Vyaire re. PJT's Fourth Monthly Fee Application (09.01 - 09.30.24)
- Date
- 2024-11-01
Summary
Doc 701-2, filed November 1, 2024 in the Vyaire Medical chapter 11 case, Case 24-11217-BLS, contains the supporting appendices to PJT Partners LP's fourth monthly fee application for September 1, 2024 through September 30, 2024. Appendix A gives biographies of the four PJT professionals on the engagement, from a Partner to an Analyst. Appendix B is an invoice dated October 31, 2024 showing a monthly fee of $175,000.00, a 20% holdback of $35,000.00, expenses of $892.79 and a total amount due of $140,892.79, with a detail of expenses. Appendix C summarizes 95.0 hours for the period and lists daily entries such as status calls, special committee meetings, review of the draft Plan and DS, and diligence calls with bidders.
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Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 1 of 15
APPENDIX A
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 2 of 15
Biographies of PJT Professionals
James Baird. Mr. Baird is a Partner in the Restructuring and Special Situations
Group at PJT Partners LP. Mr. Baird has worked on a broad range of restructuring
and reorganization assignments for companies, creditor groups, special committees,
and acquirers of distressed assets, including (among others) the following publicly-
disclosed representations: 24 Hour Fitness, American General Finance (AGF),
American International Group (AIG), BCBGMAXAZRIA, Belk, Bresler & Reiner,
Bon-Ton, Borders Group, Cengage Learning, Centric Brands, Covia Holdings
Corporation, Cumulus Media, Detroit (City of), Dura Automotive Systems,
Footprint Salem Harbor, Ford Motor Company, FULLBEAUTY Brands, General
Motors, Gibson Brands, Houghton Mifflin Harcourt, Hovnanian Enterprises, iHeart
Media, International Lease Finance Corp (ILFC), IPC Systems, J. Crew, Jack
Cooper, Jefferson County Sewer System, Meridian Automotive Systems, The
Minneapolis Star Tribune, Mohegan Tribal Gaming Authority, Noranda
Aluminum, OSG Billing, Pacific Gas & Electric (PG&E), The Pacific Lumber
Company, Paragon Offshore, PDV Holding, Inc., Preferred Sands, Puerto Rico,
Quiksilver, Rue21, School Specialty, Sea Research Foundation (Mystic Aquarium),
SemGroup, Sequa, Sports Authority, Tailored Brands, Travelport Worldwide
Limited, WeWork. Mr. Baird received an AB from Bowdoin College and an MBA
with honors from Columbia Business School.
Michael Schlappig. Mr. Schlappig is a Managing Director in the Restructuring and
Special Situations Group at PJT Partners. Mr. Schlappig has over 15 years of
Investment Banking experience advising companies and their stakeholders in
chapter 11 restructurings, out-of-court workouts and other distressed transactions,
including the following representative publicly disclosed transactions, among
others: BW Homecare Holdings, LLC; Cineworld Group plc; Clearwire
Corporation; Digicel Group Limited; Essar Steel Algoma Inc. (2014); Frontier
Communications Corporation; GFG Alliance; GT Advanced Technologies Inc.;
Ligado Networks LLC (2020); LightSquared Inc. (2015); Magnum Hunter
Resources Corporation; NII Holdings, Inc.; Northpole Newco S.a.r.l.; Pacific
Drilling S.A.; Starry Group Holdings, Inc.; syncreon Group B.V.; TerreStar
Corporation/TerreStar Networks Inc.; Theia Group, Inc.; and Windstream
Holdings, Inc. Prior to joining PJT Partners, he worked at Blackstone for over five
years, serving as a Vice President. Mr. Schlappig received a BA from Cornell
University and an MBA from Columbia Business School.
Dylan Friesner. Dylan Friesner is a Vice President in the Restructuring and Special
Situations Group at PJT Partners, based in New York. Mr. Friesner has advised
companies, sponsors, and creditors in a variety of restructuring and liability
management transactions across various industries. Mr. Friesner received a BA and
a BS from Indiana University, an MBA from the Wharton School at the University
of Pennsylvania, and a JD from the University of Pennsylvania Law School. Mr.
Friesner is a CFA charterholder.
