Transactions

Residential Capital’s Chapter 11 Reorganization

Date Announced:
12/17/2013

client:
Official Committee of Unsecured Creditors of Residential Capital

Status:
Closed – 12/2013

Value:
$15 billion

Chandler Macleod Group Limited’s institutional placement

Date Announced:
12/17/2013

client:
Chandler Macleod Group Limited

Status:
Closed – 12/2013

Value:
A$25 million

Apollo Education Group, Inc.’s acquisition of Open Colleges Australia Pty Limited

Date Announced:
12/17/2013

client:
Apollo Education Group, Inc.

Status:
Closed – 12/2013

Value:
A$110 million

Roundy’s, Inc.’s senior secured second lien notes offering

Date Announced:
12/13/2013

client:
Roundy’s, Inc.

Status:
Closed – 12/2013

Value:
$200 million

Magyar Telecom B.V.’s (Invitel) restructuring

Date Announced:
12/12/2013

client:
Ad Hoc Committee of Senior Secured Noteholders of Magyar Telecom B.V. (Invitel)

Status:
Closed – 12/2013

Value:
€329 million

Milestone AV Technologies' sale to Pritzker Group Private Capital

Date Announced:
12/12/2013

client:
The Duchossois Group

Status:
Closed –

Value:
Undisclosed

Auberge Resorts' strategic investment from Friedkin Capital Partners

Date Announced:
12/10/2013

client:
Auberge Resorts

Status:
Closed – 12/2013

Value:
Undisclosed

AMR Corporation’s Chapter 11 Reorganization and merger with US Airways Group

Date Announced:
12/09/2013

client:
Official Committee of Unsecured Creditors of AMR Corporation

Status:
Closed – 12/2013

Value:
$29.6 billion Chapter 11 Re- organization; $17 billion merger with US Airways Group Read the case study

Exclusive Investment Banker to the Official Committee of Unsecured Creditors of AMR Corporation on its $29.6 billion Chapter 11 Reorganization and $17.0 billion merger with US Airways Group

On December 9, 2013, AMR Corporation (“AMR”), the parent company of American Airlines Inc., successfully completed its Chapter 11 Reorganization. As part of the reorganization, AMR also completed its $17.0 billion merger with US Airways Group (“US Airways”). Operating under the American brand, the combined American – US Airways (“American Airlines Group”) created the world’s largest airline.

AMR filed for Chapter 11 bankruptcy protection on November 29, 2011, with reported assets and liabilities of $24.7 and $29.6 billion, respectively. Shortly thereafter, the Official Committee of Unsecured Creditors (the “UCC”) was formed by a highly diverse group of nine creditor constituencies. The UCC quickly became an influential factor in the reorganization and this group was seen as a pivotal piece to any plan of action. The UCC advocated for a broad review of strategic options, including possible merger opportunities. Moelis & Company was instrumental in designing and creating a process that allowed for engagement between AMR and US Airways despite initial reluctance on the part of AMR. Over the course of the intensive US Airways – AMR diligence process, Moelis & Company evaluated the pro forma business plan, assessed the need for DIP and exit financing, and helped drive parties to a mutually agreeable expectation of synergies and negotiated relative deal economics, while continually working with advisors to resolve complex social and employee issues. On February 14, 2013, AMR and US Airways announced that their respective boards of directors had unanimously approved a definitive merger agreement between the two companies.

The merger delivered far superior returns to creditors and investors as compared to the company’s initial plan for a standalone option, and resulted in par plus accrued recoveries to $29.6 billion in creditor claims. Shareholder value in excess of $10 billion was created, versus the equity market cap of approximately $85 million at the time of the Chapter 11 filing. Moelis & Company represented a driving force in the initial consideration and ultimate consummation of the merger, building consensus amongst various parties to consider and pursue a single, value maximizing plan of action. This transaction demonstrates Moelis & Company’s ability to deliver superior results for our clients; the reorganization and merger achieved full recoveries for unsecured creditors, significant recoveries for shareholders and the unique occurrence of pre-petition convertible notes converting into pre-petition equity.

True Oil Company LLC’s equity private placement

Date Announced:
12/09/2013

client:
True Oil Company LLC

Status:
Closed – 12/2013

Value:
$500 million

Istithmar World’s sale of 50% stake in Fontainebleau Miami Beach Resort to Turnberry Associates

Date Announced:
12/06/2013

client:
Istithmar World

Status:
Closed – 12/2013

Value:
Undisclosed

Strides Arcolab Limited’s sale of Agila Specialties to Mylan Inc.

Date Announced:
12/05/2013

client:
Board of Directors of Strides Arcolab Limited

Status:
Closed – 12/2013

Value:
$1.8 billion

On Assignment, Inc.’s sale of Allied Healthcare staffing division to Cross Country Healthcare, Inc.

Date Announced:
12/02/2013

client:
On Assignment, Inc.

Status:
Closed – 12/2013

Value:
Undisclosed

Airborne Systems Inc.’s sale to TransDigm Group Incorporated

Date Announced:
12/02/2013

client:
Airborne Systems Inc.

Status:
Closed – 12/2013

Value:
$250 million

SCA Property Group’s acquisition of property portfolio

Date Announced:
11/26/2013

client:
SCA Property Group

Status:
Closed – 11/2013

Value:
A$146 million

GateHouse Media Inc.’s Chapter 11 Reorganization

Date Announced:
11/26/2013

client:
Secured lenders of GateHouse Media Inc.

Status:
Closed – 11/2013

Value:
$1.2 billion

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