20230930-DK-Butterfly-1, Inc.: going-concern / distress — Bed Bath & Beyond files Chapter 11 bankruptcy; secures $240M DIP financing; begins wind-down

The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company’s obligations under (i) the Existing Credit Agreement and (ii) the Indenture, dated as of July 17, 2014, as amended by the First Supplemented Indenture, dated as of July 17, 2014, relating to the 3.749% senior unsecured notes due 2024 (the “3.749% Senior Notes”), the 4.915% senior unsecured notes due 2034 (the “4.915% Senior Notes”) and the 5.165% senior unsecured notes due 2044 (the “5.165% Senior Notes” and, together with the 3.749% Senior Notes and the 4.915% Senior Notes, the “Notes”) between the Company and The Bank of New York Mellon, as trustee. As of the Petition Date, the Company had an aggregate of (i) $1,029,900,000 in aggregate principal amount of the Notes, (ii) $80,284,905 outstanding under the Existing Credit Agreement, (iii) $102,632,790 in outstanding letters of credit and (iv) $547.1 in principal of the Prepetition Term Loan Agreement.

Notes and the 4.915% Senior Notes, the “Notes”) between the Company and The Bank of New York Mellon, as trustee. As of the Petition Date, the Company had an aggregate of (i) $1,029,900,000 in aggregate principal amount of the Notes, (ii) $80,284,905 outstanding under the Existing Credit Agreement, (iii) $102,632,790 in outstanding letters of credit and (iv) $547.1

Company and The Bank of New York Mellon, as trustee. As of the Petition Date, the Company had an aggregate of (i) $1,029,900,000 in aggregate principal amount of the Notes, (ii) $80,284,905 outstanding under the Existing Credit Agreement, (iii) $102,632,790 in outstanding letters of credit and (iv) $547.1 in principal of the Prepetition Term Loan Agreement. Pursuant

On April 23, 2023 (the “Petition Date”), Bed Bath and Beyond, Inc. (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) filed a voluntary petition (the “Chapter 11 Cases”) under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”).

On and effective as of April 22, 2023, the Company appointed Ms. Etlin as Chief Financial Officer to serve in accordance with the bylaws of the company until her successor is duly elected and qualified or, if earlier, until her successor has been duly elected or until her death, resignation or removal.