A counsel in the Restructuring Department, Xander advises debtors, creditors and distressed investment funds in chapter 11 cases, out-of-court restructurings, cross-border insolvency matters and insolvency-sensitive transactions.
Xander’s creditor-side experience includes:
- 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
- The ad hoc committee of bondholders of Spanish Broadcasting System, one of the largest owners and operators of radio stations in the U.S., in the company’s out-of-court recapitalization transaction
- An ad hoc group of term loan lenders in the out-of-court restructuring of Chief Power, the largest owner of undivided interests in two power generating stations in Western Pennsylvania. The restructuring, which was supported by 100% of the company’s term loan lenders, provided for the conversion of over $330 million in debt into 97% of the equity of the company, and the raising of a backstopped new money debt facility
- An ad hoc group of senior noteholders in the prepackaged chapter 11 cases of Oasis Petroleum, a Houston, Texas-based independent exploration and production company with a focus on unconventional crude oil and natural gas development. The prepackaged plan provided for the restructuring of about $2.23 billion of debt, including the extension and modification of its RBL facility, the conversion of the senior notes into all of the equity of the reorganized company, and the settlement of significant litigation claims
- An ad hoc group of creditors of California Resources Corporation, an independent, publicly traded oil and natural gas exploration and production company with the largest oil and natural gas production operations in California, in its chapter 11 cases. The company’s plan provided for the restructuring of over $5.8 billion of debt and preferred equity interests
- An ad hoc committee of holders of first preferred ship mortgage notes issued by Eletson, a world leader in international seaborne transportation, specializing in the transport of refined petroleum products, liquefied petroleum gas and ammonia, in an out-of-court exchange of the existing notes for new first preferred ship mortgage notes
- An ad hoc group of certain bondholders of iPayment and iPayment Holdings, a provider of credit and debit card payment processing services to small merchants across the U.S., in an out-of-court exchange of (i) approximately $375 million of senior notes issued by iPayment into equity and new second lien notes and (ii) approximately $134 million of senior PIK notes issued by iPayment Holdings into new second lien notes, warrants and equity
- The holders of pass through certificates issued to finance two separate leveraged lease transactions of certain coal-fired power plants operated by GenOn Mid-Atlantic and NRG REMA, subsidiaries of GenOn Energy, one of the 10 largest wholesale power generation companies in the U.S., in GenOn’s restructuring efforts
- 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, including in connection with providing debtor-in-possession financing and first and second lien note exit financings totaling approximately $1 billion
- An unofficial committee of noteholders of Tidewater, a leading provider of offshore service vessels in the global energy industry, in a restructuring of the company’s approximately $2 billion of debt pursuant to a prepackaged chapter 11 plan
- Silver Point Capital, as postpetition and senior prepetition lender, in the restructuring of TridentUSA and its affiliates, the leading national provider of bedside diagnostic and related health care services, including its chapter 11 cases
Xander’s noteworthy company representations include:
- A Greek shipping company in connection with its contingency planning strategy and the resolution of certain disputes with its stakeholders
- Animal Supply Company, a national leader in pet food and supplies distribution, in an out-of-court restructuring transaction providing for the equitization of a significant portion of its debt and the infusion of new capital
- The Bon-Ton Stores, a national department store retailer, in its chapter 11 cases in Delaware, including the sale of substantially all of its assets under section 363 of the Bankruptcy Code
- Expro Holdings, a leading international provider of well flow management services to the oil and gas industry, in its prepackaged chapter 11 case, including in connection with debtor-in-possession financings
- Foresight Energy, a leading producer of thermal coal based in the Illinois basin, in its prearranged chapter 11 resulting in the elimination of over $1 billion of its funded indebtedness
- Noranda Aluminum, a leading U.S. aluminum producer, and its subsidiaries in all aspects of their chapter 11 cases, including (i) 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 (ii) a global settlement with various creditor groups
- Triangle Petroleum, an independent energy holding company, in its prepackaged chapter 11 case in Delaware
Xander is recognized by The Legal 500, where sources note he is “smart, hard-working, and thoughtful” and he was named a “Rising Star” by SuperLawyers. Xander was also selected for the National Conference of Bankruptcy Judges Next Generation 2020, an exclusive program that hosts only 40 up-and-coming bankruptcy practitioners each year.
Xander served as an associate managing editor of the Brooklyn Law Review.