Davis Polk advised the administrative agent under the $100 million prepetition asset-based revolving credit facility (the “ABL Facility”) of FullBeauty Brands Holdings Corp. and its affiliates (“FullBeauty”) in connection with FullBeauty’s successful prepackaged chapter 11 restructuring.
The Bankruptcy Court for the Southern District of New York confirmed FullBeauty’s plan of reorganization less than 24 hours after the company filed for bankruptcy, a record-breaking pace. Upon FullBeauty’s emergence from chapter 11 on February 7, 2019, the ABL Facility was repaid in full in cash from the proceeds of FullBeauty’s new asset-based revolving credit facility. FullBeauty’s plan of reorganization was supported by 100% of its impaired creditors, and deleveraged the company’s balance sheet by approximately $900 million.
FullBeauty is an online-only retailer of plus-sized apparel. FullBeauty’s brands include Woman Within, Roaman’s, Jessica London, ellos, swimsuitsforall, KingSize, Brylane Home and fullbeauty.com.
The Davis Polk restructuring team included partner Darren S. Klein (Picture) and associates Aryeh Ethan Falk, Jacob Weiner and Zachary Levine. The credit team included partner Kenneth J. Steinberg and associate Scott G. Johnsson. All members of the Davis Polk team are based in the New York office.
FTI Consulting, Inc. acted as financial adviser to the administrative agent.
Involved fees earner: Aryeh Ethan Falk – Davis Polk & Wardwell; Scott Johnsson – Davis Polk & Wardwell; Darren Klein – Davis Polk & Wardwell; Kenneth Steinberg – Davis Polk & Wardwell; Jacob Weiner – Davis Polk & Wardwell; Zachary Levine – Sullivan & Cromwell;