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ProfessionalsJeffrey D. Saferstein

Jeffrey D. Saferstein
Partner

Tel: +1-212-373-3347
Fax: +1-212-492-0347
jsaferstein@paulweiss.com

+1-212-373-3347
New York

1285 Avenue of the Americas
New York, NY 10019-6064
Fax: +1-212-492-0347

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The Paul, Weiss Bankruptcy & Corporate Reorganization Department serves as a critical advisor in almost every major, complex restructuring matter, helping companies, creditors and investors facing rapid market transformation respond to business challenges with comprehensive and innovative strategies. Diversity of matters and clients, senior-level attention and seamless delivery of multidisciplinary services distinguish the practice.

A partner in Paul, Weiss’s Bankruptcy and Corporate Reorganization Department, Jeff Saferstein practices exclusively in the areas of corporate restructurings and workouts, bankruptcy and specialized financings. Jeff has advised creditors, postpetition lenders and equity holders in a number of high-profile matters, including in the restructurings of Caesars, Westinghouse Electric, Mood Media and Charming Charlie. He also has broad experience advising companies in in- and out-of-court restructurings across a wide variety of industries, including Verso Corporation, Houghton Mifflin Harcourt Publishing Company, School Specialty, Buffets Restaurants Holdings, Pinnacle Agriculture Holdings, Samsonite Corporation and Time Warner Cable.

Awards and Recognitions

Jeff has been named in Chambers USA, The Legal 500, The Best Lawyers in America, IFLR1000 and Lawdragon as a leading practitioner in the bankruptcy field. Clients hail Jeff as the “quintessential deal lawyer,” noting his “extraordinary commerciality” and “levelheaded, smart and practical” approach to cases. He has written and lectured on numerous bankruptcy topics, including chapters in Settlement Agreements in Commercial Disputes (“Bankruptcy Law and Risk Considerations”) and The Law and Practice of Restructuring in the UK and US (“Venue and Forum Selection in the US and UK”). He has also co-written numerous articles, including “Get Your Priorities Straight” (International Financial Law Review), “When Second Lien Lenders Break Their Silence” (New York Law Journal) and “Equitable Subordination: Good-Faith Transferees Beware” (American Bankruptcy Institute Journal). Jeff has also spoken on panels and participated in conferences sponsored by a variety of organizations including the Association of Insolvency & Restructuring Advisors, Bloomberg, the Wharton School and the New York City Bar Association.

CREDITOR, EQUITY AND ACQUIRER EXPERIENCE

  • Caesars Entertainment Corporation (“CEC”) in connection with the chapter 11 cases of its subsidiary, Caesars Entertainment Operating Company, Inc. (“CEOC”), and certain of CEOC’s wholly owned subsidiaries involving approximately $18 billion of secured and unsecured debt. We also represented CEC in connection with certain litigation and corporate matters relating to CEOC;
  • Certain funds managed by affiliates of Apollo Global Management, LLC in connection with the ongoing restructuring of Claire's Inc., one of the world's leading specialty retailers of fashionable jewelry and accessories for girls, teens, and young women, and certain of its affiliates, including in its chapter 11 cases;
  • Apollo Capital Management, L.P., on behalf of certain funds and accounts it manages, in providing postpetition financing to Westinghouse Electric Company and certain of its subsidiaries and affiliates;
  • U.S. counsel to certain noteholders holding a majority of notes issued by Mood Media Corporation, a leading global provider of in-store media and marketing services with $650 million in funded debt obligations, in connection with a comprehensive debt and equity restructuring through proceedings in Canada and the United States;
  • An ad hoc group of prepetition term loan and postpetition lenders of Charming Charlie Holdings Inc., a leading specialty retailer focused on colorful fashion jewelry, handbags, apparel, gifts, and beauty products, in connection with the company’s prearranged chapter 11 cases; and 
  • Time Warner Cable in connection with its $17.6 billion acquisition, together with Comcast Corporation, of chapter 11 debtor Adelphia Communications Corporation. We also assisted with related transactions redeeming Comcast’s 21% stake in Time Warner Cable and swapping cable systems serving more than two million customers. 

COMPANY EXPERIENCE

CHAPTER 11 CASES

  • Hexion Inc., 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.  The company’s plan provides for the restructuring of over $3.8 billion of debt, with the proceeds of $1.6 billion in new long-term debt and a $300 million rights offering for new equity, in each case, backstopped by certain of the company’s existing noteholders;
  • Verso Corporation and its affiliates, a large North American producer of printing and specialty papers and pulps, as special counsel in connection with financing matters in their chapter 11 cases;
  • School Specialty, Inc. one of the largest suppliers of supplemental educational products, equipment and standard based curriculum, in all aspects of its chapter 11 case;
  • Houghton Mifflin Harcourt Publishing Company, a leading textbook publisher, in the negotiation, filing and consummation of a prepackaged chapter 11 reorganization plan that eliminated approximately $3.1 billion in debt and $250 million in annual interest costs. The company emerged from chapter 11 in a mere 32 days;
  • Buffets Restaurant Holdings, Inc. and its subsidiaries and affiliates, one of the largest national chains in the restaurant industry family dining segment, in negotiating and consummating their pre-arranged chapter 11 cases that resulted in the restructuring of $250 million of secured and unsecured debt;
  • AbitibiBowater Inc. (now Resolute Forest Products) and its subsidiaries and affiliates, North America’s largest forest products company, 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;
  • Samsonite Company Stores in its successful prepackaged chapter 11 case, which was confirmed by the Delaware bankruptcy court in approximately two months;
  • Loehmann’s in connection with its chapter 11 case; and
  • The Penn Traffic Company in connection with its chapter 11 case.

OUT-OF-COURT RESTRUCTURINGS

  • Pinnacle Agriculture Holdings, LLC, an agricultural retail and wholesale distribution business serving growers across 29 states, 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;
  • Alpha Media Group, publisher of Maxim Magazine, in connection with its out-of-court restructuring;
  • Thomas Nelson, Inc., the world’s largest publisher of Christian content, in its out-of-court restructuring; and
  • Atkins Nutritionals, Inc, manufacturer and distributor of weight management nutrition products in the U.S. and internationally, in its out-of-court restructuring.

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