New Chapter 11 Filing – Nielsen & Bainbridge LLC
On February 8, 2023, Nielsen & Bainbridge LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 23-90071) along with several affiliates (“Debtors”). The Debtors are a wholesale home décor supplier based on Austin, TX. In the petition, the company reported $100 to $500 million in assets and $500 million to $1 billion in liabilities. The Debtors entered bankruptcy with a restructuring support agreement in place, pursuant to which the plan sponsors have agreed to provide $60 million in DIP financing consisting of $30 million in new money and a rollup of up to $30 million in first lien prepetition obligations. The plan sponsors have also committed to serve as stalking horse bidder for the debtors’ assets and bid a cash amount equal to the total amount of allowed DIP claims and amounts outstanding under the ABL credit facility to purchase 100% of the equity of the reorganized debtors.
Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.
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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