Wheel Pros
In September 2023 lenders provided $235 million of FILO new money and exchanged $1.4 billion of loans into debt of a new entity, in a double-dip structure. The company filed for chapter 11 a year later with value only for the FILO.
Discussed in Liability Management Exercises: Law and Practice at ¶¶ 2.91, 17.15, 17.17, 17.25, 17.60–17.61, 23.95–23.97, 23.100, 23.103, 23.149–23.150, 23.153, 23.158.