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A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side.

- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)

Paul, Weiss Advises Diamond Sports Group in $8 Billion Restructuring

Paul, Weiss is advising Diamond Sports Group, the nation’s largest owner of regional sports networks, in its chapter 11 cases filed in the Bankruptcy Court for the Southern District of Texas. Diamond, a Sinclair Broadcast Group subsidiary, has finalized a restructuring support agreement with the company’s creditors to eliminate over $8 billion of its outstanding debt.

Under the terms of the pending restructuring support agreement, Diamond will separate from Sinclair to become a standalone operation. Diamond’s first-lien lenders will remain unaffected while other secured and unsecured creditors will swap their debt for equity and warrants issued by the reorganized company. Diamond, which will continue to broadcast quality live sports productions during the bankruptcy process, is well capitalized with approximately $425 million of cash on hand to fund its business and restructuring.

The Paul, Weiss team includes, among others, restructuring partners Brian Hermann and Andrew Parlen, and counsel Joseph Graham; corporate partners Jeffrey Marell, Caith Kushner, Charles Pesant and David Huntington, and counsel Hilary Christian and Jason Tyler; tax partner Brian Krause; intellectual property and entertainment partner Charles Googe; executive compensation partner Rebecca Coccaro; litigation partners Gregory Laufer and William Clareman; and real estate partner Peter Fisch.

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