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 3 of 15
Ahmad Choudhry. Ahmad Choudhry is an Analyst in the Restructuring and
Special Situations Group at PJT Partners, based in New York. He joined the firm
in 2023. Mr. Choudhry graduated summa cum laude from the Macaulay Honors
College at Baruch College with a BBA in Finance.
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 4 of 15
APPENDIX B
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 5 of 15
s
October 31, 2024
Charles Braley
Vyaire Medical, Inc.
26126 N Riverwoods Blvd
Mettawa, IL 60045
Monthly Fee for the period of September 1, 2024 through September 30, 2024: $ 175,000.00
Less: 20% Holdback (35,000.00)
Out-of-pocket expenses processed through October 16, 2024:(1)
Ground Transportation $ 83.76
Communications 74.98
Meals 734.05 892.79
Total Amount Due $ 140,892.79
Invoice No. 10029582
(1)
Expenses incurred, but not yet processed due to timing differences will be billed at a later date. PJT Partners LP
Finance Department - 17th Floor
280 Park Avenue
New York, NY 10017
212 364-78000
pjtaccountingus@pjtpartners.com
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 6 of 15
Vyaire Medical, Inc.
Summary of Expenses
GL Detail Total
Oct-24 Expenses
Ground Transportation $ 83.76 $ 83.76
Communications 74.98 74.98
Employee Meals 734.05 734.05
Total $ 892.79 $ 892.79
Ground Transportation $ 83.76
Communications 74.98
Meals 734.05
Total Expenses $ 892.79
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 7 of 15
Vyaire Medical, Inc.
Detail of Expenses Processed
Through October 16, 2024
Invoice No. 10029582
Ground Transportation
Friesner (weeknight taxi home from office) 06/10/24 83.76
Subtotal - Ground Transportation $ 83.76
Communications
Friesner (international calls for meetings) 08/10/24 74.98
Subtotal - Communications 74.98
Employee Meals
Choudhry (weeknight working dinner meal) 06/10/24 35.00
Choudhry (weekend working dinner meal) 08/10/24 35.00
Friesner (weeknight working dinner meal) 06/13/24 34.37
Friesner (weekend working dinner meal) 06/16/24 35.00
Friesner (weeknight working dinner meal) 06/17/24 35.00
Friesner (weeknight working dinner meal) 06/20/24 35.00
Friesner (weeknight working dinner meal) 06/24/24 35.00
Friesner (weekend working dinner meal) 06/30/24 35.00
Friesner (weeknight working dinner meal) 07/02/24 35.00
Friesner (weekend working dinner meal) 07/06/24 35.00
Friesner (weekend working dinner meal) 07/07/24 35.00
Friesner (weeknight working dinner meal) 07/08/24 35.00
Friesner (weeknight working dinner meal) 07/09/24 35.00
Friesner (weeknight working dinner meal) 07/15/24 35.00
Friesner (weeknight working dinner meal) 07/16/24 35.00
Friesner (weeknight working dinner meal) 07/18/24 35.00
Friesner (weeknight working dinner meal) 07/24/24 35.00
Friesner (weekend working dinner meal) 08/04/24 35.00
Friesner (weeknight working dinner meal) 08/06/24 35.00
Friesner (weeknight working dinner meal) 08/07/24 34.68
Friesner (weeknight working dinner meal) 08/08/24 35.00
Subtotal - Employee Meals 734.05
Total Expenses $ 892.79
Page 3 of 3
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 8 of 15
APPENDIX C
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 9 of 15
PJT PARTNERS LP
SUMMARY OF HOURS FOR THE PERIOD OF
SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024
Professional Title Hours
Jamie Baird Partner 6.5
Michael Schlappig Managing Director 21.5
Dylan Friesner Vice President 36.5
Ahmad Choudhry Analyst 30.5
Total 95.0
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 10 of 15
PJT PARTNERS LP
HOURLY DETAILS FOR THE PERIOD OF
SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024
Professional Date Hours Explanation
Jamie Baird 09/04/24 0.5 Status call with Management and Debtors' advisors
Jamie Baird 09/05/24 0.5 Special committee meeting
Jamie Baird 09/11/24 0.5 Status call with Management and Debtors' advisors
Jamie Baird 09/12/24 0.5 Status call with Management and Debtors' advisors
Jamie Baird 09/16/24 0.5 Update call with Lenders' advisors and Management
Jamie Baird 09/16/24 0.5 Status call with Management and Debtors' advisors
Jamie Baird 09/19/24 0.5 Special committee meeting
Jamie Baird 09/23/24 0.5 Status call with Management and Debtors' advisors
Jamie Baird 09/23/24 0.5 Update call with Lenders' advisors, Lenders, and Management
Jamie Baird 09/26/24 0.5 Status call with Management and Debtors' advisors
Jamie Baird 09/26/24 0.5 Special committee meeting
Jamie Baird 09/30/24 0.5 Status call with Management and Debtors' advisors
Jamie Baird 09/30/24 0.5 Update call with Lenders' advisors, Lenders, and Management
6.5
Page 2 of 7
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 11 of 15
PJT PARTNERS LP
HOURLY DETAILS FOR THE PERIOD OF
SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024
Professional Date Hours Explanation
Michael Schlappig 09/03/24 0.5 Review of email correspondence
Michael Schlappig 09/04/24 0.5 Status call with Management and Debtors' advisors
Michael Schlappig 09/04/24 2.0 Review of draft Plan and DS
Michael Schlappig 09/04/24 0.5 Review of email correspondence
Michael Schlappig 09/05/24 0.5 Special committee meeting
Michael Schlappig 09/05/24 0.5 Review of email correspondence re sale closing
Michael Schlappig 09/09/24 0.5 Discussion with Debtors' advisors re case process
Michael Schlappig 09/10/24 1.0 Review of draft Plan and DS
Michael Schlappig 09/10/24 0.5 Review of email correspondence
Michael Schlappig 09/11/24 0.5 Review of financial forecast
Michael Schlappig 09/11/24 0.5 Status call with Management and Debtors' advisors
Michael Schlappig 09/11/24 0.5 Review of email correspondence
Michael Schlappig 09/12/24 0.5 Status call with Management and Debtors' advisors
Michael Schlappig 09/12/24 1.0 Review of correspondence re Brazilian operations
Michael Schlappig 09/12/24 0.5 Review of email correspondence
Michael Schlappig 09/13/24 0.5 Internal discussions re Brazilian operations
Michael Schlappig 09/16/24 0.5 Update call with Lenders' advisors and Management
Michael Schlappig 09/16/24 0.5 Status call with Management and Debtors' advisors
Michael Schlappig 09/16/24 0.5 Review of outstanding items to close Vents sale
Michael Schlappig 09/16/24 0.5 Review of email correspondence
Michael Schlappig 09/18/24 0.5 Internal discussions re Brazilian operations
Michael Schlappig 09/19/24 0.5 Special committee meeting
Michael Schlappig 09/20/24 0.5 Internal discussion re certain Vents assets
Michael Schlappig 09/20/24 0.5 Review of email correspondence
Michael Schlappig 09/23/24 0.5 Status call with Management and Debtors' advisors
Michael Schlappig 09/23/24 0.5 Update call with Lenders' advisors, Lenders, and Management
Michael Schlappig 09/23/24 1.0 Review of email correspondence
Michael Schlappig 09/24/24 0.5 Review of email correspondence
Michael Schlappig 09/25/24 0.5 Review of draft funds flow
Michael Schlappig 09/26/24 0.5 Special committee meeting
Michael Schlappig 09/26/24 0.5 Status call with Management and Debtors' advisors
Michael Schlappig 09/26/24 1.0 Review of email correspondence
Michael Schlappig 09/30/24 0.5 Status call with Management and Debtors' advisors
Michael Schlappig 09/30/24 0.5 Update call with Lenders' advisors, Lenders, and Management
Page 3 of 7
