PETITION

Curated financial news, analysis and commentary with an emphasis on distressed investing, restructuring and bankruptcy. We discuss disruption, from the vantage point of the disrupted.

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PETITION's top posts of the month

By hacker news affinity
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PETITION 2 likes 18 Jan 23
On January 16, 2023, GA-based GigaMonster Networks LLC and four affiliates (the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Stickles). The debtors develop and deploy universal access networks (“UANs”) in multi-family and commercial real estate properties. Four hundred properties and 35k end-user subscribers get their Netflix streaming addition powered by this sh*tco:
PETITION 2 likes 11 Jan 23
On January 8, 2023, Louisiana-based Nautical Solutions LLC and Nautical Solutions (Texas) LLC (the “debtors”) filed prepackaged chapter 11 bankruptcy cases in the Southern District of Texas (Judge Lopez). The debtors provide vessel support services to, among others, offshore drillers in the United States portion of the Gulf of Mexico and in Guyana and Brazil.
PETITION 2 likes 15 Jan 23
It’s #BustedSPAC time! On January 11, 2023, GA-based American Virtual Cloud Technologies Inc. ($AVCT) and two affiliates (together, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Walrath). The debtors are in the cloud-based business communications services space, assisting customers who want to transfer their tech, i.e., phone services and other business applications, to the cloud. There are — sigh, tech bros (🙄) — of course, heaps of acronyms for their services: “unified communications as a service” or “UCaaS”; “communications platform as a service” or “CPaaS,” and “Microsoft Teams Direct Routing as a Service” or “DRaaS.”
PETITION 2 likes 15 Jan 23
On January 11, 2023, CA-based Tricida Inc. filed a chapter 11 bankruptcy case in the District of Delaware (Judge Dorsey). The biopharma company created a drug called Veverimer to deal with a relatively common chronic kidney disease. To support development and testing, the company raised $200mm of 3.5% ‘27 convertible notes, incurred a bunch of trade debt and issued a boat load of equity — creating an overflow of unmanageable liability. Why? Well, after initiating trials in ‘18, the company learned in October ‘22 that its trial did not meet its primary endpoint and the drug could not be commercialized at this time. This impacted the company’s access to capital and the company shifted quickly to strategic alternatives and cost reductions (including a RIF). Enter
PETITION 2 likes 18 Jan 23
On January 12, 2023, CA-based FB Debt Financing Guarantor, LLC (d/b/a Morphe Cosmetics) and eight affiliates (the “debtors” or “Morphe”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Owens). The case, while largely unremarkable from a substantive perspective, offers a rare prize for bankruptcy practitioners — the opportunity to bond with your Gen Z family members!
PETITION 1 likes 03 Feb 23
You can find our initial coverage of this chapter 11 bankruptcy filing here: Date: January 23, 2023 Jurisdiction: S.D. of Texas (Judge Jones) Capital Structure: $1.9b of funded debt Company Professionals: Legal: Weil Gotshal & Manges LLP (Ray Schrock, Alexander Welch, Stephanie Morrison, Sean Feener, Gabriel Morgan, Eric Behl-Remijan, Luna Barrington, Richard Gage, David Lender, Stuart Goldring)
PETITION 1 likes 22 Jan 23
The party is finally over. On January 17, 2023, Party City Holdco Inc. ($PRTY) and thirteen affiliates (the “debtors” or “PCHI”) filed voluntary chapter 11 bankruptcy cases in the Southern District of Texas (Judge Jones). It’s been a tough year for Party City. A month ago, after its disappointing third quarter earnings release,
PETITION 1 likes 29 Jan 23
On January 24, 2023, Heritage Power LLC (“Heritage Power”) and eighteen affiliates (the “debtors”) filed chapter 11 bankruptcy cases in the Southern District of Texas (Judge Lopez). Heritage Power is a wholly-owned subsidiary of GenOn Holdings (“GenOn”)
PETITION 1 likes 29 Jan 23
The bankruptcy dockets are beginning to fill up with hospitality cases. See also Golden Seahorse LLC and Times Square JV LLC. On January 22, 2023, a FL-based owner and operator of eight FL-located hotels, AD1 Urban Palm Bay LLC (along with twelve affiliates, the “debtors”), filed for chapter 11 bankruptcy in the District of Delaware (