The current financial landscape presents legal challenges unrivaled in scope and complexity to businesses in every industry. Our Bankruptcy & Corporate Reorganization Department helps companies, creditors and investors facing rapid market and regulatory transformation respond to these challenges with comprehensive and innovative bankruptcy and reorganization strategies. Our practice has been a critical advisor in almost every major headline grabbing restructuring over the past several years.

Representative Engagements

Paul, Weiss has represented numerous distressed companies and official and unofficial creditors' committees in some of the largest reorganizations and out-of-court workouts. Significant representations have included: 

  • AbitibiBowater Inc. (now Resolute Forest Products) and its subsidiaries and affiliates, North America’s largest forest products company, as lead U.S. counsel in their complex cross-border cases in the U.S. and Canada involving the restructuring of more than $8 billion of prepetition indebtedness and raising $1.5 billion in exit financing.
  • Oaktree Capital Management, a principal pre-and postpetition lender to Aleris International, an aluminum manufacturer, in the company’s chapter 11 case. With Paul, Weiss’s assistance, Oaktree took the lead in proposing and backstopping a rights offering that paved the way for a successful conclusion to Aleris’ restructuring efforts, with Oaktree becoming the majority owner upon emergence.
  • The agent bank and steering committee of secured lenders of Aliante Gaming, a North Las Vegas casino operator, in Aliante’s prepackaged chapter 11 case involving the conversion of $424 million of the secured lenders’ loans into new debt and equity of the reorganized company.
  • The ad hoc committee of first and second lien secured creditors of Allen Systems Group, Inc., a provider of information technology management software solutions, in connection with its pre-packaged chapter 11 plan pursuant to which noteholders exchanged $300 million in second lien notes for 42% of the equity in the reorganized company and subscription rights to purchase the remaining 58% of the equity under a rights offering backstopped by the ad hoc committee. 
  • An informal committee of certain holders of second and third lien secured notes of Altegrity, Inc., a global risk and information services company that provides employment background screening and risk and information management services and solutions, as well as certain lenders of post-petition financing, in connection with Altegrity’s restructuring through a pre-arranged chapter 11 case.
  • American Industrial Partners, a New York-based private equity firm, in its acquisition of majority ownership of The Brock Group, a Texas-based provider of mission critical services to the refining, petrochemical, power generation and other industries, through an out-of-court exchange offer and recapitalization transaction, including the infusion of new debt and equity capital. 
  • An ad hoc group of first-, second- and third-lien lenders to global specialty metal distributor A.M. Castle & Co. and its affiliated debtors in connection with their prepackaged chapter 11 cases, through which approximately $311 million of debt was either refinanced or converted into debt and equity securities of the reorganized company.
  • Apollo Capital Management, L.P., on behalf of certain funds and accounts it manages, in providing an $800 million debtor-in-possession superpriority term loan financing facility to Westinghouse Electric Company, LLC,  and certain of its affiliates, a global business that builds, maintains and services more than half of the nuclear power plants in the world.
  • AR Global, LLC and its direct and indirect affiliates, one of the largest alternative asset managers in the world with an emphasis on real estate and credit investing, as creditors in the chapter 11 cases of RCS Capital Corporation and its affiliated debtors, including successfully contesting confirmation of the debtors’ proposed chapter 11 plan to obtain certain key modifications and concessions. We continue to represent AR Global, LLC in connection with matters involving the creditors trust established under the debtors’ chapter 11 plan.
  • An ad hoc group of certain first lien debtholders of Arch Coal, a leading producer and marketer of coal in the United States, in connection with Arch Coal’s restructuring through a pre-arranged chapter 11 case and certain related postpetition financing. As a result of the restructuring, the ad hoc group received substantial cash payments, $326.5 million in principal amount of new first lien debt, and 94 percent of Arch Coal’s common stock in exchange for $1.9 billion of secured prepetition loans.
