Invitae Corporation — Representation of Invitae Corporation and certain of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Invitae is headquartered in San Francisco, California and is a leader in the genetic testing field. Prior to commencing Chapter 11, Invitae secured support to implement a go-forward sale process by signing a transaction support agreement with a significant majority of its secured noteholders. Invitae is a publicly traded company and listed approximately $1.5 billion in funded debt obligations as of the petition date.
Rite Aid Corporation — Representation of Rite Aid Corporation (“Rite Aid”) and 119 of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. As one of the largest pharmacy chains in the United States, Rite Aid employs over 45,000 people, including 6,100 pharmacists in 2,100 retail pharmacy locations across 17 states. Through Elixir, its pharmacy benefit management business, Rite Aid manages pharmacy benefits for more than one million members through accredited specialty and mail-order pharmacies. Following months of negotiations, Rite Aid entered Chapter 11 with access to approximately $3.45 billion in committed post-petition DIP financing provided by its existing bank lenders and an agreement in principle with a majority of its secured bondholders on the terms of a comprehensive restructuring to delever its $4 billion debt load and right-size its operational footprint.
Center for Autism and Related Disorders, LLC — Representation of Center for Autism and Related Disorders, LLC (“CARD”) and four of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. CARD is one of the nation’s largest treatment providers for individuals diagnosed with autism spectrum disorder. Prior to filing for Chapter 11, CARD entered into a stalking horse asset purchase agreement for a going-concern sale of substantially all of CARD’s assets. CARD intends to use the Chapter 11 cases to run a competitive sale and bidding process to maximize enterprise value. CARD entered the Chapter 11 cases with a new money, delayed draw term loan debtor-in-possession financing facility from the company’s prepetition credit facility lenders.
Benefytt Technologies, Inc. — Representation of Benefytt Technologies, Inc. and certain of its affiliates (“Benefytt”) in their prearranged Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Benefytt markets and sells Medicare and private health insurance products to individuals, policy administration platforms to insurance carriers, and technology systems to insurance agents. The widely-supported restructuring support agreement (“RSA”) contemplated restructuring approximately $606 million in funded debt. Benefytt consummated the transactions set forth in the RSA and emerged from Chapter 11 on an expedited timeline.
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.
