifestyle brands, including Equinox Fitness Clubs, SoulCycle, Equinox Hotels and Blink Fitness, in a comprehensive refinancing of its capital structure that enhanced liquidity and resulted in significant maturity extensions across its capital structure. The proceeds of the $1.8 billion financing, which was led by Sixth Street and Silver Lake, in addition to a consortium of other private credit funds, were used to refinance the existing first lien, second lien and revolving credit facilities of the Equinox clubs and fund working capital across the Equinox Group brands.
SmileDirectClub, Inc. — Representation of SmileDirectClub, Inc. and eight of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. SmileDirect is an industry leader in telehealth-driven clear aligner therapy with approximately $900 million in funded debt. Through its Chapter 11 cases, the Company obtained access to up to $80 million of debtor-in-possession financing and will seek to implement a going concern transaction following a comprehensive marketing process.
Cineworld Group plc — Representation of Cineworld Group plc and 104 of its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Publicly traded on the London Stock Exchange, Cineworld, the parent company of Regal Entertainment Group, is the second-largest cinema chain in the world, operating over 9,100 screens at nearly 750 cinemas in 10 countries worldwide. Cineworld commenced its Chapter 11 cases with approximately $5.1 billion in funded debt and commitments from an ad hoc group of prepetition lenders to provide nearly $2 billion in debtor-in-possession financing.
PSS Industrial Group — Representation of Prowler Super Holding Corp. and its subsidiaries (PSS Industrial Group), an oilfield services provider and value-added distributor in the energy and industrial industries, in connection with its out-of-court restructuring, including a complete deleveraging of over $320 million in funded debt through a UCC Article 9 foreclosure and a $55 million new money equity rights offering to fund future business growth. The consummated transaction contemplates payment in full of all vendors, suppliers and other business partners and uninterrupted fulfillment of all customer obligations.
Envision Healthcare Corporation — Representation of Envision Healthcare Corporation, a leading provider of physician staffing services and operator of ambulatory surgical centers, in first-of-their kind liability management transactions. The transactions injected $1.1 billion of new money to Envision’s balance sheet and de-leveraged more than $1.9 billion of secured and unsecured debt obligations.
Washington Prime Group Inc. — Representation of Washington Prime Group Inc. and eighty-eight of its affiliates (“WPG”) in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. WPG owns, develops, and manages retail real estate across the United States, including enclosed and open air retail properties, with a portfolio comprising material interests in 102 shopping centers across the United States. As of the petition date, WPG had approximately $3.9 billion of funded debt.
Katerra Inc. — Representation of Katerra Inc. and its subsidiaries in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Katerra is an innovative and eco-conscious construction company with facilities across the globe that develops, manufactures, and markets products and services in the commercial and residential construction spaces. Katerra commenced its Chapter 11 cases with the goal of facilitating a marketing and sale process for its assets to maximize value and creditor recoveries.
