Wed 02/08/2023 21:51 PM
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Relevant Document:
Voluntary Petition

Nielsen & Bainbridge LLC, an Austin, Tex.-based home decor company, and several affiliates, filed for chapter 11 protection today in the Bankruptcy Court for the Southern District of Texas. The company reports $100 million to $500 million in assets and $500 million to $1 billion in liabilities. The debtor is represented by Jackson Walker and Kirkland & Ellis as counsel, Alvarez & Marsal as financial advisor, Guggenheim Securities LLC as investment banker, Hilco Real Estate as exclusive sales agent for certain property and Omni as claims agent. The case number is 23-90071.

The company enters bankruptcy with a restructuring support agreement, which contemplates the use of cash collateral of the prepetition lenders and obtaining a superpriority priming multi-draw term DIP loan, according to the board of directors' consent. The RSA contemplates a yet-to-be-filed plan of reorganization. The petition indicates that a plan will be filed with the petition.

According to the consent, on Nov. 11, 2022, the board appointed two independent directors, Jeffery Dane and Jonathan Foster, to investigate potential causes of action the company may have in connection with strategic alternatives.

The debtors’ largest unsecured creditors are as follows:

Reorg First Day will provide a full summary once the first day briefing is complete.
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