Olivia Acuña

Restructuring

• Astound Broadband, LLC — Representation of Stonepeak and its portfolio company Astound Broadband, LCC, a leading internet, Wi-Fi, mobile, TV and fiber-optic solutions provider, in a comprehensive liability management and refinancing transaction that captured over $150 million in debt discount and refinanced or exchanged more than $5.5 billion of outstanding debt. Through the transaction, Astound obtained approximately $400 million of new liquidity, allowing it to capitalize on operational initiatives to drive growth. The refinancing transaction included a new first-lien first-out term loan facility and senior secured notes, new first lien second-out senior secured notes, and capacity for future super-priority and third-out and fourth-out senior secured debt, while also extending maturities by several years.
• Renesas Electronics Corporation — Representation of Renesas Electronics Corporation and its affiliate, the largest creditor of Wolfspeed, Inc. (NYSE: WOLF) and its affiliated debtor (Wolfspeed) in Wolfspeed’s prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Renesas is a Tokyo-based global leader in advanced semiconductor solutions, and designs and manufactures a wide range of products, including microcontrollers, microprocessors, analog and power devices, and system-on-chips. Prior to the Chapter 11 filing, Renesas entered into a restructuring support agreement with Wolfspeed and its key lenders for the exchange of, among other things, Renesas’ existing unsecured loan for takeback notes and a significant amount of equity in reorganized Wolfspeed.
• JOANN Inc. — Representation of JOANN Inc. and certain of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. JOANN is a leading national retailer in sewing, fabrics, and arts and crafts headquartered in Hudson, Ohio with approximately 800 stores across the United States. Prior to commencing its Chapter 11 cases, JOANN had approximately $615.7 million in funded debt, across a term loan and asset-based lending facility. JOANN commenced its Chapter 11 cases with the goal of facilitating a marketing and sale process for its assets to maximize value and creditor recoveries.
• Hoonigan — Representation of Hoonigan and 26 of its affiliates (collectively, “Hoonigan”) in their prepackaged cases filed in the United States Bankruptcy Court for the District of Delaware. Hoonigan is a global designer and supplier of premium aftermarket automotive products, reaching millions of customers through a broad network of distributors, e-commerce platforms, and digital content. Hoonigan commenced its prepackaged cases with a consensual deal with a majority of its debtholders and sponsor that contemplates eliminating approximately $1.2 billion of its $1.7 billion prepetition funded debt and leaving general unsecured claims unimpaired.
• Invitae Corporation — Representation of Invitae Corporation and certain of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Invitae is headquartered in San Francisco, California and is a leader in the genetic testing field. Prior to commencing Chapter 11, Invitae secured support to implement a go-forward sale process by signing a transaction support agreement with a significant majority of its secured noteholders. Invitae is a publicly traded company and listed approximately $1.5 billion in funded debt obligations as of the petition date.
• Yellow Corporation — Representation of Yellow Corporation and certain of its subsidiaries (“Yellow”) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. With its family of brands, including YRC, Reddaway, Holland, and Yellow Logistics, Yellow was a storied trucking and logistics company with a 100-year history and one of the largest less-than-truckload networks in North America. Yellow entered Chapter 11 with approximately $1.2 billion in prepetition funded debt. Yellow secured a $1.525 billion stalking horse bidder for its owned real estate assets and, through its Chapter 11 cases, will conduct a marketing and sale process for some or all of its real estate and rolling stock assets, followed by an orderly liquidation of any remaining assets.
• Avaya Holdings Corp. — Representation of Avaya Holdings Corp. and its affiliates in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Avaya Holdings Corp., (“Avaya”) is a global leader in solutions to enhance and simplify communications and collaboration. With overwhelming consensus from Avaya’s secured lenders and the support of its other key stakeholders, Avaya confirmed its prepackaged plan of reorganization just over a month after it commenced its Chapter 11 cases. The confirmed prepackaged plan reduced Avaya’s total debt by more than 75%, from approximately $3.4 billion to approximately $810 million, substantially increased Avaya’s liquidity position to approximately $650 million, decreased its net leverage to less than 1x, and provided substantial financial flexibility to accelerate Avaya’s investment in its innovative cloud-based communications portfolio. Avaya emerged from Chapter 11 protection as a privately held company approximately five weeks after the bankruptcy court confirmed Avaya’s prepackaged plan.
