Banks Bruce

A Sidley team represented ICON Aircraft, Inc. (ICON), a California-based manufacturer of light-sport aircraft, in its filing for Chapter 11 protection in Delaware on April 4, 2024, citing more than US$170 million in debt and plans to sell off substantially all of its assets. In its filings, ICON stated that the money it borrowed to develop its Icon A5, a single-engine, two-seat amphibious plane, and deal with various production problems left it in unsustainable debt and unable to find a buyer outside Chapter 11. The company owes US$105.4 million on a series of convertible notes issued between 2020 and 2023 and another US$65 million on five unsecured notes issued between 2020 and March this year. ICON estimates it has another US$3.3 million in unpaid invoices and other general unsecured debt. The team included Vijay Sekhon (Private Equity); Sam Newman, Charles Persons, Jeri Leigh Miller, Nathan Elner, Amanda Rahie, and Francesca Sadler (Restructuring); Feifei Bian, Yabo Lin, and BinQuan Zhuang (M&A); Banks Bruce, Daniel Burkhart, and Mary Kathryn Field (Global Finance); Joshua Hofheimer and Zach Johnston (Technology and Life Sciences Transactions); Katherine Roberts and Emily Wajert (Labor, Employment and Immigration); and Matthew Dolan (Securities and Shareholder Litigation).~~A Sidley team represented ICON Aircraft, Inc. (ICON), a California-based manufacturer of light-sport aircraft, in its filing for Chapter 11 protection in Delaware on April 4, 2024, citing more than US$170 million in debt and plans to sell off substantially all of its assets. In its filings, ICON stated that the money it borrowed to develop its Icon A5, a single-engine, two-seat amphibious plane, and deal with various production problems left it in unsustainable debt and unable to find a buyer outside Chapter 11. The company owes US$105.4 million on a series of convertible notes issued between 2020 and 2023 and another US$65 million on five unsecured notes issued between 2020 and March this year. ICON estimates it has another US$3.3 million in unpaid invoices and other general unsecured debt. The team included Vijay Sekhon (Private Equity); Sam Newman, Charles Persons, Jeri Leigh Miller, Nathan Elner, Amanda Rahie, and Francesca Sadler (Restructuring); Feifei Bian, Yabo Lin, and BinQuan Zhuang (M&A); Banks Bruce, Daniel Burkhart, and Mary Kathryn Field (Global Finance); Joshua Hofheimer and Zach Johnston (Technology and Life Sciences Transactions); Katherine Roberts and Emily Wajert (Labor, Employment and Immigration); and Matthew Dolan (Securities and Shareholder Litigation).

Apr 8

2 min

Sidley represented Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE), a California-based global shared intelligent electric mobility ecosystem company, in its new funding commitment of US$90 million plus the acceleration of an existing commitment of US$15 million. The investment round is led by an existing investor, ATW Partners funds, with participation from Senyun International. This funding commitment will support the ongoing production and delivery of the company’s FF 91 electric vehicle and its long-term strategic goals. The Sidley team was led by Vijay S. Sekhon (M&A and Private Equity), Banks Bruce (Global Finance), and Michel P. Heinz (Capital Markets); it included Feifei Bian and Jessica Li (M&A and Private Equity), Kendra Smith and Caroline Roberts (Global Finance), and Christine Duque (Corporate Governance).~~Sidley represented Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE), a California-based global shared intelligent electric mobility ecosystem company, in its new funding commitment of US$90 million plus the acceleration of an existing commitment of US$15 million. The investment round is led by an existing investor, ATW Partners funds, with participation from Senyun International. This funding commitment will support the ongoing production and delivery of the company’s FF 91 electric vehicle and its long-term strategic goals. The Sidley team was led by Vijay S. Sekhon (M&A and Private Equity), Banks Bruce (Global Finance), and Michel P. Heinz (Capital Markets); it included Feifei Bian and Jessica Li (M&A and Private Equity), Kendra Smith and Caroline Roberts (Global Finance), and Christine Duque (Corporate Governance).

Jun 27

1 min

Sidley is representing ZMC in the sale of its portfolio company 9 Story Media Group to Scholastic (NASDAQ: SCHL) for approximately US$186 million. 9 Story Media Group creates, produces, and distributes children’s programming. Scholastic’s investment in 9 Story Media Group includes all of the economic interest and a minority of voting rights. ZMC is a leading private equity firm comprised of experienced investors and executives who invest in and manage a diverse group of media, entertainment, communications, and technology enterprises. The Sidley team is being led by Dan Clivner, Payom Pirahesh, and Cat Zhang (M&A and Private Equity), and includes Luke Ashworth, Karin Baca, and Victoria Spencer (M&A and Private Equity); Rachel D. Kleinberg, Jonathan Westreich, and Aaron Mitchell (Tax); Rusty Weiss and Daphne Chen (Technology and Life Sciences Transactions); Angela Fontana and Banks Bruce (Global Finance); James Lowe and Jamie Sadler (Antitrust and Competition); Lauren Gallagher, P.C. Wang, and Malaz Moustafa (Employee Benefits and Executive Compensation); Maureen Crough and Sarah Jehl (Environmental); Jen Fernandez and Kayla Scott (Global Arbitration, Trade and Advocacy); Scott Goldstein (Insurance); Cathryn Le Regulski and Sara Salmonson (Labor and Employment); Ash Nagdev and Denise Kara (Privacy and Cybersecurity); Keith Hayden Del Prete, Samuel Deddeh, and Jonathan Koh (Real Estate); and Eric Schwartz (Commercial Litigation and Disputes).~~Sidley is representing ZMC in the sale of its portfolio company 9 Story Media Group to Scholastic (NASDAQ: SCHL) for approximately US$186 million. 9 Story Media Group creates, produces, and distributes children’s programming. Scholastic’s investment in 9 Story Media Group includes all of the economic interest and a minority of voting rights. ZMC is a leading private equity firm comprised of experienced investors and executives who invest in and manage a diverse group of media, entertainment, communications, and technology enterprises. The Sidley team is being led by Dan Clivner, Payom Pirahesh, and Cat Zhang (M&A and Private Equity), and includes Luke Ashworth, Karin Baca, and Victoria Spencer (M&A and Private Equity); Rachel D. Kleinberg, Jonathan Westreich, and Aaron Mitchell (Tax); Rusty Weiss and Daphne Chen (Technology and Life Sciences Transactions); Angela Fontana and Banks Bruce (Global Finance); James Lowe and Jamie Sadler (Antitrust and Competition); Lauren Gallagher, P.C. Wang, and Malaz Moustafa (Employee Benefits and Executive Compensation); Maureen Crough and Sarah Jehl (Environmental); Jen Fernandez and Kayla Scott (Global Arbitration, Trade and Advocacy); Scott Goldstein (Insurance); Cathryn Le Regulski and Sara Salmonson (Labor and Employment); Ash Nagdev and Denise Kara (Privacy and Cybersecurity); Keith Hayden Del Prete, Samuel Deddeh, and Jonathan Koh (Real Estate); and Eric Schwartz (Commercial Litigation and Disputes).

