March 25, 2010
Sale of substantially all the assets of Champion Enterprises Inc. completed in a Delaware Bankruptcy Court supervised 363 sale pursuant to successful credit bid by senior secured lenders.
On March 19, the sale of substantially all the assets of Champion Enterprises Inc. was completed in a Delaware Bankruptcy Court supervised 363 sale pursuant to a successful credit bid by a group of senior secured lenders. In connection with that credit bid, an investor group injected $50 million of fresh equity into the newly emerged entity.
Willkie represented Credit Suisse as Administrative Agent and LC Issuer for the credit bidding lenders and throughout the pre-bankruptcy workout and restructuring and the bankruptcy processes, including the structuring, negotiation and funding of some DIP financing, and related "roll up" of certain pre-petition financing.
Champion Enterprises is a leader in factory-built construction of manufactured and modular homes, as well as modular buildings for government and commercial applications. Champion operates through numerous subsidiaries that manufacture products at 27 facilities in North America and the United Kingdom and distributes its products through independent retailers, builders and developers.
Partner Michael Zinder led the finance team for this matter, including associates Jeni Pepper, Daniel Sirkin and Meghan Hungate. Partner Paul Shalhoub led the bankruptcy effort, with the assistance of associate Jessica Etra. Partner Gregory Astrachan led the corporate team, including associates Manuel Miranda and Curtis Hogan. Partners Joseph Baio and Lawrence Kamin led the litigation team, including associates Joanna Rotgers, Emma-Ann Deacon, Teri Seigal, Meghan Silhan, Aparna Bhatt, James Fitzmaurice and Christopher Gabriel. Additional significant contributions were made by partner Christopher Peters (tax), special counsel Cindy Chernuchin (finance), and associate Steven Rosenzweig (real estate).
