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The Default Notice is 9fin's weekly newsletter, incorporating summaries and commentary from our US distressed coverage for the past week. Find out more about what we do for distressed here.

What once was lost (for almost a year), now is found. For the first time in 2024, Kirkland & Ellis has filed a Chapter 11 case, Digital Media Solutions, in the district that it once favored — the Southern District of Texas.

Kirkland has been notably absent in Houston when it comes to new Chapter 11 filings since the news surrounding Judge David R Jones broke in October 2023. According to data collected by 9fin, Kirkland filed 10 mega-cases — cases with at least $500m in estimated liabilities — in 2023 in SDTX. From the beginning of 2024 until 12 September 2024, Kirkland had commenced zero cases, mega or otherwise, in SDTX.

The lack of Kirkland-initiated Chapter 11 cases in SDTX dropped the district from its status as the most popular bankruptcy venue (for debtors counsel mainly). As of 31 July, Delaware held that coveted title, having 12 mega-cases commenced in the district, while SDTX saw only nine. Compare that with the same period of time in 2023 and the numbers are more than flipped — 19 in SDTX to just eight in Delaware.

Kirkland’s return to SDTX is also marked by a change in the firm’s choice of local counsel. Prior to October 2023, it was almost guaranteed that a Kirkland-run Chapter 11 case in SDTX would be supported by Jackson Walker as local counsel. In fact, for all 37 of Kirkland’s mega-cases in SDTX from 2020 to 2023, Jackson Walker was local counsel. While DMS is not a mega-case, falling shy of $500m in liabilities, it is notable that Kirkland is proceeding with different local counsel — Porter Hedges.

It is not immediately clear why SDTX was chosen for DMS’ Chapter 11 proceedings. Perhaps the company was steered by SDTX seeming to still support consensual opt-out releases while other jurisdictions are trending in the opposite direction, or to avoid possible roll-up issues in DMS’ home state of Florida, whatever the reason be — the prodigal debtors’ counsel returns.

Distressed Pitch List — We have published an update to our Distressed Pitch List. We added Goodyear, Melco Resorts & Entertainment, Optiv, PENN Entertainment and Chemours and removed New Fortress Energy, which will be a part of our regular coverage going forward.

Co-op agreements — 9fin explores potential antitrust implications of cooperation agreements here.

MultiPlan — Keep an eye out for next week’s coverage on the group of secured creditors holding pitches to retain a financial advisor to engage in debt talks with the company.

EchoStar/DISH — Multiple sets of the company and DISH DBS creditors have entered into private negotiations with the company to discuss the upcoming maturities. The latest group to get restricted holds super-majorities across a significant chunk of DISH Network and DISH DBS debt. Two other groups holding convertible debt had already started talks.

Empire Today — Lenders are organizing with Paul Hastings as the to the Charlesbank Capital Partners-backed flooring company deals with weaker revenue and a free cash flow deficit.

Alkegen — The insulation products manufacturer is nearing a debt deal to address its 2025 maturities with the help of new money lenders including Apollo and Oak Hill Advisors, according to 9fin sources.

Trinseo — Lenders to the chemical company have again banded together with Gibson Dunn and Evercore, in the midst of continuing underperformance, cash burn and high leverage. Trinseo had completed a double-dip financing deal in September 2023.

P&L Development — This private label drug maker is discussing potential refinancing options with lenders as its $465m in secured notes and ABL facility come due in 2025, 9fin sources say.

Tropicana — The PAI-backed company’s debt traded off after it reported a steep Q2 24 EBITDA decline on 29 August.

Volcan Compañía Minera — The Peruvian mining company completed its August announced exchange offer with 81% participation from lenders. The deal’s closure rounds out its greater restructuring efforts — including a refinancing of its bank debt — that will kick out debt maturities until 2029.

Beasley Broadcast Group — The company launched a combined exchange and tender offer targeting $267m in debt maturing in 2026. Holders can participate through a combination of a cash tender, exchange debt with equity, and a super-priority piece of paper.

ModivCare — The medical transportation provider saw its stock and unsecured bonds drop as it filed an S-3 as it looks to raise $200m of capital and amended financials to include a going concern warning in the midst of difficulties collecting on receivables.

Hertz — The third circuit court of appeals issued a decision overturning the bankruptcy court to provide the unsecured noteholders postpetition interest at the contract rate, including a make whole.

Spirit Airlines — The ultra low-cost carrier and its credit card processing agreement counterparty agreed to a month’s extension, with the new deadline 21 October, for the airline to refinance or extend a chunk of its secured notes due 2025. The company’s executives have had conversations with bondholders on upcoming maturities.

American Rock Salt — The salt company amended its first lien credit agreement and delayed interest payments from 6 September to 24 September. 9fin had earlier reported that the company and its lenders had hired legal counsel to address elevated leverage and volatile demand.