  • The ad hoc committee of first lien noteholders of Armstrong Energy, Inc., a thermal coal mining company with operations in the Illinois Basin region of Western Kentucky, in an asset sale effectuated under a chapter 11 plan pursuant to which Armstrong sold substantially all of its assets to a new joint venture operated by Murray Energy Corporation. 
  • A group of institutions in an investment of approximately $1 billion in Associated Materials, Inc., a leading manufacturer and distributor of exterior residential building products in the United States and Canada. 
  • An ad hoc committee of certain first lien lenders of Aspect Software, a global provider of software systems, equipment, and corresponding professional services for contact centers that service the needs of customers across a wide range of industries, as well as lenders under Aspect Software’s postpetition term loan facility, in connection with Aspect Software’s restructuring through a pre-arranged chapter 11 case.
  • An ad hoc group of term loan lenders in connection with the pre-arranged chapter 11 restructuring of ATD Corporation, the largest replacement tire distributor in North America. The plan contemplates the restructuring of over $2 billion of debt including the extension and modification of the term loan facility and equitization of the company’s senior subordinated notes.
  • Bicent Holdings LLC and its subsidiaries and affiliates, owners and operators of a portfolio of electric generation plants and power industry services businesses, in their pre-arranged chapter 11 cases.
  • Centerbridge Partners, L.P. and Oaktree Capital Management, L.P. in connection with a term loan and stock purchase to recapitalize Billabong International Limited, a public corporation organized in Australia that specializes in the sale of apparel and accessories related to skateboarding and surfing.
  • Boart Longyear Limited, a Utah-based global supplier of drilling services, drilling equipment and performance tooling, in its recapitalization by Centerbridge Partners, L.P., a New York-based private equity firm.
  • Secured lenders of Boart Longyear Limited, an Australian registered multinational supplier (with U.S. operations headquartered in Utah) of drilling services, drilling equipment and performance tooling, in connection with its Australian schemes of arrangement and related chapter 15 cases in the United States.
  • The Bon-Ton Stores, and its affiliates, a national department store retailer, in its chapter 11 cases in Delaware. The company filed for bankruptcy in February 2018, and, in April, obtained court approval for the sale of substantially all of its assets under section 363 of the Bankruptcy Code. 
  • Buffets Restaurant Holdings, Inc. and its subsidiaries and affiliates, one of the largest national chains in the restaurant industry family dining segment, in negotiating and consummating their pre-arranged chapter 11 cases that resulted in the restructuring of $250 million of secured and unsecured debt.
  • The unofficial committee of second lien debtholders of Calpine Corporation, an electric power producer, in the company’s chapter 11 case and successful negotiation of a full payout in cash of the second lien debt, with postpetition interest and a payment premium.
  • Caesars Entertainment Corporation (“CEC”) in connection with the chapter 11 cases of its subsidiary, Caesars Entertainment Operating Company, Inc. (“CEOC”), and certain of CEOC’s wholly owned subsidiaries involving approximately $18 billion of secured and unsecured debt. We also represent CEC in connection with certain litigation and corporate matters relating to CEOC.
  • An ad hoc group of lenders in a cross-border restructuring of U.K.-based Ceva Group PLC, one of the world’s largest non-asset based supply chain management companies. In a two part out-of-court exchange, CEVA eliminated approximately €1.3 billion of consolidated net debt, reduced its cash interest expense by over €130 million and received cumulative new capital commitments of over €230 million for investment in its business plan.
  • CGG S.A., a Paris-based global geophysical and geoscience services company serving customers principally in the oil and gas exploration and production industry, in their pre-negotiated chapter 11 cases by which the company and its subsidiaries equitized approximately $2 billion of unsecured debt through concurrent restructuring proceedings in France and the United States.
  • An ad hoc group of prepetition and postpetition lenders of Charming Charlie Holdings Inc., a leading specialty retailer focused on colorful fashion jewelry, handbags, apparel, gifts, and beauty products, in the company’s successful restructuring through a prearranged chapter 11 case.
