48forty Solutions — Representation of 48forty Solutions, LLC and certain of its affiliates (“48forty”), in their out-of-court restructuring, which was supported by 100% of 48forty’s lenders. 48forty is the largest pallet management services company in North America. Pursuant to the restructuring transactions, 48forty received $50 million in new capital and significant relief under its existing credit facilities, including certain liquidity support, a three-year maturity extension and covenant relief.
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.
Sonder Holdings Inc. — Representation of Sonder Holdings Inc. and its subsidiaries (“Sonder”), a global brand of premium, design-forward apartments and intimate boutique hotels, in a transformational out-of-court restructuring, consisting of approximately $146 million of incremental liquidity, including an approximately $43 million preferred equity capital raise. These transactions executed contemporaneously with a strategic long-term licensing agreement with Marriott International, Inc. and provided access to significant new money investments, strengthening Sonder’s financial and liquidity position.
Careismatic Brands, LLC — Representation of Careismatic Brands, LLC and 21 of its affiliates (together, “Careismatic”) in their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the District of New Jersey. Careismatic leads the $3 billion domestic medical scrubs market with a portfolio of 17 brands and dominant positions in the wholesale and online segments. The restructuring transactions, effectuated through an RSA with Careismatic’s key stakeholders, led to a net reduction of over $765 million in funded debt and provided a cash infusion through in-court financing for long-term, sustainable growth. On May 31, 2024, the company’s Chapter 11 plan of reorganization was confirmed with the unanimous support of its voting creditors. On June 13, 2024 the plan became effective.
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.
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.
