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)
Cross-Border
For more than 25 years, Paul, Weiss has been deeply involved in in- and out-of-court restructuring matters requiring coordination across multiple jurisdictions. We regularly serve as U.S. counsel to debtors, stakeholder groups and officials appointed in non-U.S. proceedings (e.g., joint administrators, liquidators, etc.) in matters involving a diverse array of industries, guiding clients through difficult negotiations and contentious court proceedings to obtain desired outcomes in complex, cross-border restructurings.
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Bumble Bee's Chapter 11 Case
Bumble Bee Foods, one of the world's largest branded shelf-stable seafood providers, and its affiliates, as lead U.S. counsel in the successful going-concern sale of its businesses for $928 million through coordinated chapter 11 cases and Canadian restructuring proceedings.
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Oro Negro’s Contentious Cross-Border Restructuring
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 and Norway.
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PDVSA's Restructuring
The ad hoc group of 2020 secured PDVSA noteholders in a potential restructuring of the senior secured notes issued by Petróleos de Venezuela, S.A., an oil and gas company that is wholly owned by the government of Venezuela.
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Glitnir’s Chapter 15 Case
The Winding-up Board of Glitnir hf in the former Icelandic bank’s chapter 15 case, including gaining recognition and enforcement in the U.S. of (a) the Reykjavík District Court’s order confirming Glitnir’s composition plan and (b) certain related resolutions approved by Glitnir’s creditors. This matter was recognized by The American Lawyer as the “Global Finance Deal of the Year: Private Restructuring.”
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CGG’s Prenegotiated Cross-border Restructuring
Certain subsidiaries of 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 prenegotiated 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. Brian S. Hermann was named an American Lawyer 2018 “Dealmaker of the Year” for his work representing CGG S.A. in its chapter 11 cases.
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Performance Sports Group’s Cross-border Bankruptcy Cases
Performance Sports Group, 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 leading Canadian private investment firm. This matter was recognized by The M&A Advisor as the “Restructuring of the Year ($500MM-$1B)” and by The Turnaround Management Association as the "Transaction of the Year: Large Company."
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Toys “R” Us’s Restructuring
An ad hoc group of holders of prepetition secured notes and DIP notes issued by the holding company that owned Toys “R” Us’s international business in (a) the restructuring of Toys “R” Us, Inc. and certain of its subsidiaries through concurrent proceedings in the U.S. and multiple foreign jurisdictions and (b) the provision of $455 million of debtor-in-possession financing, the proceeds of which were used to fund the company’s international businesses.
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Mood Media’s Cross-Border Restructuring
U.S. counsel to certain noteholders holding a majority of notes issued by Mood Media, a leading global provider of in-store media and marketing services with $650 million in funded debt obligations, in a comprehensive debt and equity restructuring through proceedings in Canada and the United States.
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Pacific Exploration’s Cross-border Restructuring
U.S. counsel to the ad hoc committee of senior noteholders of Pacific Exploration and Production (n/k/a Frontera Energy), an oil and gas exploration company, and certain debtor-in-possession financing providers in the cross-border restructuring of the company’s approximately $5 billion of debt obligations through proceedings commenced in Canada, the U.S. and Colombia.
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Billabong’s Cross-border Recapitalization
Centerbridge Partners and Oaktree Capital Management in connection with a term loan and stock purchase to recapitalize Billabong, a public corporation organized in Australia that specializes in the sale of apparel and accessories related to skateboarding and surfing.
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Concordia Healthcare's Restructuring
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.
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Boart Longyear’s Chapter 15 Cases
Secured and unsecured lenders of Boart Longyear, an Australian registered supplier of drilling services, drilling equipment and performance tooling, in its recapitalization transaction which reduced approximately $795 million of the company’s debt through two Australian court-approved schemes of arrangement and companion chapter 15 proceedings by the U.S. Bankruptcy Court for the Southern District of New York.
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NCSG Crane’s Cross-border Recapitalization
NCSG Crane & Heavy Haul Corp in the consensual recapitalization of its outstanding debt and equity, as implemented through a Canadian CBCA proceeding.
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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).”
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EnQuest’s Cross-border Restructuring
U.S. counsel to EnQuest, 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. This matter was recognized by The American Lawyer as the “Global Finance Deal of the Year: Insolvency and Restructuring (U.K.).”
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Bellatrix Exploration’s Pre-arranged Restructuring
An ad hoc group of unsecured noteholders of Canadian oil and gas producer Bellatrix Exploration in pre-arranged restructuring transactions pursuant to a corporate plan of arrangement under the Canada Business Corporations Act.
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Onsite Rental Group’s Out-of-Court Recapitalization
An ad hoc group of senior secured lenders to Onsite Rental Group, 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.
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CEVA Group’s Out-of-Court Restructuring
An ad hoc group of lenders in a cross-border restructuring of U.K.-based CEVA Group, 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. Paul, Weiss was recognized by The Financial Times for our “Highly Commended” work on this matter.
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Tervita’s Chapter 15 Cases
An ad hoc group of lenders to Tervita, a leading oilfield services provider with more than $2 billion in funded debt, as U.S. counsel in connection with the company’s Canadian restructuring and U.S. chapter 15 proceedings.
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Grupo Iusacell’s Cross-Border Restructuring
Grupo Iusacell, a leading Mexican cellular and broadband provider, together with its operating subsidiary Grupo Iusacell Celular, in a successful restructuring of approximately $550 million in outstanding secured notes. Pursuant to the terms of a restructuring plan approved by a Mexican federal court, the outstanding notes were cancelled and the companies issued approximately $485 million in new secured notes to bondholders.
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AbitibiBowater’s Cross-border Restructuring
AbitibiBowater (now Resolute Forest Products), North America's largest forest products company, and its subsidiaries and affiliates, 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.
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Mirabela Nickel’s Restructuring in Australia
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.
