Ames Taping Tools
Our attorneys represented funds managed by Invesco, as lead lenders in a successful Chapter 11 filing by Ames Taping Tools. Ames sold its assets under Section 363 of the Bankruptcy Code to a group consisting of existing investors, who contributed new capital, and first-lien lenders, who made a credit bid. The terms of the restructuring were agreed to in a heavily-negotiated lockup agreement between the company, certain first- and second-lien lenders, and the investors, and the sale closed less than three months after the case was filed. Invesco, as the largest prepetition lender, led negotiations for the first-lien lenders and became the largest lender under the new revolving working capital facility.