Simpson Thacher represented Royal Bank of Canada, as administrative agent and lender under an $855 million pre-petition credit facility, in connection with the bankruptcy cases of Thrasio Holdings, Inc. and its affiliated debtors in the United States Bankruptcy Court for the District of New Jersey. Thrasio’s chapter 11 restructuring went effective on June 18, 2024, after the Bankruptcy Court confirmed the Company’s plan of reorganization at the June 10, 2024 confirmation hearing.
The plan of reorganization provided the lenders under the pre-petition Thrasio credit facility with take-back debt, equity in the reorganized debtors and interests in a litigation trust established to pursue causes of action and all claims not released under the plan.
Thrasio is a next-generation consumer goods company committed to offering superior products that enhance everyday life.
The Simpson Thacher team included Nicholas Baker, Soogy Lee, Philip DiDonato, Amy Zhou and Sean Lee (Restructuring); Jon Pall and Matt Farrell (Credit); Patrick Naughton, Michael Chen and Robert Hausen (M&A); and Courtney Welshimer and Paige Brinton (Intellectual Property).