  • The unofficial committee of bondholders of Charter Communications, one of the largest cable service providers, in Charter’s unprecedented “reinstatement” plan under chapter 11, permitting the fourth largest cable television operator to emerge from chapter 11 with $8 billion less debt on its balance sheet and $2.5 billion of capital newly invested by our clients.
  • An informal committee of certain holders of secured and unsecured notes of Chassix Inc. and Chassix Holdings, Inc., as well as certain lenders under Chassix’s postpetition and exit term loan credit facility, in connection with Chassix’s restructuring through a pre-arranged chapter 11 case.
  • Bondholders of CIT Group, a leading financing and bank holding company, in the first successful bankruptcy of a bank holding company and the largest prepackaged bankruptcy ever completed, including negotiating $7.5 billion of emergency financing and a prepackaged reorganization plan to restructure approximately $33 billion of debt.
  • Citigroup on a wide range of matters prior to and throughout the financial crisis, including Lehman Brothers, the government bailout of Chrysler and the Troubled Assets Relief Program. We also represented Citigroup in the Enron, WorldCom, Parmalat, Tribune Company and Howrey LLP chapter 11 cases.
  • Certain funds managed by affiliates of Apollo Global Management, LLC in the restructuring of Claire's Inc., one of the world's leading specialty retailers of fashionable jewelry and accessories for girls, teens, and young women, and certain of its affiliates, including in its chapter 11 cases.
  • An ad hoc group of debtholders of Concordia Healthcare, an international specialty pharmaceutical company based in Canada, in the restructuring of the company and its affiliates.
  • Cumulus Media Inc., the nation’s second largest radio company with 446 stations spread across 90 markets, and certain of its affiliates in their chapter 11 cases, including a multi-day contested chapter 11 plan confirmation trial addressing, among other things, various valuation issues.
  • The ad hoc committee of bondholders of Dynegy Holdings, a subsidiary of Dynegy Inc. and an electric power producer, in the company’s bankruptcy case and restructuring of $3.6 billion of unsecured claims, involving a settlement of potential litigation arising from a prepetition transfer of assets.
  • An ad hoc group of lenders under Eagle Bulk Shipping’s $1.2 billion secured credit facility in connection with negotiations regarding a restructuring of the company’s secured debt and, thereafter, the successor administrative agent under the secured credit facility in connection with all aspects of the company’s prepackaged chapter 11 case and the confirmation and consummation of its chapter 11 plan of reorganization.
  • The ad hoc committee of lenders of Eitzen Chemical, a Norwegian shipping company, in connection with a restructuring of over $1 billion of debt obligations.
  • U.S. counsel to EnQuest plc, the largest U.K. independent oil producer in the U.K. North Sea, in connection with a restructuring of the company’s approximately $1.8 billion of debt obligations through proceedings in the United Kingdom and the United States.
  • Ericsson Inc., a leading provider of telecommunications technology and services in the United States and Canada, in multiple transactions, including as a participant in the Rockstar Bidco Consortium that purchased Nortel’s patent portfolio for $4.5 billion under section 363 of the Bankruptcy Code following a bankruptcy auction; Paul, Weiss also served as lead counsel to the consortium in the transaction.
  • An ad hoc committee of unsecured noteholders in a cross-border restructuring of Essar Steel Algoma Inc., one of Canada’s largest integrated steel manufacturers, in which the Company raised over $1.2 billion in connection with a comprehensive recapitalization and refinancing of its debt.  Pursuant to a restructuring support agreement and accompanying plan of arrangement under the Canada Business Corporations Act, the unsecured noteholders received $252 million of junior exchange notes and approximately $136 million in cash on account of their prepetition claim in the amount of approximately $410 million.
  • The unofficial committee of prepetition senior secured noteholders of Exide Technologies, a global manufacturer of stored electrical energy solutions and one of the world's largest producers of lead-acid batteries, in connection with the company's chapter 11 case and related postpetition financing.
