ProfessionalsJacob A. Adlerstein
A partner in the Restructuring Department, Jacob Adlerstein 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 Hexion, Cumulus Media, Pinnacle Agriculture Holdings and AbitibiBowater, and recent creditor-side matters include the restructurings of Associated Materials, GNC Holdings, PDVSA, EP Energy, Bellatrix Exploration, Texas Competitive Electric Holdings Company, Pacific Exploration, Dynegy and Aspect Software.
Awards and Recognitions
Jake has been recognized by The Legal 500 and he was named in Lawdragon’s inaugural list of “500 Leading U.S. Bankruptcy & Restructuring Lawyers.” In 2016, Jake’s work in Aspect Software’s chapter 11 case was recognized by The M&A Advisor in their Turnaround Awards as their “Information Technology Deal of the Year (Over $250MM).” He regularly participates on panels sponsored by industry organizations, including Practising Law Institute.
CREDITOR, PRIVATE EQUITY SPONSOR AND ACQUIRER EXPERIENCE
- Members of an ad hoc group of noteholders and preferred stockholders in an out-of-court recapitalization of Associated Materials, a North American manufacturer and distributor of exterior building products with over $800 million of debt. The recapitalization transactions included the exchange of 99% of Associated Materials’ senior secured notes for new common equity, the purchase of $250 million of new first lien notes by the participating noteholders, and the distribution of new common equity to preferred stockholders;
- An ad hoc group of FILO term loan lenders in the prearranged chapter 11 cases of GNC Holdings, a leading global specialty retailer of health and wellness products;
- TPG Partners in the prearranged chapter 11 proceedings of its portfolio company, J.Crew Group, an internationally recognized omni-channel retailer of women's, men's and children's apparel, shoes and accessories. The prenegotiated restructuring support agreement provides for, among other items, the equitization of approximately $1.65 billion of secured debt;
- Apollo Global Management as a secured noteholder and plan sponsor in the chapter 11 cases of Houston-based oil and gas exploration and production company EP Energy;
- The equity sponsors of software company Sungard Availability Services, a provider of IT production and recovery 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;
- 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;
- An ad hoc group of 2020 secured PDVSA noteholders in a potential restructuring of the senior secured notes issued by Petroleos de Venezuela, S.A., an oil and gas company that is wholly owned by the government of Venezuela;
- An ad hoc group of unsecured noteholders of Canadian oil and gas producer Bellatrix Exploration in prearranged restructuring transactions pursuant to a corporate plan of arrangement under the Canada Business Corporations Act;
- 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;
- U.S. counsel to the ad hoc committee of senior noteholders of Pacific Exploration and Production, 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 United States and Colombia;
- An ad hoc group of term loan lenders in the prearranged chapter 11 restructuring of American Tire Distributors, 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 debtholders of Concordia Healthcare, an international specialty pharmaceutical company based in Canada, in the 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 prearranged chapter 11 cases;
- Centerbridge Partners and Oaktree Capital Management in 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;
- An ad hoc committee of certain unsecured noteholders of Sequa Corporation, an industrial company with operations in the aerospace, energy and metal coatings industries, in the company’s out-of-court recapitalization and exchange offer transactions;
- The Medicines Company, a leading biopharmaceutical company, as one of the largest unsecured creditors in the chapter 11 cases of Melinta Therapeutics, a pharmaceutical company focused on antibiotic medicines;
- 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 their prepackaged chapter 11 cases;
- An ad hoc committee of certain first lien lenders of Aspect Software, a global provider of software systems, equipment and corresponding professional services for contact centers that service the needs of customers across a wide range of industries, as well as lenders under Aspect Software’s postpetition term loan facility, in Aspect Software’s restructuring through a prearranged chapter 11 case;
- An ad hoc committee of noteholders of Dynegy, a certified retail electric service provider, in 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;
- 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, a specialty biopharmaceutical company, in the company’s prearranged chapter 11 case; and
- Citigroup as the secured creditor in the chapter 11 case of Howrey LLP, an AmLaw 100 law firm.
- Hexion, the world’s leading producer of thermosetting resins, and a leading producer of adhesive and structural resins and coatings, as special financing and securities counsel in the company’s chapter 11 cases;
- Cumulus Media, 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, an agricultural retail and wholesale distribution business, in its out-of-court recapitalization and exchange offer transactions;
- Samsonite Corporation, a 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, which was confirmed by the Delaware bankruptcy court in approximately two months; and
- 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.