Harvard Zhang

LIV Golf is talking to investment banks to plan for its financial future, including raising capital, amid reports that Saudi’s PIF is expected to stop funding the league beyond 2026, per sources.⛳️The league is represented by Gibson Dunn as legal advisor, as previously reported.

Medallia lenders close to taking over ownership control of customer experience company from sponsor Thoma Bravo in $2B+ private credit restructuring, per sources w/Maryna Irkliyenko

BlockFills filed for chapter 11 in Delaware last night with “intention to consummate consensual restructuring.”

Blockfills, a crypto lender and trading platform, is working with advisors to explore strategic options, including a chapter 11 bankruptcy filing, according to sources.

Publicly-listed @FATBrandsinc filed for Ch. 11 bankruptcy protection tonight in the SDTX - @harvardzhang and I first reported on Jan. 16 that the company was closing in on executing a debt restructuring, potentially through a Ch. 11 filing, citing sources.

@Saks Global Chairman Richard Baker has called bankruptcy news reports "unsettling" after @OctusCredit reported on Dec. 19 that the luxury retailer was considering a bankruptcy filing. In an emailed statement, Baker says Saks "is exploring all potential paths."

Saks skipped >$100mm interest payments due yesterday, entering 30-day grace period, I reported yesterday citing sources.

Saks prepares DIP loan ahead of potential chapter 11 bankruptcy, as luxury department store chain faces >$100mm interest payment end of month in the middle of all-important holidays quarter, sources told @PFitzNews, @tsgaurav and me.

We at @OctusCredit first reported that @UnitedSiteServ and its creditors were back with advisors ahead of a potential Ch. 11 filing, citing sources. The company filed earlier today.

whose collateral is this?

Luminar Technologies entered into forbearance with noteholders after skipping interest payments, per 8K. Co cutting 25% workforce. CFO stepping down. Volvo to stop making Luminar products standard on its vehicles. Co suspending guidance for 25’. SEC subpoena $LAZR

Self driving car tech company Luminar Technologies missed interest payment last week, indicating a likely liquidity shortfall, potential restructuring ahead, per sources. $LAZR

Office Properties Income Trust has filed for chapter 11 in SDTX $OPI

Office Properties Income Trust’s chapter 11 bankruptcy consideration was reported by @tsgaurav and myself a month ago for @OctusCredit $OPI

Sonder, a short rental company, is working with Kirkland & Ellis on a potential restructuring, per sources. $SOND

Ryan Dahl of Ropes & Gray is joining Latham & Watkins, per sources. Dahl was engaged in some of the biggest LME/rx deals. The move follows major changes in Latham’s rx/special sit practice, as Ray Schrock, Andrew Parlen and John Sobolewski joined the firm with leadership roles.

First Brands founder Patrick James seems to have restructuring experience. Sophomore Patrick James, who ran a disco service in home country Malaysia, overhauled the student pub at his college in the 1980s. His vision: the “profit will be handed right back to the students.”

Auto parts maker First Brands and lenders are working with advisors for restructuring contingency, Geoff Burrows, Skylar Chen and I reported for @OctusCredit earlier this week citing sources

Linqto has filed for chapter 11 in Houston.

Linqto, a fintech platform that helps people invest in startups and unicorns, is preparing for a potential bankruptcy filing, per sources. The company terminated a $700m SPAC deal last year and was sued by a former employee who alleged compliance issues.