Restructuring

Experience

  • Debtor Representations

    • 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 winners of “Restructuring Deal of the Year (Over $1B to $5B)” at the 12th Annual M&A Advisor Turnaround Awards for this representation.
    • David’s Bridal in its successful pre-packaged Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware, under which David’s Bridal cut its debt by more than $400 million while preserving its business intact and ensuring that 80,000 pending customer orders and all trade claims would be satisfied without interruption.
    • La Paloma Generating Company, a California-based power producer, in its $524 million Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
    • Georgia-Pacific and Koch Industries in the Chapter 11 proceedings of Georgia-Pacific affiliate Bestwall in the U.S. Bankruptcy Court for the Western District of North Carolina.
    • Altegrity, a global, diversified risk and information services company, together with its operating businesses Kroll, HireRight and USIS, in their pre-negotiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware, in which they successfully restructured more than $1.8 billion in funded indebtedness.
    • TPG Capital, as private equity sponsor, with respect to strategic alternatives for its investment in Isola, later terminated, including a pending out-of-court restructuring.
    • Kelso & Company, the private equity sponsor of Logan’s Roadhouse, in Logan’s pre-arranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Debevoise also represented Kelso and Logan’s in a privately negotiated exchange offer to holders of Logan’s senior secured notes resulting in the issuance of over $220 million in new senior secured notes.
    • Big Apple Circus, as pro bono client, with its Chapter 11 filing, which also included advising in the sale of the circus’ trademarks and other assets to an affiliate of merchant bank Compass Partners in time for the relaunch of the circus and many of its community programs in New York.
    • Larchmont Resources, a vehicle for investments by a global energy and infrastructure focused private equity fund in its more than $500 million out-of-court restructuring.
    • Getty Images in multiple capital-raising initiatives to complement its existing debt structure and in exploring related balance sheet alternatives with respect to its approximately $2.3 billion in funded debt.
    • Ambac Assurance Corporation, a Wisconsin domiciled insurance company, in a holistic restructuring transaction that involved three exchange offers of existing debt securities and other payment obligations for approximately $2.2 billion of newly-issued debt securities, as well as a new-money financing collateralized by the future proceeds of certain litigation claims against RMBS originators.
    • Syniverse, a portfolio company of The Carlyle Group, in exploring balance sheet alternatives and closing a successful exchange offer with respect to approximately $367 million of Syniverse’s outstanding senior notes.
    • Boomerang Tube LLC in its pre-arranged Chapter 11 proceedings and successful restructuring of approximately $300 million of ABL and term loan debt obligations.
    • OSX Leasing, a member of the EBX family of companies, in the multinational cross-border restructuring of more than $2 billion of funded debt.
    • Ernst & Young as joint administrators of Nortel Networks (UK) and various other Nortel EMEA companies in all litigious aspects of the worldwide Nortel insolvency, including claims against the Canadian and U.S. Nortel entities in respect of the ownership of $7.5 billion business sale and proceeds. Debevoise was named joint winners of Litigation Team of the Year at the Transatlantic Legal Awards in recognition of its work on the matter.
    • The Special Committee of the Board of Directors of Essar Steel Algoma in connection with the company’s CCAA proceedings in Canada.
    • 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.”
    • 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.
    • Culligan and its private equity sponsor in a successful out-of-court change-of-control transaction that restructured more than $600 million in funded debt in advance of approaching maturities, with a substantial new-money equity investment by the acquiror and a return of equity to the pre-restructuring sponsor.
    • 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 of substantially all of its assets to Fruit of the Loom
    • Solutia and its affiliates in their successful New York-based Chapter 11 restructuring of more than $3 billion of funded debt and other obligations.
    • Tecumseh Products Company, a leading manufacturer of engines, compressors and related products, in a series of restructuring and sales transactions that resolved more than $100 million of debt obligations through an in-court restructuring in Brazil and a parallel out-of-court restructuring in the United States.
    • Globo in the restructuring of in excess of $1.3 billion of international bond and international and Brazilian bank debt.
    • Pegasus Communications Corporation in the Chapter 11 sale of Pegasus Satellite Communications.
  • Creditor Representations