CareMax — The value-based healthcare continues to extend waivers under its credit agreement, most recently through 16 September.

Big Lots — Big Lots commenced its Chapter 11 case on 9 September, backed by an agreement to sell all of its assets to Nexus Capital Management for $620m. The company received interim approval of its first-day motions at lengthy hearing.

Hoonigan (Wheel Pros) — The aftermarket wheel and vehicle product manufacturer and distributor filed for bankruptcy with an RSA in place, after having completed a double-dip financing last September. The debtors received all first day relief, have begun solicitation for their prepackaged plan, and are targeting confirmation mid-October.

Digital Media Solutions — The company is Kirkland & Ellis’ first Chapter 11 case commenced in SDTX since 2023. The Chapter 11 is backed by a DIP facility and credit bid from certain of its prepetition lenders.

Steward Health Care — The debtors announced that they had reached an interim global settlement with Medical Properties Trust (MPT), which MPT subsequently disclosed in a press release. The settlement includes $25m of bi-weekly funding payments from MPT and final numbers on how much cash MPT will be allocated from the Space Coast hospital sales.

Fisker — The defunct electric car maker received interim bankruptcy court approval of its disclosure statement and a global settlement for its Chapter 11 plan of liquidation.

Mobileum — The debtors plan of reorganization, which will reduce total debt from $628m to $160m, was confirmed.

Other active distressed and restructuring coverage

Allen Media — The company held its earnings call after lenders hired an FA in preparation of liability management talks with the company.

Altice France — The distressed telco provided few updates on its Q2 24 earnings call which lasted under 10 minutes without a Q&A session. Management briefly touched on results (summarized here), which continue to decline with EBITDA down 7.5% YoY, and the company disclosed that €200m was upstreamed to shareholders by XpFibre in the form of a shareholder loan repayment.

Altice International — After the company sold its first asset since announcing its strategic review and since Altice France’s ultimatum, listeners on the Q2 24 earnings call were keen to hear how the telco would apply the Teads sale proceeds. It’s fair to say management was slightly ambiguous. 9fin’s earnings review is available here.

Altice USA — 9fin explores the different options available to Altice USA and its creditors in our LME Breakdown.

AMC Entertainment — The creative liability management deal, which 9fin reported exclusive details on, was a massive hit but first lien noteholders are unhappy.

American Rock Salt — The salt company and lenders hired legal counsel to address elevated leverage and volatile demand.

B. Riley Financial — Lenders to the troubled financial services company were reported to have allowed the company more time to share its delayed Q2 financial report in the midst of discussions on amendments to its credit agreement.

Better Health (fka Physician Partners) — The healthcare provider and lenders hired advisors ahead of potential negotiations with the company and sponsor Kinderhook Industries.

Beyond Meat — The producer of plant-based meat substitutes is reported to have engaged with a group of convertible noteholders on a restructuring.

Carestream Dental — The company reportedly began confidential talks with lenders to raise capital. 9fin had earlier reported that CD&R and CareCapital Advisors-backed company has been working with Jefferies to address its revolver and term loan maturities this year.

CareMax — After delivering another round of disappointing results, the value-based healthcare continues to extend waivers under its credit agreement, most recently through 10 September. It had earlier executed an eighth amendment to its credit agreement, which provided for $20m in incremental term loan facilities.

CommScope — 9fin published the first of many LME Breakdowns, to answer questions around how CommScope could use sale proceeds to address almost $6bn in 2025 and 2026 maturities, after the announcement of the $2.1bn sale of assets to Amphenol.

Cox Media Group — A steering committee has kickstarted negotiations with Cox Media on ways to address its upcoming debt maturity.

Del Monte — The canned food company has struck a deal to raise up to $240m of new money and exchange existing term loan debt into second and third out debt under different terms depending on lenders’ participation in the new money financing and whether they are in an exclusive ad hoc group, according to sources and disclosures. Excluded lenders are in talks with Glenn Agre over potentially fighting the deal.

Drive DeVilbiss Healthcare — The CD&R-backed company has embarked on a sale process that could involve selling its assets piecemeal or as a single entity. Drive, which makes medical equipment, previously went through an out-of-court restructuring, in which the sponsor kicked in fresh cash and existing first and second lien lenders agreed to extend debt wall.

Emergent BioSolutions — The pharma company disclosed that it had raised a $250m first lien loan from Oak Hill to refinance debt due May 2025. The financing package gives Oak Hill $10m of common stock and warrants to purchase an additional 2.5m shares. The company’s stock declined 11% on the day.

EmployBridge — Certain lenders have organized as the company reported weaker performance with debt trading poorly and rumors of the company’s sponsor Apollo buying back debt in the secondary market.

Fossil Group — Following quarters of dismal results and with an operational restructuring ongoing, Fossil announced the resignation of its CFO and the appointment of Andy Skobe of Ankura to provide interim CFO services.

