Insights

Choate Represents PNC Bank as Administrative Agent for DIP Financing to Big Lots

Choate represented PNC Bank, National Association, as administrative agent in connection with a syndicated Senior Secured Superpriority Debtor-In-Possession Asset-Based Revolving Credit Facility (the "ABL DIP Facility") of up to $550M to Big Lots, Inc. and certain of its subsidiaries.

Choate Elevates Seven to Principal in 2024

Seven Choate attorneys – Mark McPherson, Saige Jutras Oftedal, Frank Pustorino, Natalia Smychkovich, Dana Spigelman, Caroline Trusty, and Mike Vetter – have been promoted to principal, effective May 1, 2024.

B. Riley Agrees to $70M Loan to Cryptocurrency Miner Core Scientific

Choate represented B. Riley in connection with a $70M debtor-in-possession (DIP) loan to Core Scientific, Inc., and several of its subsidiaries.

Crystal Financial Provides Exit Credit Facility to True Religion

Choate represented Crystal Financial in connection with its exit asset-based credit facility to True Religion, the global denim and apparel brand.

Choate Represents Wells Fargo in Lucky Brand Bankruptcy

Choate represents Wells Fargo in its capacity as administrative agent under the third amended and restated credit agreement in connection with the bankruptcy proceedings of Lucky Brand Dungarees LLC.

Choate Represents Bank of America in J. Crew Bankruptcy

Choate represents Bank of America in connection with the bankruptcy proceeding of J. Crew Group.

Wells Fargo Provides Credit Facility to Payless Inc.

Choate represents Wells Fargo Bank in connection with an asset-based loan credit facility to Payless Inc. and various affiliates.

Great American Capital Partners Provides $200 Million Term Loan to BJ Services

Choate represented Great American Capital Partners in its $200,000,000 senior secured term loan to BJ Services, LLC, a pressure pumping services provider.

Bank of America Provides $3.15 Billion Loan to Rite Aid Corporation

Choate represented Bank of America, N.A. in connection with a $3,150,000,000 senior secured loan to Rite Aid Corporation, comprised of a $2,700,000,000 asset-based revolving credit facility and a $450,000,000 first-in last-out term loan facility (collectively, the “Senior Credit Facilities”).