We are advising the ABL agent in connection with the restructuring

Davis Polk is advising the administrative agent under an asset-based revolving credit agreement among Bed Bath & Beyond Inc., and other parties in connection with Bed Bath & Beyond’s chapter 11 restructuring. On April 23, 2023, Bed Bath & Beyond filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of New Jersey. In conjunction with the debtors’ post-petition financing, the prepetition revolving lenders agreed to allow the debtors to use their cash collateral in exchange for adequate protection liens and superpriority claims on all of the debtors’ prepetition assets and substantially all of the debtors’ post-petition assets. The Court approved the debtors’ access to cash collateral, along with the debtor-in-possession financing, on an interim basis at the debtors’ “first-day” hearing held on April 24, 2023.

Bed Bath & Beyond Inc. was founded in 1971 and is an iconic American retailer that sells a wide assortment of home and baby-related products. Its brands include Bed Bath & Beyond and buybuy BABY.

The Davis Polk restructuring team includes partners Marshall S. Huebner and Adam L. Shpeen, counsel Steven Z. Szanzer and associates Michael Pera and Jinhe Hu. The finance team includes partner Kenneth J. Steinberg, counsel Benjamin Cheng and associates Bernard Tsepelman, Majd Atalla and Jaynie Doe. The capital markets team includes partner Marcel Fausten and associate Michael Jiang. The litigation team includes partners Michael S. Flynn and Benjamin S. Kaminetzky and counsel Marc J. Tobak. All members of the Davis Polk team are based in the New York office.

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