Announcements
May 23, 2016

Kramer Levin Represents Constellation Enterprises and Subsidiaries in Voluntary Chapter 11 Cases

Kramer Levin represents Constellation Enterprises LLC, a parent holding company, and various of its industrial operating subsidiaries, including Commercial Metal Forming (“Commercial”), Jorgensen Forge Corporation (“Jorgensen”), Columbus Castings (“Columbus”), and Zero Manufacturing (“Zero”) (collectively, the “Subsidiaries”), in their recently filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code. The cases were commenced in order to facilitate going concern sales of the Subsidiaries to third parties, including a “stalking horse” transaction for three of the Subsidiaries to holders of certain of the companies’ secured debt. Constellation envisions quick sales processes for the Subsidiaries to preserve value for stakeholders. As of the Petition Date, the Debtors’ material debt obligations principally consist of approximately $165 million of secured funded debt and approximately $61 million of unsecured debt. The Debtors have arranged for a $32.5 million DIP, which (subject to court approval) includes $15 million of new money, to finance the case. The cases are pending in the United States Bankruptcy Court for the District of Delaware before Judge Christopher Sontchi.

Kramer Levin Corporate Restructuring and Bankruptcy partner Adam C. Rogoff and associates Joseph A. Shifer and Marsha Sukach are handling the bankruptcy aspects of the case; Banking and Finance partner David J. Fisher and associate Daniel Michaelson, with assistance from special counsel Mae Rogers, are handling the DIP and related credit documents; Corporate partner James A. Grayer and associate James R. Campbell are handling the 363 sales process; and Mr. Grayer and Corporate partner Shari Kahn Krouner are handling the notes.

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