Insights

Choate Represents Bank of America in Precedent-Setting Credit Facilities for Rite Aid Corporation

Representing Bank of America in connection with debtor-in-possession financings for Rite Aid Corporation and its subsidiaries, Choate secured final court approval for the largest ever retail and consumer product sector debtor-in-possession financing on December 22, 2023.

Choate Lawyers and Practice Groups Recognized by Chambers 2023

The 2023 edition of Chambers USA Guide to America’s Leading Lawyers for Business recognized 16 practice areas and 31 Choate attorneys as leading counsel in their fields, with six receiving Band 1 rankings, three receiving nationwide recognition, two global recognitions, and two senior statesmen.

Pathlight Capital Provides Term Loan Facility to Conn’s, Inc.

Choate represented Pathlight Capital as administrative agent and collateral agent, in connection with a $100M second lien term loan facility to Conn's, Inc., a furniture stores chain based in Texas.

Chambers USA 2022 Recognizes Choate Lawyers and Practice Groups

Chambers USA Guide to America’s Leading Lawyers for Business recognized 27 Choate partners as leading counsel in their respective fields, with six receiving Band 1 rankings.

Bankruptcy Court Decision is a Reminder that Lender Liability Still Exists

Successful claims for “lender liability” have been vanishingly rare in recent years. At the very end of 2021, however, the Bankruptcy Court for the Northern District of Texas, in a case named Bailey Tool & Mfg. Co., et al. v. Republic Bus. Credit (In re Bailey Tool & Mfg. Co.), Adv. No. 16-03025-SGJ (Bankr. N.D. Tex. December 23, 2021), found a lender liable for damages in excess of $17 million after multiple years of litigation and a lengthy trial.

JCPenney Refinances ABL and FILO Facilities

Choate advised JCPenney in connection with JCPenney’s incurrence of $2.25B in senior secured asset-based credit facilities, consisting of (i) a $1.75B revolving credit facility and a $160M last-out term loan facility, and (ii) a $340M term loan facility.

Chambers USA 2021 Guide Recognizes Choate Lawyers and Practice Groups

Chambers USA Guide to America’s Leading Lawyers for Business recognized 28 Choate partners as leading counsel in their respective fields, with five receiving Band 1 rankings.

Choate Represents Simon Property Group and Brookfield Asset Management Joint Venture in Financing the Acquisition of J.C. Penney

Choate represented a joint venture between Simon Property Group, L.P. and Brookfield Asset Management Inc. (collectively, the “Sponsors”) in connection with the Sponsors’ acquisition of substantially all of the retail and operating assets of J.C. Penney Company, Inc. and certain of its subsidiaries via a Section 363 sale under the Bankruptcy Code.

Pathlight Capital Provides $150M Term Loan to HBC

Choate represented Pathlight Capital in its $150M term loan credit facility to HBC, a holding company of portfolio businesses operating at the intersection of retail and real estate.