  • Expro Holdings, a U.K.-based leading international provider of well flow management services to the oil and gas industry, in its prepackaged chapter 11 case.
  • The joint venture that owns the iconic Fontainebleau Miami Beach Hotel in its out-of-court restructuring of over $840 million in debt following a year of negotiations among senior and mezzanine lenders, equity holders and over 150 contractors that worked on the hotel’s elaborate renovation. Existing investors in the joint venture, which included the real estate arm of Dubai World, invested $100 million of new equity capital to fund the restructuring.
  • Foresight Energy LP, a U.S. thermal coal producer and marketer, and its subsidiaries in connection with an out-of-court restructuring of approximately $2 billion of secured and unsecured debt and a follow-on refinancing of more than $1.3 billion of outstanding indebtedness.
  • An ad hoc bondholder group in connection with successfully resisting a consent solicitation by certain Freeport-McMoRan companies and negotiating and closing an exchange offer on more favorable terms involving the issuance of new notes of Freeport-McMoRan Inc. in exchange for certain existing notes of its subsidiary, Freeport-McMoRan Oil & Gas LLC.
  • Deutsche Bank and Crédit Agricole as agents for two lending syndicates in the Genco Shipping and Trading Limited chapter 11 case.
  • The ad hoc committee of bondholders of General Motors in the company’s chapter 11 case, through which the company restructured $27 billion of bond debt and was sold to an entity controlled by the U.S. and Canadian governments for $105 billion.
  • General Motors LLC (“New GM”), the purchaser of substantially all of the assets of General Motors Corp (now known as Motors Liquidation Company) (“Old GM”), in litigation in the bankruptcy court related to a proposed settlement between a trust representing Old GM and plaintiffs asserting personal injury and economic loss claims arising from ignition switch and other alleged defects in vehicles manufactured by Old GM that were recalled in 2014. If approved, the proposed settlement would potentially require New GM to issue additional shares valued at more than $1 billion.
  • Holders of pass through certificates issued to finance two separate leveraged lease transactions of certain coal-fired power plants operated by GenOn Mid-Atlantic, LLC and NRG REMA, LLC, non-debtor subsidiaries of GenOn Energy, Inc., one of the ten largest wholesale power generation companies in the United States, in GenOn’s ongoing restructuring efforts.
  • An ad hoc committee of senior secured noteholders of Gibson Brands, Inc., an iconic American manufacturer of guitars, other musical instruments and professional audio equipment, in the company’s pre-negotiated chapter 11 case, including the negotiation of a prepetition restructuring support agreement, the provision of $135 million of debtor-in-possession financing, and the exercise of an intercreditor purchase option that saved the debtors approximately $4 million in prepayment premium.
  • The ad hoc committee of bondholders of GMAC, one of the world’s largest financial services companies, in a $28.5 billion debt-exchange offer, one of the largest exchange offers ever consummated.
  • The steering committee of senior secured noteholders of GMX Resources Inc., an oil and gas exploration and production company with assets in North Dakota, Montana, Wyoming and Texas. In connection with the successful consummation of the plan of reorganization supported by the steering committee, GMX significantly reduced its debt from approximately $505 million to $60 million through a debt-for-equity conversion in which senior secured noteholders received all of the equity interests in the reorganized company.
  • An ad hoc group of unsecured noteholders in connection with the prepackaged chapter 11 cases of Halcón Resources Corporation and certain of its subsidiaries involving approximately $3 billion in secured and unsecured debt.
  • The ad hoc committee of noteholders of Horizon Lines, Inc., a Jones Act-registered shipping company, in connection with the company’s out-of-court restructuring.
  • Silver Point Capital, as prepetition and postpetition agent for lenders to Hostess Brands, a leading manufacturer of bread and snack cakes, in connection with all aspects of its chapter 11 case.
