Rockport walks into Bankruptcy Court after split from Adidas.
Major shoe company Rockport Group filed for chapter 11 just months behind Nine West and Payless ShoeSource. Rockport intends to use the chapter 11 process to facilitate a sale of the company. Rockport cited one of the leading events that contributed to the chapter 11 filing was the sale of Rockport by Adidas in 2015 to a new entity created by New Balance and Berkshire Partners.
At the time of the filing, Rockport had roughly $287 million of debt, which included $57 million under the an asset-based lending facility, $188.3 million of senior notes, $11.9 million of subordinated notes and $29.6 million of trade debt.
Rockport is proposing a sale at auction, with an affiliate of Marathon Asset Management acting as the stalking horse bidder with a bid of $150 million in cash, assumption of liabilities and other considerations. The auction is targeted for July 10.
Read CFO Paul Kosturos’ declaration in support of the first day motions.
Arecont Vision seeks files chapter 11 to pursue sale of business.
Surveillance camera manufacturer Arecont Vision filed for chapter 11 as part of a prearranged sale process. The proposed sale, which is subject to higher and better offers, identifies an affiliate of Turnspire Capital as the stalking horse bidder.
Arecont Vision said a flood of Chinese competition has had a grave impact on its sales, with revenue dropping to $41.7 million in 2017 from $72.7 million in 2016. The drop in revenue also caused the workforce to be reduced to 90 from 175 the year prior.
Arecont Vision provides products to the likes of Wells Fargo, Apple, Google, Facebook, Citibank and others. As of the filing, the privately held company had total debt of about $73.2 million owed to certain secured senior lenders.
Read Chief Restructuring Officer Scott Avila’s declaration in support of the first day motions.
Rex Energy pursues sale in bankruptcy after failing to reach a settlement with lenders out of court.
Oil and gas exploration and production company Rex Energy sought chapter 11 protection after the expiration of the forbearance period with its senior lenders. The company faced numerous financial challenges and spent over six months in negotiations with lenders.
Rex Energy secured a commitment of $100 million to continue operations during the chapter 11 case while it works to sell the company. The company’s previously arranged restructuring support agreement is supported by 100% of its first-lien lenders and 72% of its second-lien lenders.
The chapter 11 petition lists assets of over $1 billion and debt of over $1 billion as well.