Bankruptcy Court approved sale of Vertellus assets to lenders that provided $110 million in financing and credit bid prepetition term loans
Milbank LLP advises the ad hoc group of term loan lenders in connection with the chapter 11 cases of Vertellus Specialties Inc. and certain affiliates. The lenders provided Vertellus with $110 million in debtor-in-possession financing and served as the “stalking horse” bidder to acquire substantially all of the company’s assets for over $450 million. The sale to the lenders was approved on September 7, 2016 by U.S. Bankruptcy Judge Christopher S. Sontchi in Wilmington, Delaware.
Milbank’s representation of the lenders was led by Financial Restructuring partners Mark Shinderman and Peter Newman, together with Corporate partner Melainie Mansfield, Leveraged Finance partner Jerome McCluskey, and of counsel Dennis O’Donnell. Moelis & Company is the ad hoc group’s financial adviser.
