ProfessionalsJacob A. Adlerstein
A partner in the Restructuring Department, Jake has broad experience advising a variety of clients in bankruptcy cases and corporate restructurings, including debtors, official and ad hoc creditor committees and distressed investment funds. Jake’s company-side representations include Cumulus Media, Pinnacle Agriculture Holdings and AbitibiBowater, and recent creditor-side matters include representing the ad hoc committees in the restructurings of Texas Competitive Electric Holdings Company, Pacific Exploration, Dynegy and Aspect Software.
Awards and Recognitions
Jake has been recognized by The Legal 500 as a recommended bankruptcy and restructuring lawyer and regularly participates on panels sponsored by industry organizations, including Practising Law Institute.
- 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;
- U.S. counsel to the ad hoc committee of senior noteholders of Pacific Exploration and Production in connection with a 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 term loan lenders in connection with the pre-arranged chapter 11 restructuring of American Tire, the largest replacement tire distributor in North America. The company’s plan provided for the restructuring of over $2 billion of debt including the extension and modification of its term loan facility and equitization of its senior subordinated notes;
- An ad hoc group of unsecured debtholders of Concordia Healthcare in connection with a possible restructuring of the company and its affiliates;
- An ad hoc group of first lien noteholders of Egalet Corporation, a specialty pharmaceutical company, in Egalet's pre-arranged chapter 11 cases;
- An ad hoc committee of certain unsecured noteholders of Sequa Corporation, in connection with the company’s out-of-court recapitalization and exchange offer transactions;
- 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;
- An ad hoc committee of certain first lien lenders of Aspect Software, as well as lenders under the company’s postpetition term loan facility, in connection with the company’s restructuring through a pre-arranged chapter 11 case;
- The ad hoc committee of noteholders of Dynegy Holdings in connection with the company’s bankruptcy cases and pre-arranged restructuring of $3.6 billion of unsecured claims;
- 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;
- 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; and
- Citigroup as the secured creditor in the chapter 11 case of Howrey LLP, an AmLaw 100 law firm.
- Cumulus Media Inc., the nation's second largest radio company with 446 stations spread across 90 markets, and certain of its affiliates in its chapter 11 cases;
- Pinnacle Agriculture Holdings, LLC in connection with its out-of-court recapitalization and exchange offer transactions;
- 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; and
- AbitibiBowater (now known as Resolute Forest Products) in its 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.
OTHER REPRESENTATIVE EXPERIENCE
- The equity sponsors of software company Sungard Availability Services in its prepackaged chapter 11 case, approved by the United States Bankruptcy Court for the Southern District of New York less than 24 hours after the company filed for chapter 11 protection, setting the record for the fastest chapter 11 case ever;
- 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; and
- 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.