• Bed Bath & Beyond, Inc. — Representation of Bed Bath & Beyond, Inc. and 73 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Bed Bath & Beyond, then the largest home goods retailer in the United States, offered everything from bed linens to cookware to home organization, baby care and more. Through its Chapter 11 case, Bed Bath & Beyond conducted a value maximizing sale transaction for substantially all of its intellectual property assets and an orderly wind down of its business pursuant to a consensual Chapter 11 plan. 
• Voyager Digital Holdings, Inc. — Representation of Voyager Digital Holdings, Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. Voyager Digital is one of the largest cryptocurrency platforms in the world, allowing customers to buy, sell, trade, and store more than 100 cryptocurrencies and supporting over $1.3 billion in aggregate cryptocurrency holdings on the platform. Voyager’s Chapter 11 cases mark one of the first restructurings of a major cryptocurrency company. 
• HONX, Inc. — Representation of HONX, Inc., a wholly owned subsidiary of Hess Corporation, in its successful Chapter 11 case filed in the United States Bankruptcy Court for the Southern District of Texas. HONX and its corporate predecessors had for decades been subject to thousands of asbestos-related personal injury claims in connection with HONX’s former ownership and operation of an oil refinery on St. Croix, in the U.S. Virgin Islands. HONX filed its Chapter 11 bankruptcy case in April 2022 with the goal of fully and finally resolving all asbestos-related personal injury claims that were or could be asserted against HONX and Hess in one forum, using section 524(g) of the Bankruptcy Code. HONX confirmed its plan utilizing a section 524(g) channeling injunction in less than two years at a confirmation hearing jointly presided over by Judge Alfred H. Bennett of the U.S. District Court for the Southern District of Texas and Judge Marvin P. Isgur of the U.S. Bankruptcy Court for the Southern District of Texas. Pursuant to the plan, HONX established a settlement trust, funded with up to $190 million from Hess, to satisfy all valid current and future asbestos claims, which resulted in prompt and fair compensation for claimants and finality from current and potential future asbestos tort litigation for HONX and Hess.
• Nordic Aviation Capital Designated Activity Company — Representation of Nordic Aviation Capital Designated Activity Company and its subsidiaries in connection with their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Eastern District of Virginia. NAC, an Irish company, is the largest regional aircraft lessor in the world with more than 475 aircraft. With over $7.7 billion of liabilities, NAC was the largest Chapter 11 filing in 2021.
• Ascena Retail Group, Inc. — Representation of Ascena Retail Group, Inc. and its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court of the Eastern District of Virginia. At the time of its filing, Ascena was a leading specialty retailer for women and girls fora collective of seven brands, including Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Cacique, Catherines, and Justice, and over 2,800 stores, approximately 37,000 employees, and $1.6 billion in funded debt. Ascena entered Chapter 11 with a restructuring support agreement designed to preserve its going concern business and allowed it to engage in a marketing process that resulted in a sale of Catherines’ assets for $40.8 million, Justice assets for $71 million, and the Lane Bryant and Premium Brands’ assets, including Ann Taylor, LOFT, and Lou & Grey, for $540 million. Ascena ultimately confirmed its Chapter 11 plan with the support of its term lenders and general unsecured creditors.
• Valaris plc — Representation of Valaris plc and 89 of its subsidiaries in their prearranged Chapter 11 cases. Valaris, which is incorporated in the United Kingdom, is the world’s largest offshore driller by fleet size, owning 67 drilling rigs and operating in every major offshore hydrocarbon basin throughout the globe. Valaris filed Chapter 11 with a restructuring support agreement and backstop commitment agreement to fully equitize all $7.1 billion of its prepetition funded debt, consisting of an unsecured revolving credit facility and 15 series of unsecured notes. The noteholders supporting the restructuring also have committed to a fully backstopped rights offering for $500 million of new secured notes upon emergence from Chapter 11 as well as to provide a $500 million DIP financing facility.

Mergers & Acquisitions

• Blackstone on a combined $800 million investment in the combination of APi Group Corporation and Chubb Fire & Security Business.

Investment Funds

• L Catterton in the formation of its ninth flagship fund, the $4.6 billion L Catterton IX.