The thing that strikes you the most about Paul, Weiss is the depth of the practice. They just have a large number of senior partners, all of whom are of an outstanding quality.
- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019
Utilities, Coal, Power and Other Energy
Our restructuring department fields large, multidisciplinary teams that leverage the resources of our firm as a whole. We act on all sides of cutting-edge restructuring transactions across a range of industries.
Pacific Gas & Electric’s Chapter 11 Case
California Public Utilities Commission (CPUC) in the chapter 11 cases of PG&E Corporation and its primary operating subsidiary, Pacific Gas and Electric Company, California’s largest investor-owned public utility and the largest public utility in U.S. history to file for bankruptcy, with a reported $71.4 billion in assets and $51.7 billion in liabilities. Paul, Weiss also represented CPUC in PG&E’s previous bankruptcy proceedings, including related litigation and appeals, from which PG&E emerged in 2003.
Frontera Generation's Prearranged Chapter 11 Cases
Blackstone Group in a restructuring of its portfolio company, Frontera Generation, the operator of a 526 megawatt power plant on the US-Mexican border, through prearranged chapter 11 cases currently pending in the Southern District of Texas. The company’s plan calls for the restructuring of over $1 billion in liabilities.
Foresight Energy Restructurings
Foresight Energy, a leading producer of thermal coal based in the Illinois basin, in (a) its prearranged chapter 11 case that reduced over $1 billion of its funded indebtedness and (b) 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.
W Wind Down's Restructuring
An ad hoc group led by The Baupost Group, L.L.C. in acquiring more than $7.5 billion in claims against Westinghouse Electric Company LLC and its affiliates and subsequently negotiating the Westinghouse plan that centered on a $4 billion asset sale. Pursuant to the Plan, the ad hoc group took ownership of W Wind Down Co., the entity responsible for resolving all claims in the Westinghouse chapter 11 cases.
Halcón Resources' Prepackaged Chapter 11 Case
An ad hoc group of unsecured noteholders in the prepackaged chapter 11 cases of independent energy company Battalion Oil (fka Halcón Resources Corporation), including in connection with providing debtor-in-possession financing
TCEH’s Chapter 11 Case
The ad hoc committee of certain first lien senior secured creditors of Texas Competitive Electric Holdings Company, an electric utility provider, in the company’s chapter 11 case involving approximately $32 billion of secured and unsecured debt.
Walter Energy’s Chapter 11 Cases
Walter Energy, a leading producer and exporter of metallurgical coal for the global steel industry, in its U.S.-Canadian cross-border restructuring, including all aspects of its chapter 11 case, resulting in the discharge of over $4 billion of secured and unsecured debt and the going concern sale of the company’s core mining operations to its senior lenders. This matter was recognized by The M&A Advisor as the “Distressed M&A Deal of the Year (Over $1B)” and “Section 363 Sale of the Year (Over $1B).”
Westinghouse Electric’s Financing Facility
Apollo Capital Management, 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, and certain of its affiliates, a global business that builds, maintains and services more than half of the nuclear power plants in the world.
Arch Coal’s Prearranged Chapter 11 Case
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 prearranged 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. This matter was recognized by The M&A Advisor as the “Restructuring Deal of the Year ($5B-$10B).”
Dynegy’s Prearranged Restructuring
An ad hoc committee of noteholders of Dynegy in connection with the commencement and settlement of litigation arising from a prepetition transfer of assets, the company’s bankruptcy cases and prearranged restructuring of $3.6 billion of unsecured claims. Paul, Weiss was recognized by The Financial Times for our “Highly Commended” work on this matter.