  • Houghton Mifflin Harcourt Publishing Company, a leading textbook publisher, in the negotiation, filing and consummation of a prepackaged chapter 11 reorganization plan that eliminated approximately $3.1 billion in debt and $250 million in annual interest costs. The company emerged from chapter 11 in a mere 32 days.
  • An ad hoc group of certain bondholders of iPayment Inc. and iPayment Holdings, Inc., a provider of credit and debit card payment processing services to small merchants across the United States, in connection with an out-of-court exchange of (i) approximately $375 million of senior notes issued by iPayment Inc. into equity and new second lien notes and (ii) approximately $134 million of senior PIK notes issued by iPayment Holdings, Inc. into new second lien notes, warrants and equity.
  • JPMorgan Chase Funding Inc. (as successor to Bear Sterns Investment Products Inc.) in an adversary proceeding arising out of the bankruptcy cases of Thornburg Mortgage and its affiliates.
  • JW Aluminum Company, a manufacturer of flat-rolled aluminum products, in connection with its recapitalization.
  • An affiliate of KKR in its approximately $160 million acquisition of Angelica Corporation, a Georgia-based provider of textile rental and linen management services to the U.S. healthcare market, in a sale under section 363 of the Bankruptcy Code.
  • An informal committee of holders of notes issued by Linc USA GP and Linc's postpetition lenders in connection with the company's prepetition restructuring efforts and subsequent chapter 11 case.
  • Deutsche Bank, as administrative agent for the lenders to LNR Property Corporation, a leading real estate developer, in connection with the restructuring and refinancing of the company’s $1.7 billion senior secured credit facility.
  • Major League Baseball in the sale of the Texas Rangers in the Rangers’ chapter 11 case. Texas Rangers Baseball Partners and certain affiliates sold the club and certain real estate assets, including their interest in the Rangers Ballpark in Arlington, Texas, to a group led by Chuck Greenberg and Nolan Ryan.
  • An ad hoc group of holders of senior secured notes issued by Mirabela Nickel Limited, a Australian company with nickel mining operations in Brazil, in connection with the company’s restructuring efforts and Australian receivership proceeding.
  • An ad hoc committee of certain holders of senior convertible notes and senior secured notes issued by Molycorp Inc., one of the world’s leading manufacturers of custom engineered rare earth and rare metal products, in connection with a potential restructuring transaction.
  • An ad hoc group of bank counterparties of one of the monoline insurers in the group’s potential $10 billion exposure. In another monoline matter, we represented Banque Populaire Group and Caisse d’Epargne Group in connection with their jointly owned monoline subsidiary, CIFG Holding, Ltd. in a settlement that commuted approximately $12 billion in exposure and substantially reduced CIFG’s exposure to problematic derivatives, resulting in a significantly improved financial position.
  • U.S. counsel to certain noteholders holding a majority of notes issued by Mood Media Corporation, a leading global provider of in-store media and marketing services with $650 million in funded debt obligations, in connection with a comprehensive debt and equity restructuring through proceedings in Canada and the United States.
  • The Official Committee of Unsecured Creditors in connection with a plan of reorganization in the chapter 11 proceedings of Navigator Gas Transport. The case involved competing plans of reorganization; one proposed by the debtors and the other by the committee. The committee’s plan won the support of the creditors and was ultimately approved by the Bankruptcy Court.
  • A state of New York regulatory body in the chapter 11 case of the New York Racing Association (NYRA), operator of the Saratoga Race Course, Belmont Park and Aqueduct Racetrack since 1955. NYRA emerged from chapter 11 following the resolution of a dispute over ownership of the racetracks and the granting of a new 25-year franchise to continue its operations.
  • The senior secured lenders to Australian-based Nine Entertainment Group in the restructuring of more than AU$2 billion of debt by means of a scheme of arrangement under which the lenders became the principal equity holders of the reorganized company.
