Klausner Lumber One (KL1), located in Florida, and Klausner Lumber Two (KL2), located in North Carolina, are state-of the-art Southern Yellow Pine sawmills, and were each planned to reach production capacity of approximately 350 million board feet per year, or equivalent of 500,000 cubic meters (m3) of construction quality lumber.
Binderholz manufactures and sells solid wood products and innovative mass timber solutions at 27 locations across the USA and Europe.
Klausner successfully sold its two US sawmills, KL1 and KL2, to Binderholz in late 2020 via Section 363 auctions.
Cypress acted as exclusive financial advisor to Klausner in KL1’s and KL2’s Chapter 11 proceedings and Section 363 sales.
Austin Emergency Center is a leading independent freestanding emergency center company, tied for the largest in Austin, Texas , where it is based. The company sees approximately 11,500 patient visits per year and its centers can serve up to 70 patients per center per day.
Neighbors Global Holdings was an owner and operator of a network of freestanding emergency centers throughout Texas. The company’s portfolio included 22 facilities with active operations and 20 facilities that were closed or inactive.
In January 2018, Neighbors began to explore the sale of its facilities due to declining patient volumes and high operational costs. In July 2018, the company declared Chapter 11 bankruptcy and planned to hold an sale for all or substantially all their assets.
Cypress acted as the buy side advisor to Austin Emergency Center in its successful bid of one of the Austin facilities.
HealthSouth is one of the nation’s largest providers of outpatient surgery, diagnostic imaging and rehabilitative healthcare services, operating facilities nationwide.
Cypress acted as financial advisor to The Retirement Systems of Alabama in the restructuring of claims by securities purchasers against HealthSouth which resulted from HealthSouth’s accounting fraud. Cypress evaluated HealthSouth’s financial condition and prospects, analyzed various forms of consideration, and assisted in the mediation which resulted in the $445 million package of cash, common stock and warrants to purchase common stock paid to HealthSouth securities purchasers.
NGL Energy Partners LP is a publicly traded master limited partnership listed under the ticker “NGL” on the NYSE and is headquartered in Tulsa, Oklahoma. The firm is a diversified midstream company that engages in the crude oil logistics, waters solutions, liquids, retail propane, and refined products and renewables business in the U.S.
Bonanza Creek is an independent oil and natural gas company, engaging in exploration, development, and production of onshore oil and related liquids-rich natural gas in the U.S. Headquartered in Denver, Colorado, the publically traded firm was founded in 2010 and is listed on the NYSE under the ticker “BCEI.”
Cypress served as the exclusive financial advisor to NGL Energy Partners LP in regards to the renegotiating of its logistics contract with Bonanza Creek Energy Incorporated. The transaction amended the contractual arrangement and renegotiated the oil supply agreement and claim with NGL, giving NGL all of the oil produced by Bonanza Creek.
Venture Industries and its successor company develops and manufactures a range of plastic interior and exterior parts for the automobile industry.
Venture sought confirmation of a plan of reorganization which was opposed by its majority equity owner in the owner’s role as new value investor.
Cypress acted as financial advisor to the equity owners of Venture Industries in the Chapter 11 proceeding. Cypress negotiated with lenders and other creditors regarding a restructuring of a new value plan. When those negotiations were not successful, Cypress testified as the lack of “market” terms of the exit financing and the lack of feasibility of the Plan of Reorganization. The bankruptcy court found in favor of Cypress’ client. The opposing side did not appeal.
Inland Fiber Group (IFG) is the successor of U.S. Timberlands Klamath Falls. Inland Fiber Group owned 167,000 acres of timberland and cutting rights on 68,000 acres of timberland in Oregon, east of the Cascade Range. IFG specialized in the growing of trees, the sale of logs and standing timber, and the sale of timberlands.
In 2006 the Company reached a settlement resolving all the claims in the outstanding litigation between the Company and certain other defendants, and the trustee under the indenture governing the $225 million principal amount of notes due 2007 issued by the Company. In accordance with the settlement agreement, the Company filed for relief under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in Delaware. The plan was approved in late 2006.
Cypress acted as financial advisor to Inland Fiber Group as successor to U.S. Timberlands in connection with its pre-packaged plan of reorganization.
The Bake-Line Group, a national baking conglomerate founded by former Keebler officers, produced snack food, cookies and other baked goods in seven bakeries throughout the US. In 2004 the company closed all seven of its bakeries and filed for Chapter 7 bankruptcy.
Cypress represented certain private equity investors controlling a majority of Bake-Line’s equity in the Company’s bankruptcy.
VesCor Capital Corporation, directly and through affiliates, controlled approximately a third of an undeveloped industrial complex commonly known as Apex Industrial Park, located in Las Vegas, Nevada. VesCor and its affiliates owned approximately 3,100 acres within Apex. In the spring of 2006, three of VesCor’s affiliates jointly filed for bankruptcy protection under Chapter 11.
In early 2007, the VesCor entities filed a joint plan of reorganization. Certain creditors of the bankrupt entities opposed the plan, challenging, among other things, its feasibility. Cypress acted as financial advisor to the VesCor entities and provided testimony at the confirmation hearing. The VesCor plan was approved by the United States Bankruptcy Court for the District of Nevada.
Ascendia Brands, Inc. engages in the manufacture, marketing, and distribution of branded health and beauty care products primarily in Canada and the United States. The company offers bath, baby, oral, skin, and hair care products. Its products include bath products, baby toiletries, deodorant and antiperspirant products, home permanent treatments, mouthwash products, portable breath sprays and drops, and manual toothbrushes. The company’s brand portfolio comprises Baby Magic, Binaca, Mr. Bubble, Calgon, the healing garden, Lander, Lander essentials, Ogilvie, Tussy, Tek, and Dorothy Gray.
Cypress represented the Restructuring Committee of the Board of Directors Ascendia Brands in the restructuring of the Company’s debt and concurrent equity investment by Prentice Capital Management.
In January 2008, Ascendia announced the closing of a recapitalization of the Company and related restructuring of its senior debt facility. In the recapitalization, an affiliate of Prentice Capital Management, LP invested $26.5 million in a newly created class of voting, convertible Series C Preferred Stock.
Delphi Corporation supplies vehicle electronics, transportation components, integrated systems, modules and other electronic technologies worldwide.
In October 2005, Delphi along with its affiliates jointly filed a voluntary petition for reorganization under Chapter 11. The bankruptcy was administered in the U.S. Bankruptcy Court, Southern District of New York.
Cypress acted as financial advisor to a group of Delphi debt and equity investors led by the Teachers’ Retirement System of Oklahoma, the Public Employees Retirement System of Mississippi, Raiffeisen Kapitalanlage-Gesellshaft m.b.H. and Stichting Pensioenfonds ABP.
In September 2007, Delphi announced the settlement of claims by the investor group for a value of approximately $342 million. The settlement was approved by the U.S. District Court, Eastern District of Michigan and the U.S. Bankruptcy Court, Southern District of New York.
