We are advising an ad hoc group of secured noteholders in connection with the restructuring

Davis Polk is advising an ad hoc group of first-lien noteholders in connection with the chapter 11 restructuring of Incora. On June 1, 2023, Incora and certain of its subsidiaries initiated voluntary chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. In connection with the chapter 11 filing, the ad hoc group provided $300 million in superpriority debtor-in-possession financing.

The DIP financing, which was approved on an interim basis by the Bankruptcy Court at Incora’s “first-day” hearing held on June 1, 2023, will provide ongoing liquidity for Incora’s chapter 11 cases. 

As of June 1, 2023, the ad hoc group held approximately 98% of Incora’s $1.318 billion senior secured first-lien notes.

Incora is a leading provider of comprehensive supply chain management services to the global aerospace industry and other industries, including industrial manufacturing, marine and pharmaceutical. Incora incorporates itself into customers’ businesses, managing all aspects of supply chain from procurement and inventory management to logistics and on-site customer services. Incora is headquartered in Fort Worth, Texas, with a global footprint that includes 60 locations in 17 countries and approximately 3,750 employees.

The Davis Polk restructuring team includes partners Damian S. Schaible and Angela M. Libby, associates Stephanie Massman, Hailey W. Klabo and Kate Somers. The finance team includes partner Kenneth J. Steinberg, counsel David J. Kennedy and associate Jaynie Doe. The litigation team includes partner Elliot Moskowitz and associate Garrett Cardillo. All members of the Davis Polk team are located in the New York office.