So sehe ich das auch:
Anfang Oktober 2018 ging durch die Presse eine Aussage eines MF Managers, dass man finanziell noch bis Ende Oktober überleben könnte. MF stand das Wasser bis zum Hals!
Ging glaube ich auch durchs From.
MF stand unmittelbar vor der Insolvenz und wenn nicht gehandelt worden wäre, hätte wohl eher CH 7 als CH 11 gepasst.
Voraussetzung für ein CH 11 Verfahren ist u.a. eine gewisse finanzielle Grundversorgung:
Ch11 CSS Mattress Firm Inc Disclosure Statement.pdf:
Case 18-12241-CSS Doc 23 Filed 10/05/18 Page 29 of 543
C. The Debtors’ Plan of Reorganization and Path to Exiting Bankruptcy
Shortly after securing the Prepetition Term Loan Facility in March 2018, the Debtors began to evaluate their strategic options in light of continuing liquidity pressures, the anticipated need for additional funding in the near future, the upcoming maturities of their credit facilities in 2019, and the requirements associated with executing on management’s turnaround plan. As a result of this analysis, the Debtors concluded that a pre-packaged Chapter 11 filing would allow the Debtors to obtain immediate access to much-needed additional liquidity, quickly and efficiently rationalize their real estate portfolio, and make themselves more attractive to new sources of capital.
The Debtors estimate that they will require up to $100 million of additional liquidity in order to support their day-to-day operations and administrative costs throughout the pendency of these Chapter 11 Cases. In order to secure this necessary funding, the Debtors have sought and obtained, and will be seeking interim and final approval of (i) a $150 million Senior Secured Superpriority Debtor-in-Possession Revolving ABL Credit Facility (the “DIP ABL Credit Facility”), and (ii) a $100 million Senior Secured Superpriority Debtor-in-Possession Term Loan Credit Facility (the “DIP Term Loan Credit Facility” and collectively, the “DIP Credit Facilities”). Subject to Court approval, the Debtors plan to use the DIP ABL Credit Facility to roll-up the Prepetition ABL Facility, and to use the proceeds of the DIP Term Loan Credit Facility to fund the administration of these Chapter 11 Cases.
At emergence, the Debtors estimate that they will need up to $400 million to fully repay outstanding amounts under the DIP Credit Facilities and the Prepetition Term Loan, pay all administrative expenses, and provide sufficient liquidity for their operations post-emergence. The Debtors anticipate that, upon their emergence from these Chapter 11 Cases, their capital structure will consist of the up to $125 million Exit ABL Facility, which may be initially undrawn, and the $400 million Exit Term Loan Facility. The Debtors have obtained commitment letters for the Exit Term Loan Facility and intend to finalize the definitive documentation for those facilities prior to the Confirmation Hearing."
Besser 50,1 % von einem funktionierenden Unternehmen als 100 % eines insolventen Unternehmens.
Welche andere Alternative hätte MF/SH gehabt?
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