    • Gramercy Funds Management, as debtor-in-possession lender and one of the largest shareholders and creditors of Banro Corporation, a Canadian mining company with operations in the Democratic Republic of Congo, which successfully restructured under CCAA proceedings in Canada.
    • The D. E. Shaw Group and Madison Dearborn Partners, as holders of exchangeable notes and other claims against SunEdison, in a complex transaction related to the $2.4 billion sale of wind farm operator First Wind, and D. E. Shaw as a member of the official committee of unsecured creditors in SunEdison’s Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.
    • Syncora Holdings, as insurer of power revenue bonds issued by PREPA, Puerto Rico’s troubled electric utility, in connection with the highly-publicized and complex restructuring negotiations relating to PREPA’s $8.3 billion of funded debt.
    • EIG Global Energy Partners, as sponsor, equity provider and DIP lender in the Chapter 11 proceedings of midstream O&G company Southcross Holding LP, in the U.S. Bankruptcy Court for the Southern District of Texas that reduced over $610 million of funded debt by nearly 80% and provided $170 million of new money investments to ensure the long-term viability of the debtors’ enterprise, including their publicly traded master-limited partnership left outside of the filing.
    • Berkshire Hathaway as secondary insurer under special revenue water and sewer bond obligations of the City of Detroit totaling $800 million, in Detroit's Chapter 9 bankruptcy case in the U.S. Bankruptcy Court for the Eastern District of Michigan.
    • 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.
    • Syncora Holdings, as insurer of power revenue bonds issued by PREPA, Puerto Rico’s troubled electric utility, and the Commonwealth of Puerto Rico, in the ongoing highly-publicized and complex restructuring negotiations relating to PREPA’s and the Commonwealth’s extensive funded debt.
    • ACP Re, AmTrust Financial Services, National General Holdings, Tower Group Insurance and others in defending claims by holders of trust preferred securities relating to ACP Re’s acquisition of Tower Group Insurance and related transactions.
    • The U.S. Department of Energy as senior secured lender in its $529 million loan awarded to green car manufacturer Fisker Automotive under the DOE’s Advanced Technology Vehicles Manufacturing Loan Program.
    • HarbourVest Partners, the largest co-investor in portfolio funds managed by Arcapita Bank B.S.C. and certain subsidiaries, in Arcapita’s complex cross-border insolvency cases in New York and the Cayman Islands. HarbourVest ultimately reached a consensual resolution related to the parties’ complex contractual co-investment arrangements and the appropriate Chapter 11 treatment and post-confirmation structure of the investment assets.
    • Syncora Guarantee in the complex restructuring of financial guaranty policies related to approximately $500 million of Jefferson County, Alabama, Sewer Revenue Refunding Warrants.
    • Oaktree Capital Management, as mezzanine lender, in the out-of-court restructuring of over $200 million of debt of Provo Craft & Novelty.
    • Trustees of the 1983 Sea Containers Pension Scheme, the largest creditor of Sea Containers Limited in its Chapter 11 restructuring involving ground-breaking cross-border pension issues.
    • 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 US and Canada.
    • XL Capital Assurance in the Chapter 11 reorganization of NRG Energy.
    • Ad hoc committee of bank lenders in the successful restructuring of Momentive Performance Materials.
    • Verizon in its investment in Genuity Inc. in the sale of Genuity in a Chapter 11 proceeding.
    • Noteholders holding more than $400 million in leveraged-lease claims related to the project financing of the Bear Swamp Pumped Storage Hydroelectric Generating Facility in Massachusetts in the Chapter 11 restructuring of USGen New England and related successful litigation.
    • Verizon Communications in its pre-closing IP restructuring, IP licensing arrangements and certain technology matters in connection with the $10.54 billion sale of its local wireline operations in California, Florida and Texas to Frontier Communications.
  • Distressed Investing Transactions

    • Standard General, as debtor-in-possession lender and successful stalking horse bidder, in the Chapter 11 case of RadioShack Corporation in the U.S. Bankruptcy Court for the District of Delaware.
    • Standard General in its highly publicized distressed investment in clothing manufacturer and distributor American Apparel. Debevoise also represented Standard General in American Apparel’s pre-arranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, and in its subsequent case filed in 2017.
    • Petroleum Equity in its $133 million acquisition, through its investment vehicle Alpha Petroleum, of ATP Oil & Gas (UK) in the U.S. Chapter 11 cases of ATP's U.S. parent and the follow-on successful CVA proceedings of ATP UK.
    • Grant Forest Products the sale of assets to Georgia-Pacific for $400 million through simultaneous CCAA proceedings in Canada and Chapter 15 proceedings in the US.
    • Crown Resorts, one of Australia’s largest gaming and resort operators, and Elan Holdings in the distressed acquisition of a controlling interest in a 34.6-acre site formerly occupied by the New Frontier casino on Las Vegas Boulevard.
    • Beijing Galloping Horse Film and Galloping Horse America in their acquisition of the visual effects and other assets of Digital Domain Productions in a Section 363 sale under the U.S. Bankruptcy Code.
    • Galderma as the stalking horse in a Section 363 sale by Graceway Pharmaceuticals.
    • A group of investors, including Oaktree Capital Management and Avenue Capital, in the acquisition of the assets of the Sea Island Resort through its Chapter 11 case.
    • Najafi Companies in its $435 million bid to acquire the assets of Borders Group in a Section 363 sale.
    • Oaktree Capital Management, with TPG Capital and JH Investments, in their $955 million acquisition of the North American businesses of Taylor Wimpey.
    • Oaktree Capital Management in its investment in LNR Property Corp. in connection with the comprehensive recapitalization of LNR involving the restructuring of more than $1.3 billion of debt.
    • Bondholders of NRG Energy in an acquisition by Exelon Corporation.
    • 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.
    • Oaktree Capital Management and Franklin Mutual in their distressed investment in Eurotunnel debt and their participation in the resulting £6.45 billion restructuring of Eurotunnel’s obligations.