Mar 14

2 min

Sidley represented Nassau Financial Group in obtaining a US$150 million revolving credit facility and a US$100 million term loan credit facility, both arranged by RBC Capital Markets. According to Nassau, the facilities will provide Nassau with additional financial flexibility as the company continues to execute on growth plans across its insurance and asset management businesses. The Sidley team was led by Banks Bruce (Global Finance) and included Michael Devins (Financial Institutions – Insurance), Mary Kathryn Field, and James Richards (both Global Finance).~~Sidley represented Nassau Financial Group in obtaining a US$150 million revolving credit facility and a US$100 million term loan credit facility, both arranged by RBC Capital Markets. According to Nassau, the facilities will provide Nassau with additional financial flexibility as the company continues to execute on growth plans across its insurance and asset management businesses. The Sidley team was led by Banks Bruce (Global Finance) and included Michael Devins (Financial Institutions – Insurance), Mary Kathryn Field, and James Richards (both Global Finance).

Feb 22

1 min

Sidley represented ZMC in its acquisition of a controlling stake of semiconductor silicon solutions and services company Pure Wafer. The acquisition will help ZMC expand its U.S. operations to meet the demands of semiconductor original equipment makers. The Sidley team was led by Vijay Sekhon and Dan Clivner (M&A and Private Equity), and included Nikita Ponomarev, Sam E. Hulsey, Emily A. Hunter, Cat Zhang, Antoinette R. Petkov, Rudy A. Ramirez, Karin Baca, and Jean Shen (M&A and Private Equity); Banks Bruce, Sean Damm, Angela Fontana, Alexander S. Waddell, Caroline Roberts, and Mimi Mallory (Global Finance); Lauren A. Gallagher, Gregory C. Matisoff, and Amanda M. Casanueva (Employee Benefits and Executive Compensation); Maureen M. Crough (Environmental); Cathryn Le Regulski, Emily M. Wajert, and Allison C. Ivey Toth (Employment); Ash Nagdev (Privacy and Cybersecurity); James W. Lowe and Jason C. Semmes (Antitrust and Competition); Eric Schwartz and Ernesto R. Claeyssen (Commercial Litigation and Disputes); Keith Hayden Del Prete and Serena M. Patel (Real Estate); Scott J.F. Goldstein (Insurance); Rachel D. Kleinberg and Jonathan M. Westreich (Tax); Stephen M. Fronk and Paul Kariyawasam (Technology and Life Sciences Transactions); and Michael D. Mann (White Collar Defense and Investigations).~~Sidley represented ZMC in its acquisition of a controlling stake of semiconductor silicon solutions and services company Pure Wafer. The acquisition will help ZMC expand its U.S. operations to meet the demands of semiconductor original equipment makers. The Sidley team was led by Vijay Sekhon and Dan Clivner (M&A and Private Equity), and included Nikita Ponomarev, Sam E. Hulsey, Emily A. Hunter, Cat Zhang, Antoinette R. Petkov, Rudy A. Ramirez, Karin Baca, and Jean Shen (M&A and Private Equity); Banks Bruce, Sean Damm, Angela Fontana, Alexander S. Waddell, Caroline Roberts, and Mimi Mallory (Global Finance); Lauren A. Gallagher, Gregory C. Matisoff, and Amanda M. Casanueva (Employee Benefits and Executive Compensation); Maureen M. Crough (Environmental); Cathryn Le Regulski, Emily M. Wajert, and Allison C. Ivey Toth (Employment); Ash Nagdev (Privacy and Cybersecurity); James W. Lowe and Jason C. Semmes (Antitrust and Competition); Eric Schwartz and Ernesto R. Claeyssen (Commercial Litigation and Disputes); Keith Hayden Del Prete and Serena M. Patel (Real Estate); Scott J.F. Goldstein (Insurance); Rachel D. Kleinberg and Jonathan M. Westreich (Tax); Stephen M. Fronk and Paul Kariyawasam (Technology and Life Sciences Transactions); and Michael D. Mann (White Collar Defense and Investigations).

Nov 15

2 min