Most Successful Restructurings of 2013
In Turnarounds & Workouts’annual report on the bankruptcy industry, Kirkland was debtor counsel for five of the 12 most successful restructurings of 2013.
Partners Richard Cieri, Ray Schrock, Noah Ornstein, Jeff Powell, Dan Donovan, Mark McKane, Judson Brown, Greg Skidmore, Leonard Klingbaum, Todd Maynes and Thad Davis were listed as counsel to Ally Financial Inc. in the bankruptcy of its indirect subsidiary, Residential Capital (ResCap). Turnarounds & Workouts recognized Ally for providing “unprecedented support” to the debtors, which allowed ResCap “to become the first mortgage servicing company to continue as a going concern in bankruptcy.”
Partners Patrick Nash, Joshua Sussberg and Jeffrey Pawlitz were listed as counsel to AMF Bowling Worldwide, Inc., which exited bankruptcy through a merger with Bowlmor Lanes. The transaction “provided for a full payment of prepetition first lien obligations and bridged an impasse with the official committee of unsecured creditors.”
Partners Paul Basta, Joshua Sussberg and Christopher Greco were listed as lead counsel to Conexant Systems, Inc., which exited bankruptcy within 100 days of entering Chapter 11. The restructuring “deleveraged the company’s balance sheet by more than $100 million and provided the working capital to emerge from Chapter 11 as a competitive business.”
Partners James Sprayregen, Paul Basta, Patrick Nash and Ross Kwasteniet were listed as debtor’s counsel to Hawker Beechcraft. The case was recognized as a “comprehensive restructuring” that “eliminated $2.6 billion in debt and hundreds of millions of dollars in pension underfunding, streamlined the company’s business operation, maximized value for each of the company’s creditor constituencies, and provided ongoing employment for 5,100 employees.”
Partners Marc Kieselstein and Christopher Greco were listed as lead counsel to Revel AC, Inc., which deleveraged its balance sheet by more than 82 percent and exited bankruptcy in less than 60 days as a result of a “fast-paced prepackaged reorganization plan” that resulted in the full payment of all general unsecured claims.
