Drew Capurro

Virgin Orbit Holdings, Inc. and its US subsidiaries (the Company or Virgin Orbit), a responsive space launch provider, announced that it has commenced a voluntary proceeding under chapter 11 of the US Bankruptcy Code (chapter 11) in the United States Bankruptcy Court in the District of Delaware in order to effectuate a sale of the business. With the support of Virgin Investments Limited in the form of debtor-in-possession (DIP) financing, Virgin Orbit intends to use the chapter 11 process to maximize value for its business and assets. To help fund the process and protect its operations, the Company has received a commitment from Virgin Investments Limited for US$31.6 million in new money DIP financing. Upon approval from the Bankruptcy Court, the DIP financing is expected to provide Virgin Orbit with the necessary liquidity to continue operating as it furthers the marketing process commenced pre-petition to sell the Company and seek a value-maximizing transaction for the business and its assets. Latham & Watkins LLP is advising Virgin Orbit as restructuring counsel with a Restructuring & Special Situations team led by Los Angeles partner Jeff Bjork and New York partners George Klidonas and Anupama Yerramalli, with associates Liza Burton, Mohini Rarrick, Brian Rosen, and Thomas Fafara. Advice was also provided on litigation matters by Los Angeles partner Amy Quartarolo, with associate Tiffany Ikeda; on public company representation matters by New York partner Ellen Smiley, with associate Eliza Murray; on M&A matters by New York partner Justin Hamill and Chicago partner Jason Morelli, with associates Nima Movahedi and Shannon Cheng; on capital markets matters by Orange County partner Drew Capurro, with associate Greg Van Buiten; on finance matters by New York partners Alfred Xue and Conray Tseng and New York counsel Preeta Paragash; on insurance matters by San Diego partner Drew Gardiner; on tax matters by Chicago partner Joe Kronsnoble, with associate Derek Gumm; and on employment matters by Los Angeles partner Joe Farrell, with associate Laura Zabele.~~

Apr 7

1 min

JOANN, the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, has announced it has successfully emerged from its court-supervised financial restructuring process, and has substantially reduced its funded debt by half while further enhancing its liquidity through a US$153 million exit financing facility that replaces the previously announced debtor-in-possession financing. The prepackaged Chapter 11 plan was supported by the company’s lenders, creditors, and industry partners, and became effective April 30, 2024, enabling JOANN to be in its best financial position in recent history. JOANN’s Chapter 11 process was completed in less than 45 days and left landlords, trade vendors, employees, and other unsecured creditors unimpaired. Latham & Watkins LLP represented JOANN in the process, with a restructuring and special situations team led by New York partner George Davis, Los Angeles partner Ted Dillman, and counsel Ebba Gebisa, with associates Nick Messana, Ali Zablocki, Markus von der Marwitz, Isaac Ashworth, Kevin Shang, Nikhil Gulati, Beau Parker, and Davis Klabo. Advice was also provided on corporate matters by New York partner Senet Bischoff, Century City partner Jason Silvera, New York/Los Angeles partner Greg Rodgers, and Orange County partner Drew Capurro, with associates Greg Van Buiten, AJ Hines, Brian Umanoff, and Erik Jensen; on finance matters by Los Angeles partner Mark Morris, New York partner Kendra Kocovsky, and counsel Jonathan Shih, with associates Melissa Doura, Kendall Ota, and Nilam Faqhir; on benefits and compensation matters by New York partner Bradd Williamson and counsel Rifka Singer; on litigation matters by Los Angeles partner Amy Quartarolo, with associate Joseph Teresi; and on tax matters by Chicago partner Joseph Kronsnoble, with associate Lukas Kutilek.~~

May 3

1 min

Latham & Watkins has advised the new strategic investors (New Investors) on the Restructuring Support Agreement (RSA) of 5E Advanced Materials, a boron and lithium company with US government Critical Infrastructure designation for its 5E Boron Americas Complex. The New Investors will commit up to US$25 million under the transaction and acquire 50% of the outstanding principal amount of the convertible notes from the Lender. The transaction will further secure 5E Advanced Materials’ pathway to operations and the extraction of boric acid and lithium at its 5E Boron Americas complex. The Latham team was led by New York finance partners Adam Goldberg and George Klidonas and Singapore corporate partner Marcus Lee, with New York corporate partners Robert Katz and Drew Capurro, and Singapore counsel Jeremy Wang.~~

Jan 16

1 min

PROCEPT BioRobotics Corporation (NASDAQ: PRCT), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, has announced the pricing of an upsized underwritten public offering of 4,422,169 shares of its common stock at a public offering price of US$33.92 per share, before underwriting discounts and commissions, for aggregate gross proceeds of approximately US$150 million. In addition, PROCEPT BioRobotics has granted the underwriters a 30-day option to purchase up to an additional 663,325 shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are to be sold by PROCEPT BioRobotics. The offering is expected to close on or about August 4, 2023, subject to customary closing conditions. Latham & Watkins LLP advised PROCEPT BioRobotics in the transaction with a capital markets team led by Orange County partners Shayne Kennedy and Drew Capurro, with associates Jacob Walsh, Caitlin Nguyen, and David Stepovich. Additional advice was provided on tax matters by Century City partner Samuel Weiner, with associate Brian Rogers; on regulatory matters by Bay Area partner Betty Pang and Washington, D.C. partner Elizabeth Richards, with associates Chad Jennings and Meryl Bartlett; on IP matters by Bay Area partner Jekkie Kim; and on data privacy matters by Bay Area partner Heather Deixler.~~

Aug 2

1 min

Virgin Orbit Holdings, Inc. and its US subsidiaries, a responsive space launch provider, has confirmed its chapter 11 plan in the United States Bankruptcy Court for the District of Delaware. The chapter 11 plan, which was overwhelmingly supported by creditors, was the result of a global settlement with the Official Committee of Unsecured Creditors and a putative class of WARN claimants. The general unsecured creditors’ recovery includes US$1.1 million in cash and certain non-cash assets, while the WARN plaintiffs’ recovery includes a recovery of US$1.455 million. Latham & Watkins LLP is advising Virgin Orbit as restructuring counsel with a Restructuring & Special Situations team led by Los Angeles partner Jeff Bjork and New York partners George Klidonas and Anupama Yerramalli, with associates Liza Burton, Brian Rosen, Thomas Fafara, Tianjiao Li, Nikhil A. Gulati, Genevieve Y. Zimmerman, Natalia Ortiz, and Ryan Maamoun. Advice was also provided on litigation matters by Orange County partner Michele Johnson, San Diego partner Colleen Smith, and Los Angeles partner Amy Quartarolo, with associate Tiffany Ikeda; on public company representation matters by New York partner Ellen Smiley, with associate Eliza Murray; on M&A matters by New York partner Justin Hamill, and Chicago partner Jason Morelli with associates Nima Movahedi, Shannon Cheng, and Tiana Baghdikian; on capital markets matters by Orange County partner Drew Capurro, with associate Greg Van Buiten; on finance matters by New York partners Alfred Xue and Conray Tseng and New York counsel Preeta Paragash, with associate Ana Nunez; on insurance matters by San Diego partner Drew Gardiner; on tax matters by Chicago partner Joe Kronsnoble and Century City counsel William Kessler, with associate Derek Gumm; on employment matters by Los Angeles partner Joe Farrell, with associate Laura Zabele; and on employee compensation and benefits matters by Los Angeles partner Michell Carpenter, with associate Aaron Tso.~~

Jul 31

1 min