Cenveo, Bi-Lo, Shopko, Nine West and Jones Energy battle series of challenges - Greatest Hits

23 October 2017

The Yankees didn’t make it. Their bats didn’t show up in Houston, and so there will be no World Series games in the Bronx this year. But maybe next year. Bomber fans can rest assured the future is bright with a young core and deep pockets to purchase hot stove assets. Quite unlike the Yankees model, however, are the toils of distressed companies who don't have the resources to simply buy themselves out of a setback.

 

Take Cenveo for instance. Debtwire had the exclusive on the envelope and label maker stamping recent investor and supplier communications with warning signals. For good measure, the borrower has also readied a workout mandate with a financial advisor for its next plan of action.

 

The next steps across the retail landscape are far from certain. In grocery land, Debtwire had the scoop on a Bi-Lo crossholder group pitching a plan to equitize holdco notes. The company also put out feelers for fresh capital to support its restructuring process.

 

In a far-reaching exclusive, Debtwire uncovered that Shopko owner Sun Capital is seeking an exit as the company draws distressed interest. 

 

The pace of restructuring talks has picked up at footwear company Nine West.

 

Crossmark, a marketing and merchandising servicer for manufacturers and suppliers, is up against heightened distress amid customer pullback and Amazon concerns.

 

Another Amazon affected situation is Rite Aid, where bonds have tailed off and CDS has widened as bondholders jockey for repayment and online competition adds pressure.

 

Battles continue to percolate in the Toys R Us bankruptcy. Debtwire broke the story on non-consenting TAJ holders proposing a competing DIP.  Likewise, Debtwire got the story on recent loan agent musical chairs.

 

Another bankruptcy case full of twists and turns is AvayaDebtwire last week had the scoop on the debtor striking a global settlement that tees up second liens for a higher recovery.  Meanwhile, bankers have mobilized to market exit financing ahead of November confirmation hearing.

 

When Windstream unveiled its multi-faceted exchange offer Friday in an attempt to trip up Aurelius’ litigation play, Debtwire had the insight on who management teamed up with to make it happen, and how the market reacted.

 

Remington lenders have been consulting with legal counsel on restructuring contingencies.

 

Up against a maturity deadline, Getty Images extended its revolver as the capital structure made timely gains on a recent tax assessment at Univar.

 

Keeps going and going

Years, months, weeks, days go by, and the energy sector continues to beat the drum on distressed opportunities.

 

Debtwire landed the scoop last week on Jones Energy hiring an investment banker to explore strategic alternatives.

 

Comstock Resources is also poised to take strategic action. Debtwire broke the story last week on the borrower plotting out an Eagle Ford asset sale and a second lien refi

 

In a market moving exclusive, Debtwire reported that Rex Energy has been hashing out a plan to swap second liens for equity and new PIK notes.

 

Similarly, Debtwire broke the story on Northern Oil & Gas lenders hiring legal counsel as management talks with unsecured bondholders about an exchange into second lien paper and a chance to play for equity upside. 



The EXCO unsecured bondholder group added an FA to its advisory roster.

 

Cobalt bondholders have gotten defensive as liquidity and delisting hazards loom.

 

The Fieldwood Energy first lien agent has enlisted legal counsel for restructuring contingencies. 

 

Martin Resource Management has retained an investment bank for refinancing help.

 

Investors in both Tidewater and Gulfmark have been sizing up tie-up prospects.

 

Speaking of tie-ups, in the world of coal Debtwire had the scoop on Murray Energy and Bowie Resources plotting a new joint course for some their respective Utah assets. The companies advanced the idea last week in investor meetings for new financing.

 

And finally, Debtwire had the exclusive on details of Armstrong Energy’s restructuring plan.