Experience

• Debtor Representations

  • American Seafoods, one of the largest seafood companies in North America and one of the largest harvesters of fish in the world, in the successful out-of-court refinancing and restructuring of nearly $1 billion in aggregate funded debt.
  • CHC Group, one of the largest global commercial helicopter service companies in the world, as aircraft counsel in its Chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Texas, in which CHC successfully restructured more than $2 billion in indebtedness. Debevoise was named joint winner of “Restructuring Deal of the Year (Over $1B to $5B)” at the 12th Annual M&A Advisor Turnaround Awards for this representation.
  • American Airlines and AMR, as special aircraft counsel, in their successful Chapter 11 proceedings involving the restructuring of complex financing arrangements relating to more than 400 aircraft, generating savings in excess of $1.8 billion and to the raising of more than $9 billion of new financing through various capital markets, syndicated lending and other financing transactions. This restructuring was honored by Turnarounds & Workouts as one of a dozen Successful Restructurings – 2013.
  • Oriental Trading Company in its successful pre-arranged Chapter 11 reorganization.
  • Delta Air Lines and Comair, as special aircraft counsel, in their successful Chapter 11 proceedings involving the refinancing of more than 275 aircraft via new debt or lease arrangements, the return or other disposition of more than 140 aircraft, the elimination of four aircraft types from Delta’s fleet and the litigation of substantial aircraft financing claims.
  • Pillowtex Corporation in its court-supervised $121 million "Section 363 sale" of assets while in Chapter 11.
  • Wheeling-Pittsburgh Steel Corporation, one of the few steel companies to reorganize successfully on a stand-alone basis, in its Chapter 11 cases. Litigation work included a successful trial of declaratory judgment claims relating to the interpretation of a Coal Supply Agreement.
  • DecisionOne Corporation in its prepackaged Chapter 11 proceeding.
  • Dyersburg Corporation, a textile manufacturer, in its Chapter 11 liquidation.
  • Forstmann & Company, a textile manufacturer, in its Chapter 11 reorganization.
  • Homeland Stores, a supermarket chain, in its out-of-court restructuring.
  • The Gitano Group, a major apparel company, in its out-of-court restructuring and subsequent Section 363 sale to Fruit of the Loom.

• Creditor Representations

  • Oaktree Capital Management in the Chapter 11 proceedings of Energy Future Holdings and its subsidiaries. With over $49 billion in debt, EFH is the largest leveraged buyout ever to file for bankruptcy. Oaktree was one of the largest creditors in the case, holding over $2.9 billion of first lien debt.
  • Syncora Holdings, as insurer of power revenue bonds issued by PREPA, Puerto Rico’s troubled electric utility, including in connection with PREPA’s forbearance agreement, with more than 60% of the holders of its $8.3 billion of outstanding bonds.
  • GoldenTree Asset Management and various funds under its management in the out-of-court restructuring and corporate reorganization of Source Home Entertainment.
  • Ad hoc committee of bondholders of Energy Future Holdings in its exchange offers and consent solicitations related to the out-of-court restructuring of more than $12 billion in debt.
  • Bondholders of Laidlaw in dual insolvency proceedings in the U.S. and Canada.
  • LG Electronics as the principal creditor of Zenith Electronics in Zenith’s prepackaged Chapter 11 reorganization.
  • XL Capital Assurance in the Chapter 11 reorganization of NRG Energy.

• Distressed M&A

  • Standard General, as a significant creditor and equity holder in the currently pending Chapter 11 case of General Wireless, which is the successor-in-interest to RadioShack. The firm previously represented Standard General, as debtor-in-possession lender and successful stalking horse bidder, in the 2015 Chapter 11 case of RadioShack Corporation in the U.S. Bankruptcy Court for the District of Delaware.
  • Justice Gary S. Stein, as trustee and conservator of the Tropicana Atlantic City, in the Chapter 11 bankruptcy proceeding of Tropicana Entertainment LLC and the sale of the Atlantic City casino.
  • Verizon Communications in the Chapter 11 sale of Genuity.
  • Pegasus Communications Corporation in the Chapter 11 sale of Pegasus Satellite Communications.
  • Grant Forest Products in the sale of assets to Georgia-Pacific for $400 million through simultaneous CCAA proceedings in Canada and Chapter 15 proceedings in the United States.