On September 27, 2022, Phoenix Services Topco LLC, a steel mill service provider with approximately 2,600 employees, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10906).  The company reports $500 million to $1 billion in both assets and liabilities.  According to the First Day Declaration, the company will seek approval of DIP financing from an ad hoc group of first-lien lenders, which includes up to $50 million in new money and a $150 million roll up.  Under the terms of the proposed DIP, the deadline to confirm a plan of reorganization is 155 days from the petition date, or March 1, 2023.

Cole Schotz does not represent the Debtors in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.