Transactions
& Case Studies

Result of filter: 224

Advisory Services: Recapitalization & Restructuring
Industry Coverage: All Industry Coverage
Deal Status: All Deal Status

Thompson Creek Metals Company Inc.’s sale to Centerra Gold Inc.

Date Announced:
7/5/2016

client:
Thompson Creek Metals Company Inc.

Status:
Closed – 10/2016

Value:
$1.1 billion

Syncora Holdings Ltd.'s exchange offer and proxy solicitation

Date Announced:
7/1/2016

client:
Syncora Holdings Ltd.

Status:
Closed – 8/2016

Value:
$1.2 billion

C&J Energy Services, Inc.’s restructuring

Date Announced:
6/30/2016

client:
Steering Committee of Senior Secured Lenders of C&J Energy Services, Inc.

Status:
Closed – 1/2017

Value:
$1.4 billion

Consolidated Minerals Limited’s restructuring

Date Announced:
6/15/2016

client:
Ad Hoc Committee of Senior Secured Noteholders

Status:
Closed – 8/2016

Value:
$400 million

Usina Coruripe Açúcar e Álcool S/A’s restructuring

Date Announced:
6/3/2016

client:
Usina Coruripe Açúcar e Álcool S/A

Status:
Closed – 6/2016

Value:
R$1.9 billion

UCI International, LLC’s restructuring

Date Announced:
6/2/2016

client:
UCI International, LLC

Status:
Closed – 12/2016

Value:
$500 million

Vertellus Specialties Inc.’s restructuring and 363 sale

Date Announced:
5/31/2016

client:
Ad Hoc Group of Term Loan Lenders

Status:
Closed – 10/2016

Value:
$454 million

Dex Media, Inc.’s pre-packaged Chapter 11 plan of reorganization

Date Announced:
5/16/2016

client:
Dex Media, Inc.

Status:
Closed – 7/2016

Value:
$2.4 billion Read the case study

Exclusive Investment Banker to Dex Media Inc. on its $2.4 billion Prepackaged Chapter 11 Plan of Reorganization

On August 1, 2016, Dex Media, Inc. (“Dex”), one of America’s largest providers of marketing solutions for local businesses, announced that it had completed its financial restructuring and emerged from Chapter 11 bankruptcy. Moelis & Company acted as the exclusive investment banker to Dex and played a critical role in helping the company emerge from bankruptcy protection after only 77 days.

At the time, Dex’s primary historical marketing product, yellow page directories, had been experiencing significant double-digit top-line declines in the face of burgeoning internet directory and customer review-based businesses (e.g. Google, Yelp and Angie’s List) as well as the aging of the product’s core demographic. In reaction to those trends, Dex developed and marketed digital advertising solutions, but the transition to digital products was slower than originally anticipated.

As a result, Dex effectuated a merger with Supermedia Inc. through concurrent Chapter 11 bankruptcies in an effort to combat industry dynamics through consolidation. The company emerged with four cross-collateralized secured credit silos creating a complex capital structure, which impeded management’s ability to operate the business as a unified company. In addition to the first-lien secured debt of approximately $2.1 billion, the company also had unsecured notes of $270 million. At the end of 2016, Dex faced a maturity wall and leverage levels would not support a complete refinancing of commitments.

Moelis & Company negotiated a significant deleveraging of the company in order to afford the company the financial flexibility to achieve its strategic plan. The plan was a fully-consensual prepacked plan of reorganization, which provided for the first-lien lenders across the four credit silos to own 100% of the reorganized equity and $600 million of loans under the new credit facility. Dex’s unsecured noteholders also received a $5 million cash payment and warrants to purchase up to 10% of the reorganized  equity in exchange for their approximately $270 million in claims.

The company’s strengthened capital structure, with approximately $1.8 billion less total debt, created significant financial and strategic flexibility. Furthermore, the transaction enabled the company to deepen its commitment to help local businesses thrive by developing and providing marketing solutions to help them grow their organizations.

Fairway Group Holdings Corp.’s pre-packaged Chapter 11 Reorganization

Date Announced:
5/2/2016

client:
Ad Hoc Committee of Senior Secured Lenders

Status:
Closed – 7/2016

Value:
$279 million

Energy XXI Ltd.’s restructuring

Date Announced:
4/14/2016

client:
Trustee and the Ad Hoc Group of EGC Unsecured Noteholders of Energy XXI Ltd.

Status:
Closed – 12/2016

Value:
$2.8 billion

Relativity Media, LLC's Chapter 11 Reorganization

Date Announced:
4/14/2016

client:
Elliott Management Corporation

Status:
Closed – 4/2016

Value:
$1.2 billion

Peabody Energy Corporation’s restructuring

Date Announced:
4/13/2016

client:
Ad Hoc Group of Second Lien Noteholders of Peabody Energy Corporation

Status:
Closed – 4/2017

Value:
$8.8 billion

Norske Skogindustrier ASA’s €218 million exchange offer and €115 million new funding commitment via a new securitization facility and a private placement

Date Announced:
4/11/2016

client:
GSO Capital Partners LP and Cyrus Capital Partners LP

Status:
Closed – 4/2016

Value:
€333 million

BlueLinx Holdings Inc.'s long-term extensions and amendments of CMBS mortgage, ABL and Tranche A

Date Announced:
3/28/2016

client:
BlueLinx Holdings Inc.

Status:
Closed – 3/2016

Value:
$627 million

NGA Human Resources Limited's financial restructuring and recapitalization

Date Announced:
3/23/2016

client:
Subordinated Noteholders

Status:
Closed – 3/2016

Value:
£1.0 billion

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