New Delaware Chapter 11 Filing – Checkout Holding Corp. (Catalina Marketing)

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Checkout Holding Corp. (dba Catalina Marketing), along with ten affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12794).  According to the First Day Declaration, Catalina, headquartered in St. Petersburg, FL, is a personalized digital media and marketing company that owns and operates a proprietary dual function in-store data-gathering network and promotion publishing channel.  Catalina announced earlier this morning that it had reached an agreement with over 90% of the company’s first lien lenders and over 75% of the company’s second lien lenders on the terms of a restructuring support agreement.  The Debtors’ prepackaged plan of reorganization would deleverage Catalina’s balance sheet by over $1.9 billion in debt.  The Disclosure Statement can be found here.  The Debtors are requesting the Court hold a combined hearing on Plan confirmation and approval of the Disclosure Statement on January 30, 2019.  No claims and noticing agent has been proposed.  The cases have been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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