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 12 of 15
PJT PARTNERS LP
HOURLY DETAILS FOR THE PERIOD OF
SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024
Professional Date Hours Explanation
Michael Schlappig 09/30/24 1.0 Review of email correspondence
21.5
Dylan Friesner 09/03/24 0.5 Call with Management and Debtors' advisors re bids
Dylan Friesner 09/03/24 1.0 Email correspondence
Dylan Friesner 09/04/24 0.5 Diligence call with winning RDx bidder
Dylan Friesner 09/04/24 0.5 Status call with Management and Debtors' advisors
Dylan Friesner 09/04/24 0.5 Call with Management and Debtors' advisors re bids
Dylan Friesner 09/04/24 1.0 Email correspondence
Dylan Friesner 09/04/24 2.0 Review of draft Plan and DS
Dylan Friesner 09/04/24 0.5 Correspondence with creditors’ advisors
Dylan Friesner 09/05/24 0.5 Special committee meeting
Dylan Friesner 09/05/24 0.5 Call re-Brazilian operations sale alternatives
Dylan Friesner 09/10/24 0.5 Diligence call with winning RDx bidder
Dylan Friesner 09/10/24 1.0 Email correspondence
Dylan Friesner 09/10/24 1.0 Review of draft Plan and DS
Dylan Friesner 09/10/24 0.5 Correspondence with creditors’ advisors
Dylan Friesner 09/11/24 0.5 Status call with Management and Debtors' advisors
Dylan Friesner 09/11/24 1.0 Email correspondence
Dylan Friesner 09/11/24 0.5 Review of financial forecast
Dylan Friesner 09/11/24 0.5 Correspondence with creditors’ advisors
Dylan Friesner 09/12/24 0.5 Status call with Management and Debtors' advisors
Dylan Friesner 09/12/24 1.0 Review of correspondence re Brazilian operations
Dylan Friesner 09/12/24 0.5 Correspondence with creditors’ advisors
Dylan Friesner 09/13/24 0.5 Internal discussions re Brazilian operations
Dylan Friesner 09/16/24 0.5 Update call with Lenders' advisors and Management
Dylan Friesner 09/16/24 0.5 Status call with Management and Debtors' advisors
Dylan Friesner 09/16/24 0.5 Call with Management and Debtors' advisors re bids
Dylan Friesner 09/16/24 1.0 Email correspondence
Dylan Friesner 09/16/24 0.5 Review of outstanding items to close Vents sale
Dylan Friesner 09/16/24 0.5 Correspondence with creditors’ advisors
Dylan Friesner 09/16/24 1.0 Management and Debtors' advisors call re-Brazillian operations sale alternatives
Dylan Friesner 09/17/24 0.5 Management and Debtors' advisors call re-Brazillian operations sale alternatives
Dylan Friesner 09/18/24 2.0 Diligence call with interested party
Dylan Friesner 09/18/24 1.0 Email correspondence
Page 4 of 7
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 13 of 15
PJT PARTNERS LP
HOURLY DETAILS FOR THE PERIOD OF
SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024
Professional Date Hours Explanation
Dylan Friesner 09/18/24 0.5 Internal discussions re Brazilian operations
Dylan Friesner 09/19/24 0.5 Special committee meeting
Dylan Friesner 09/20/24 0.5 Diligence call with interested party
Dylan Friesner 09/20/24 0.5 Call with Management and Debtors' advisors re bids
Dylan Friesner 09/20/24 1.0 Email correspondence
Dylan Friesner 09/20/24 0.5 Internal discussion re certain Vents assets
Dylan Friesner 09/23/24 1.0 Diligence call with winning RDx bidder
Dylan Friesner 09/23/24 0.5 Status call with Management and Debtors' advisors
Dylan Friesner 09/23/24 0.5 Update call with Lenders' advisors, Lenders, and Management
Dylan Friesner 09/23/24 1.0 Email correspondence
Dylan Friesner 09/24/24 0.5 Call with Management and Debtors' advisors re bids
Dylan Friesner 09/24/24 1.0 Email correspondence
Dylan Friesner 09/25/24 0.5 Review of draft funds flow
Dylan Friesner 09/25/24 0.5 Correspondence with creditors’ advisors