  • Noranda Aluminum Holding Corp., leading U.S. aluminum producer, and its subsidiaries in all aspects of their chapter 11 cases, including (i) the sales of Noranda’s upstream and downstream businesses, (ii) obtaining a critical order authorizing Noranda to reject a burdensome supply contract over the objection of a counterparty who was seeking to assume the same contract in its own chapter 11 case; and (iii) a global settlement with various creditor groups.
  • Oaktree Capital Management, L.P. with respect to the secured debt of Excel Maritime and, following an initially contentious chapter 11 case, the negotiation, confirmation and consummation of a fully consensual amended plan of reorganization; as a secured creditor in the TMT Procurement Corp. chapter 11 case, including in connection with Oaktree’s successful bids for certain VLOO vessels; and in its successful bids in competitive auctions for two portfolios of shipping company loans from major international financial institutions and the restructuring of certain loans in those portfolios.
  • An ad hoc group of senior secured lenders to Onsite Rental Group Pty Ltd, an equipment rental business providing services to Australia’s largest mining, construction, industrial, oil & gas, infrastructure, and government organizations in connection with the company’s out-of-court recapitalization.
  • An ad hoc group of senior secured creditors of Oro Negro, a Mexican offshore drilling company, in a restructuring of over $900 million of secured debt obligations issued pursuant to Norwegian law-governed documents that involves contested concurso mercantil proceedings in Mexico, a related chapter 15 proceeding in the Southern District of New York, and litigation in Singapore.
  • An ad hoc committee of debtholders in the chapter 11 cases of Pacific Drilling S.A., a leading international offshore drilling contractor with approximately $3 billion in indebtedness, and its affiliates, including in a plan-related mediation recently ordered by the Bankruptcy Court.
  • Served as U.S. counsel to the ad hoc committee of senior noteholders of Pacific Exploration and Production and certain debtor-in-possession financing providers in connection with the cross-border restructuring of the company’s approximately $5 billion of debt obligations through proceedings commenced in Canada, the United States and Colombia.
  • An ad hoc group of noteholders of PaperWorks Industries, a leading North American integrated full-service packaging provider, in connection with a proposed comprehensive financial restructuring of the company's debt and equity structure.
  • An ad hoc group of senior unsecured creditors of Paragon Offshore plc, a U.K. offshore drilling company servicing oil and gas companies with operations in Brazil, Mexico, the North Sea, the Middle East, and elsewhere, in connection with a restructuring of over $2 billion of secured and unsecured debt obligations. Paul, Weiss is currently counsel to the Official Committee of Unsecured Creditors in the company’s chapter 11 cases.
  • Penson Worldwide, Inc., a provider of financial clearing services and related operational and technology products, in its restructuring efforts with two groups of bondholders that together were owed nearly $280 million and its subsequent liquidating chapter 11 case in Delaware, which included a sale of Penson's operating subsidiary, Nexa Technologies, as a going-concern to a Canadian financial services cooperative.
  • Performance Sports Group (“PSG”), a leading developer and manufacturer of sports equipment and apparel with products marketed under the BAUER, MISSION, MAVERIK and EASTON brand names, among others, as U.S. counsel in its complex U.S. and Canadian bankruptcy cases, including the going concern sale of its business to a third party stalking horse bidder.
  • Pinnacle Agriculture Holdings, LLC, an agricultural retail and wholesale distribution business, in connection with its out-of-court recapitalization and exchange offer transactions. 
  • An ad hoc committee of unsecured noteholders of Platinum Energy Solutions, Inc., a provider of oil field services, including hydraulic fracturing, coiled tubing and other pressure pumping services, in connection with a comprehensive out-of-court restructuring that reduced the company’s debt from approximately $210 million to $92 million through a debt-for-equity conversion in which unsecured noteholders received approximately 89% of the equity in the company.
  • Preferred Sands, one of North America’s largest frac sand and resin technologies companies servicing the oil and gas industry, and its subsidiaries and affiliates in the out-of-court restructuring of their capital structure, including issuing equity and refinancing debt of approximately $680 million.