Franchise Group — A group of first lien lenders were reported to have agreed to waive some covenants in Franchise Group’s credit agreement and second lien lenders have agreed to defer cash interest. B. Riley Financial has a minority interest in Franchise Group which was written down recently. Franchise Group and its lenders have hired advisors.

FreshDirect — The grocery delivery company is set to get some rescue financing from its parent company, Getir, to help support its operational needs.

GPS Hospitality — The privately owned quick service restaurant franchisee disclosed poor quarterly numbers, and senior secured notes dropped 11 cents.

GrafTech International — Certain creditors have signed a cooperation agreement to bind their acts together in potential negotiations with the company.

Hearthside Food Solutions — The company reported Q2 24 earnings showing widening losses and warned that its ability to continue as a going concern depended on its efforts to address a raft of near-term debt maturities.

iHeartMedia — iHeartMedia has yet to strike a deal with its largest creditor group.

Leslie’s — The swimming pool maintenance and supply company shared a bleak preview of the quarter and full year, sending its stock and term loan tumbling.

LifeScan — The Platinum Equity-backed medical device company reported year-over-year declines in revenue and EBITDA for the second quarter ending 30 June, but not by as much as the company had projected.

Lumen Technologies — The embattled telecom company launched follow-on debt exchanges, after having concluded its massive, heavily-negotiated exchange deal in May this year.

Magenta Buyer (dba Trellix and Skyhigh) — The Symphony Technology Group-backed company has garnered support from 99.9% of its lenders to participate in its liability management deal.

Petrofac — The energy services company has defaulted on its senior secured notes after failing to convince lenders to extend the grace period on a missed interest payment.

Porter Airlines — The Canadian airline has gauged interest from private credit lenders in raising CA$250m in preferred equity to boost liquidity.

Radiate Holdco (aka Astound Broadband) — The company has received a new $50m loan from its private equity backer Stonepeak. It has been exploring restructuring options with a group of lenders, but the talks fell apart over certain terms of the proposed debt swap and new money offer.

Salem Media — Certain debtholders have banded together to negotiate a possible debt restructuring with the conservative Christian media company.

Screenvision — Certain lenders of the Abry Partners-backed company have organized with Gibson Dunn to negotiate ahead of its $201.5m in loans that are set to mature in 2025.

SI Group — The chemical additives company shared preliminary 2023 results, which left some investors questioning the sustainability of its capital structure, even as its business shows signs of recovering.

Springs Window Fashions — The Clearlake-backed window treatment company retained advisors to engage with creditors who have organized into two groups, both with cooperation agreements in place. One creditor group holds a majority of the company’s term loan debt, while the other holds upwards of 40% of the term loan debt plus over two-thirds of the company’s bonds, according to sources.

STG Logistics — 9fin reported that STG lenders signed a cooperation agreement, which would bind them together in potential negotiations with the company.

Sunnova Energy — The 2026 and 2028 bonds of the residential and commercial solar company rose after executives outlined a plan to raise cash through securitizations and asset sales to pay off existing debt. 9fin had reported in May on the company hiring advisors and agreeing to several funding deals.

TeamHealth — The healthcare staffing firm has completed its latest refinancing with the help of new money provided by firms including Ares, King Street, and its sponsor Blackstone.

Telegram — Convertible bonds issued by the messaging app company traded down around 11 points to the 85-87 cent range after founder and CEO, Pavel Durov, was arrested in France.

Telesat Canada — The Canadian satellite company posted expected declines in revenue, EBITDA and margins in Q2 24. Certain creditors were earlier reported to have hired advisors.

TGI Friday’s — The management of the restaurant chain is reported to have been replaced by FTI in relation to many day-to-day functions after the company failed to share certain documents with bondholders on time. 

The Container Store — Certain lenders are getting legal advice as the retailer faces a term loan maturity in 2026 and an uncertain earnings trajectory.

Thrive Pet Care — The company hired a financial advisor to examine options for its debt stack, 9fin reported. Meanwhile, a group of first lien lenders has retained counsel as they brace for potential negotiations with the TSG Consumer Partners-backed company, sources said.

Tosca Services — The plastic crate maker got 100% of lenders to participate in a private exchange deal by the 22 August deadline. Previously, 9fin reported that Tosca launched a deal to raise $100m and to extend debt maturities via an uptier liability management exercise-style transaction.

Tupperware — Tupperware disclosed a further extension of its forbearance agreement with its lenders, this time to 30 September, and an agreement for a $8m bridge facility (14% PIK interest; 25% OID; $4m already drawn) due 30 September. It also delayed filing its 10-Q for Q2. The company had recently announced the departure of its CFO.

United Site Services — The Platinum Equity-backed portable toilet rental posted an update on the LME it had unveiled earlier. The LME includes $300m in new money with an apparent double dip structure.