Dylan Friesner 09/26/24 0.5 Status call with Management and Debtors' advisors
Dylan Friesner 09/26/24 1.0 Email correspondence
Dylan Friesner 09/26/24 0.5 Special committee meeting
Dylan Friesner 09/30/24 0.5 Status call with Management and Debtors' advisors
Dylan Friesner 09/30/24 0.5 Update call with Lenders' advisors, Lenders, and Management
Dylan Friesner 09/30/24 1.0 Email correspondence
36.5
Page 5 of 7
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 14 of 15
PJT PARTNERS LP
HOURLY DETAILS FOR THE PERIOD OF
SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024
Professional Date Hours Explanation
Ahmad Choudhry 09/03/24 0.5 Call with Management and Debtors' advisors re bids
Ahmad Choudhry 09/03/24 1.0 Email correspondence
Ahmad Choudhry 09/04/24 0.5 Diligence call with winning RDx bidder
Ahmad Choudhry 09/04/24 0.5 Status call with Management and Debtors' advisors
Ahmad Choudhry 09/04/24 0.5 Call with Management and Debtors' advisors re bids
Ahmad Choudhry 09/04/24 1.0 Email correspondence
Ahmad Choudhry 09/04/24 2.0 Review of draft Plan and DS
Ahmad Choudhry 09/05/24 0.5 Call re-Brazilian operations sale alternatives
Ahmad Choudhry 09/10/24 0.5 Diligence call with winning RDx bidder
Ahmad Choudhry 09/10/24 1.0 Email correspondence
Ahmad Choudhry 09/10/24 1.0 Review of draft Plan and DS
Ahmad Choudhry 09/11/24 0.5 Status call with Management and Debtors' advisors
Ahmad Choudhry 09/11/24 1.0 Email correspondence
Ahmad Choudhry 09/11/24 0.5 Review of financial forecast
Ahmad Choudhry 09/12/24 0.5 Status call with Management and Debtors' advisors
Ahmad Choudhry 09/12/24 1.0 Review of correspondence re Brazilian operations
Ahmad Choudhry 09/16/24 0.5 Update call with Lenders' advisors and Management
Ahmad Choudhry 09/16/24 0.5 Status call with Management and Debtors' advisors
Ahmad Choudhry 09/16/24 0.5 Call with Management and Debtors' advisors re bids
Ahmad Choudhry 09/16/24 1.0 Email correspondence
Ahmad Choudhry 09/16/24 0.5 Review of outstanding items to close Vents sale
Ahmad Choudhry 09/16/24 1.0 Management and Debtors' advisors call re-Brazillian operations sale alternatives
Ahmad Choudhry 09/17/24 0.5 Management and Debtors' advisors call re-Brazillian operations sale alternatives
Ahmad Choudhry 09/18/24 2.0 Diligence call with interested party
Ahmad Choudhry 09/18/24 1.0 Email correspondence
Ahmad Choudhry 09/20/24 0.5 Diligence call with interested party
Ahmad Choudhry 09/20/24 0.5 Call with Management and Debtors' advisors re bids
Ahmad Choudhry 09/20/24 1.0 Email correspondence
Ahmad Choudhry 09/23/24 1.0 Diligence call with winning RDx bidder
Ahmad Choudhry 09/23/24 0.5 Status call with Management and Debtors' advisors
Ahmad Choudhry 09/23/24 0.5 Update call with Lenders' advisors, Lenders, and Management
Ahmad Choudhry 09/23/24 1.0 Email correspondence
Ahmad Choudhry 09/24/24 0.5 Call with Management and Debtors' advisors re bids
Ahmad Choudhry 09/24/24 1.0 Email correspondence
Page 6 of 7
Case 24-11217-BLS Doc 701-2 Filed 11/01/24 Page 15 of 15
PJT PARTNERS LP
HOURLY DETAILS FOR THE PERIOD OF
SEPTEMBER 1, 2024 THROUGH SEPTEMBER 30, 2024
Professional Date Hours Explanation
Ahmad Choudhry 09/25/24 0.5 Review of draft funds flow
Ahmad Choudhry 09/26/24 0.5 Status call with Management and Debtors' advisors
Ahmad Choudhry 09/26/24 1.0 Email correspondence
Ahmad Choudhry 09/30/24 0.5 Status call with Management and Debtors' advisors
Ahmad Choudhry 09/30/24 0.5 Update call with Lenders' advisors, Lenders, and Management
Ahmad Choudhry 09/30/24 1.0 Email correspondence
30.5
Page 7 of 7
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