  • The ad hoc group of Puerto Rico general obligation bondholders in restructuring the $18 billion of Constitutional debt issued or guaranteed by the Commonwealth of Puerto Rico, including in the Title III cases commenced under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) to restructure the debts of the Commonwealth and certain of its instrumentalities and public corporations.  
  • The Official Committee of Unsecured Creditors of Quicksilver Resources Inc., a Texas-based oil and gas exploration and production company with over $2 billion in prepetition indebtedness.
  • Quiznos, a quick serve restaurant franchisor, in its out-of-court debt restructuring of over $1 billion of secured debt and new capital raise which required one hundred percent first and second lien lender consent.
  • RCCH HealthCare Partners, a Tennessee-based provider of hospital and healthcare services, in its acquisition of substantially all of the assets of chapter 9 debtor Kennewick Public Hospital District (d/b/a Trios Health). 
  • The senior and junior agents for the postpetition lenders to Reichhold Inc., a leading global supplier of intermediate products for the composites and coatings industry, and certain of its U.S. affiliates in their chapter 11 cases.
  • The second lien agent in the chapter 11 case of Sabine Oil & Gas Corporation, an oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties onshore in the United States, in Sabine’s chapter 11 case and in related fraudulent transfer litigation.
  • The ad hoc group of bondholders of SAExploration Holdings, Inc. in connection with (i) an out-of-court exchange of approximately $138 million of existing senior secured notes, representing approximately 98.7% of the aggregate outstanding principal amount of the issuance, into equity and new senior secured notes and (ii) a new senior term loan facility.
  • Samsonite Corporation, manufacturer of luggage and travel bags, in its worldwide out-of-court restructuring. In connection with the representation, we also represented Samsonite Company Stores in its successful prepackaged chapter 11 case, which was confirmed by the Delaware bankruptcy court in approximately two months.
  • The ad hoc committee of senior secured noteholders of Savient Pharmaceuticals, Inc., a specialty biopharmaceutical company, in the company’s pre-arranged chapter 11 case. The company implemented an auction process that resulted in a successful sale of substantially all of the company’s assets pursuant to section 363 of the Bankruptcy Code and the distribution of the sale proceeds to the senior secured noteholders.   
  • School Specialty, one of the largest suppliers of supplemental educational products, equipment and standard based curriculum, in all aspects of its chapter 11 case.
  • An ad hoc committee of certain unsecured noteholders of Sequa Corporation, an industrial company with operations in the aerospace, energy and metal coatings industries, in connection with the company’s out-of-court recapitalization and exchange offer transactions.
  • Simon Property Group, L.P., a leading retail real estate ownership, management and development company, as the largest owner of the joint venture that purchased substantially all of the assets of the apparel and accessories brand Aéropostale in a sale under section 363 of the Bankruptcy Code.
  • Oak Hill Capital Management in the restructuring and chapter 11 case of Southern Air Holdings, a leading air cargo carrier. Pursuant to the pre-arranged plan of reorganization, Oak Hill retained a 17.5% stake in the company and an Oak Hill affiliate significantly improved the terms of its aircraft leases with Southern Air.
  • An ad hoc committee of unsecured bank lenders and bondholders of Stallion Oilfield Services, the largest provider of auxiliary rentals and services for U.S. oil and gas operations, as the company reorganized and emerged from chapter 11 protection. As part of its reorganization, Stallion eliminated approximately $515 million of unsecured debt in exchange for 98% of the common equity in the reorganized company.
  • Stuyvesant Town – Peter Cooper Village Tenants Association, Inc. in the financial restructuring of the ownership of Stuyvesant Town – Peter Cooper Village. The residential community is Manhattan’s biggest apartment complex with over 25,000 residents in 110 buildings.
  • The ad hoc committee of certain first lien senior secured creditors of Texas Competitive Electric Holdings Company LLC in the company’s chapter 11 case involving approximately $32 billion of secured and unsecured debt.
