Sidley represented Fifth Star, Inc. (Fifth Star) as DIP lender and Plan sponsor in the reorganization of PARTS iD, Inc. (the Company, f/k/a ID Auto, Inc.), a Cranbury, NJ-based digital commerce company that sells automotive parts and accessories through its proprietary platforms. Fifth Star supported the Company with pre-Chapter 11 and Chapter 11 debt financing and acquired the Company by sponsoring the Company’s joint prepackaged Chapter 11 plan of reorganization (the Plan). The Plan involved a unique “straddle” concept where voting on the Plan commenced prior to the bankruptcy filing and finished after the bankruptcy filing. This unique structure allowed the Company to achieve confirmation of the Plan within 47 days of the bankruptcy filing. The Company went public in 2020 through a de-SPAC transaction. On December 26, 2023, the Company filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The Company reported US$18.7 million in assets and US$55 million in liabilities. The Plan received overwhelming support from the Company’s trade vendors, funded debt holders and other key stakeholders, and was approved on February 28, 2024 by Judge Laurie Selber Silverstein. The Plan provides for the equitization of existing debt and the purchase by Fifth Star of US$26 million of preferred equity issued by the reorganized debtor. The proceeds of the preferred equity issuance will be used to fund plan distributions and future operations of the Company. The reorganization strategy, backed by substantial support from suppliers and investors, positions the Company for growth and long-term success. Sidley partners Matthew A. Clemente (Restructuring), Alexis A. Cooper (Private Equity), and Annie C. Wallis (Global Finance) led Sidley’s cross-functional team working on the deal on the key partner side. The team also included partners Suresh T. Advani (Tax), Lauren A. Gallagher (Employee Benefits and Executive Compensation), and Elizabeth Y. Austin (Securities and Shareholder Litigation); counsel Allison Ross Stromberg (Restructuring) and Julia M. Chester (Technology and Life Sciences Transactions); senior managing associates Elizabeth T. Burns and Alexandra M. Peterson (Employee Benefits and Executive Compensation); managing associates Juliana Hoffman, Ian C. Ferrell, and Ryan Fink (Restructuring), Dustin B. Page (M&A), and Christian Wyse (Global Finance); and associates Hayden Ross Golemon (Restructuring), Becca Dyson (Global Finance), Matt Nelson (Private Equity), Madeline Clasen (Employee Benefits and Executive Compensation), and Catie Demaret (Commercial Litigation and Disputes).~~Sidley represented Fifth Star, Inc. (Fifth Star) as DIP lender and Plan sponsor in the reorganization of PARTS iD, Inc. (the Company, f/k/a ID Auto, Inc.), a Cranbury, NJ-based digital commerce company that sells automotive parts and accessories through its proprietary platforms. Fifth Star supported the Company with pre-Chapter 11 and Chapter 11 debt financing and acquired the Company by sponsoring the Company’s joint prepackaged Chapter 11 plan of reorganization (the Plan). The Plan involved a unique “straddle” concept where voting on the Plan commenced prior to the bankruptcy filing and finished after the bankruptcy filing. This unique structure allowed the Company to achieve confirmation of the Plan within 47 days of the bankruptcy filing. The Company went public in 2020 through a de-SPAC transaction. On December 26, 2023, the Company filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The Company reported US$18.7 million in assets and US$55 million in liabilities. The Plan received overwhelming support from the Company’s trade vendors, funded debt holders and other key stakeholders, and was approved on February 28, 2024 by Judge Laurie Selber Silverstein. The Plan provides for the equitization of existing debt and the purchase by Fifth Star of US$26 million of preferred equity issued by the reorganized debtor. The proceeds of the preferred equity issuance will be used to fund plan distributions and future operations of the Company. The reorganization strategy, backed by substantial support from suppliers and investors, positions the Company for growth and long-term success. Sidley partners Matthew A. Clemente (Restructuring), Alexis A. Cooper (Private Equity), and Annie C. Wallis (Global Finance) led Sidley’s cross-functional team working on the deal on the key partner side. The team also included partners Suresh T. Advani (Tax), Lauren A. Gallagher (Employee Benefits and Executive Compensation), and Elizabeth Y. Austin (Securities and Shareholder Litigation); counsel Allison Ross Stromberg (Restructuring) and Julia M. Chester (Technology and Life Sciences Transactions); senior managing associates Elizabeth T. Burns and Alexandra M. Peterson (Employee Benefits and Executive Compensation); managing associates Juliana Hoffman, Ian C. Ferrell, and Ryan Fink (Restructuring), Dustin B. Page (M&A), and Christian Wyse (Global Finance); and associates Hayden Ross Golemon (Restructuring), Becca Dyson (Global Finance), Matt Nelson (Private Equity), Madeline Clasen (Employee Benefits and Executive Compensation), and Catie Demaret (Commercial Litigation and Disputes).