VeriFone — Lenders to the payment and commerce solutions company have organized as they prepare for negotiations ahead of the maturity of the company’s $250m revolver and over $2bn of term loans in 2025.

Veritas Technologies — 9fin reports on the Carlyle-backed data management firm and its creditor group attempting to revive restructuring talks, and on where the discussions stood when they stalled.

VistaJet — The private jet subscription company released Q4 23 results, with the company’s founder penning a letter announcing legal action against a “group of individuals” that has “disseminated half-truths, false rumors and lies”.

Wellness Pet Company — Certain lenders to the Clearlake Capital-backed company organized  as the quotes on the company’s loans are veering deeper into distressed territory.

Wellpath — The HIG-backed prison healthcare company is working with Lazard to explore options ahead of a revolver maturing and a first lien term loan becoming current in October. A group of lenders is said to have tapped counsel and have taken pitches from bankers.

WOM — It’s reported that the bonds of the bankrupt Chilean telecom company have jumped as it markets its assets for sale amid potential interest from Carlos Slim’s America Movil.

Workhorse — The electric vehicle company rescheduled its Q2 earnings call and delayed filing its 10-Q. It continues to raise capital through the issuance of convertible notes and warrants and employ cost-cutting measures to address cash flow pressures. 9fin had earlier reported that the company is working with an investment bank to help raise bridge financing.

WorldStrides — Lenders to the student trip company have retained a financial advisor in order to develop potential alternatives to the recently expired discounted exchange offer.

WW International — The weight management company is seeking advice from Simpson Thacher to help address its debt amid an operational turnaround. Certain lenders are hoping to get more clarity on WW's strategy and how that will impact debt repayments.

Xplore — The Canadian rural internet provider announced an agreement to raise new debt and equity financing, with sponsor Stonepeak and certain existing lenders leading the investment and other lenders to get the opportunity to participate on substantially similar terms. Xplore has commenced a proceeding under the Canada Business Corporations Act to implement the deal.

Zayo — Zayo was reported to have completed the carve-out of its European assets, with the parent receiving around $1bn in consideration through an intercompany loan and cash. 

Avon International — AIO filed for Chapter 11 protection to pursue a sales process anchored by its parent company and near-exclusive lender, Natura & Co. Its first-day hearing, while consensual, previewed battles to come with respect to legacy talc liabilities.

Chicken Soup for the Soul — Chicken Soup filed for Chapter 11 protection and reached an agreement with prepetition agent HPS Investment Partners for a DIP, but its case was converted to Chapter 7 after its lenders indicated that they would not be willing to fund any additional post-petition financing following shocking allegations of mismanagement at the debtor companies.

Conn’s Inc — Final DIP approval was granted after the company was able to resolve numerous objections and reservation of rights, along with informal comments.

Diamond Sports — Diamond Sports received approval of the assumption of modified agreements with the NHL and NBA, as well as an amendment to the final DIP order. A status conference has been set for early October to keep all the parties informed as to the progress for the company to exit Chapter 11.

Enviva — The bankrupt wood pellet manufacturer filed its plan of reorganization and disclosure statement.

Express — The company’s disclosure statement hearing has been pushed to 29 October after the UCC objected to approval of the document and filed a cross-motion to terminate the debtors’ exclusivity.

Gol Airlines — Gol’s Abra bondholder group disclosed updated members and holders including distressed investors. The bankrupt airline has said it will evaluate all recapitalization or other transactions, including to raise capital while in bankruptcy. The UCC has objected to the debtors attempts to allow aircraft lessors to sell a participation interest in their unsecured claims, while retaining their voting rights on any potential Chapter 11 plan.

Incora — Judge Marvin Isgur agreed to sign off on Incora’s disclosure statement once it had been amended even as he raised concerns over the company’s proposed plan of reorganization.

Invitae — After hearing arguments on the UCC’s standing motion for litigation related to uptiers, and arguments over makewholes, Judge Michael Kaplan decided to issue a preliminary ruling denying the standing motion and reserved his ruling on the makewhole issue.

Purdue Pharma — The mediation process that Purdue is hoping will bring about a new settlement has been extended 18 days through and including 27 September. The preliminary injunction blocking lawsuits against the Sackler family has been extended for the same amount time, while the hearing on the UCC’s motion for standing has been pushed to 23 September.

Rite Aid — Rite Aid notched a win when the judge overseeing the case ruled in favor of Rite Aid on a working capital dispute in the Elixir APA — an approximately $200m dispute, and then agreed to confirm the Chapter 11 plan. Rite Aid also received approval to sell $435m of a term loan issued by Elixir structured as a seller note held by Rite Aid. However, all is not resolved — MedImpact, Elixir’s purchaser, has appealed the Elixir ruling, and others have appealed confirmation.

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