  • An unofficial committee of noteholders of Tidewater Inc., a leading provider of offshore service vessels in the global energy industry, in connection with a restructuring of the company’s approximately $2.04 billion of debt pursuant to a prepackaged chapter 11 plan.
  • Time Warner/Time Warner Cable in its $17.6 billion acquisition, together with Comcast, of chapter 11 debtor Adelphia. We also assisted with related transactions redeeming Comcast’s 21% stake in Time Warner Cable and swapping cable systems serving more than two million customers.
  • An ad hoc committee of senior secured noteholders of Tops Holding LLC and Tops Markets II Corporation, a leading upstate New York-based supermarket chain with approximately 170 locations, in Tops’ ongoing chapter 11 cases.  
  • An ad hoc group of certain noteholders of Toys “R” Us, Inc. in connection with an out-of-court exchange pursuant to which approximately $537 million of senior notes issued by Toys “R” Us, Inc. were exchanged for approximately $441 million of new senior secured notes issued by a newly formed subsidiary of Toys “R” Us, Inc.
  • An ad hoc group of holders of prepetition secured notes and DIP notes issued by the holding company that owns Toys “R” Us’s international business in (1) the restructuring of Toys “R” Us and certain of its subsidiaries through concurrent proceedings in the U.S. and Canada and (2) the issuance to our clients of $455 million debtor-in-possession notes to be used to fund the company’s international business.
  • The ad hoc committee of bondholders of Trico Marine Group, a large Norway-based shipping company now known as Deep Ocean Group, in connection with an out-of-court exchange of $400 million of senior secured debt into equity and raising a new $100 million working capital facility.
  • The official committee of unsecured creditors of Tronox Incorporated, one of the largest global titanium dioxide producers, in a hotly contested 2-year bankruptcy in which the company restructured through a complex settlement of its substantial environmental liabilities, raised $550 million in exit financing and successfully emerged from bankruptcy at the beginning of 2011.
  • The ad hoc committee of holdco noteholders in the chapter 11 cases of Ultra Petroleum Corp. and its affiliated debtors, oil and gas exploration and production companies with over $3 billion in indebtedness.
  • UBS AG in connection with the City of Detroit’s chapter 9 case, including the negotiation of a court-approved settlement pursuant to which Detroit will pay UBS (and Bank of America) $85 million to settle claims related to swap transactions executed in 2005 and 2006.
  • Verso Corporation, a leading North American producer of printing and specialty papers and pulps, and its affiliates as special counsel in connection with financing matters in their chapter 11 cases.
  • Walter Energy, Inc., a leading producer and exporter of metallurgical coal for the global steel industry, in all aspects of its chapter 11 case, resulting in the discharge of over $4 billion of secured and unsecured debt and going concern sale of the company’s core mining operations to its senior lenders.
  • The Winding-up Board of Glitnir hf in the former Icelandic bank’s chapter 15 case, including gaining recognition and enforcement in the United States of (i) the Reykjavík District Court’s order confirming Glitnir’s composition plan and (ii) certain related resolutions approved by Glitnir’s creditors.
  • The ad hoc committee of noteholders of Windsor Petroleum Transport Corporation, owned by Frontline Ltd., a major global tanker company, in connection with a debt restructuring.
  • An ad hoc group of bank lenders in a dispute with W.R. Grace & Co. concerning the lenders' entitlement to postpetition interest at the default rate under their credit agreement; after extensive litigation, including briefing and oral argument before the United States Court of Appeals for the Third Circuit, the matter was settled pursuant to a court-approved agreement which required, among other things, W.R. Grace to pay a $129 million settlement payment above and beyond principal and undisputed interest.
  • An informal committee of holders of notes issued by Xinergy Corp., a producer of thermal and metallurgical coal with mining operations in West Virginia and Virginia, and Xinergy’s postpetition lenders in connection with the company’s prepetition restructuring efforts and subsequent chapter 11 case.

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