Nick Argentieri

Apex Tool Group, LLC ― Representation of Apex Tool Group, LLC, one of the largest global manufacturers of hand tools and power tools, in a liability management transaction that significantly reduced the company’s total debt, decreased its go-forward interests costs, and provided for additional liquidity and financial flexibility. The transactions included a $125 million new money investment into a super senior debt tranche and an uptier exchange of 92% of the company’s first lien term loans and 93% of the company’s second lien term loans into a combination of second-out and third-out super senior debt tranches that captured $191 million in debt discount.

Rite Aid Corporation ― Representation of Rite Aid Corporation (“Rite Aid”) and 119 of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. As one of the largest pharmacy chains in the United States, Rite Aid employs over 45,000 people, including 6,100 pharmacists in 2,100 retail pharmacy locations across 17 states. Through Elixir, its pharmacy benefit management business, Rite Aid manages pharmacy benefits for more than one million members through accredited specialty and mail-order pharmacies. Following months of negotiations, Rite Aid entered Chapter 11 with access to approximately $3.45 billion in committed post-petition DIP financing provided by its existing bank lenders and an agreement in principle with a majority of its secured bondholders on the terms of a comprehensive restructuring to delever its $4 billion debt load and right-size its operational footprint.

Learfield Communications, LLC ―⁠ Representation of Learfield Communications, LLC and its affiliates, a leading media and technology company in the college sports market, in a nearly $1 billion out-of-court restructuring with unanimous support from Learfield’s existing lenders and equity sponsors. The transactions substantially delevered Learfield’s balance sheet and provided access to significant new money equity investments, strengthening Learfield’s financial and liquidity positions.

Wahoo Fitness ― Representation of Wahoo Fitness, a global leader in smart fitness and training for endurance athletes and fitness enthusiasts, in an out-of-court recapitalization that provided significant liquidity and fully eliminated all of Wahoo's existing debt.

Envision Healthcare Corp. ― Representation of Envision Healthcare Corp. and 216 of its affiliates in the commencement of pre-arranged Chapter 11 cases. Envision is a leading national medical group that employs or partners with more than 21,000 clinicians and provides care to patients across the U.S., with nearly 30 million patient visits each year. The debtors confirmed two Chapter 11 plans of reorganization (on account of its two credit silos) that resulted in a deleveraging of more than $7 billion, more than $2 billion in exit financing, and laid the groundwork for the operational separation of the debtors’ physician services and ambulatory surgery center business lines, all on a substantially consensual basis.

Nielsen & Bainbridge, LLC ― Representation of Nielsen & Bainbridge, LLC (d/b/a NBG Home) and 13 of its affiliates in their prearranged Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of Texas. NBG Home is a trusted wholesale supplier of home décor and other home goods to prominent brick-and-mortar and online retailers such as Walmart, Target, and Amazon. NBG Home filed for Chapter 11 with a restructuring support agreement in place, supported by the majority of its secured creditors, that contemplates a $60 million DIP facility and an exchange of 100% of the equity of the reorganized company, subject to higher and better proposals. The proposed restructuring will preserve over 700 jobs and address nearly $400 million of secured debt.

Altera Infrastructure L.P. ― Representation of Altera Infrastructure L.P. and certain of its affiliates (“Altera”), a leading international midstream services provider to the oil and gas industry, in pre-arranged Chapter 11 cases filed in the Bankruptcy Court for the Southern District of Texas. Operating a fleet of 41 vessels, Altera supplies critical infrastructure assets to its customers primarily in offshore regions of the North Sea, Brazil, and the East Coast of Canada. Altera filed for Chapter 11 with a restructuring support agreement (“RSA”) that is widely supported by Altera’s equity sponsor, Brookfield, and a super-majority of its bank lenders. The RSA contemplates, among other things, addressing more than $1 billion of secured and unsecured holding company debt, $400 million of preferred equity, and $550 million of secured asset-level bank debt, and a comprehensive reprofiling of Altera’s bank loan facilities to better align cash flow with debt service obligations.

Service King Paint & Body LLC ― Representation of Service King Paint & Body LLC, the third largest operator of auto body collision repair facilities in the U.S. (operating over 300 facilities across 24 states and Washington D.C.), and certain of its affiliates in an out-of-court restructuring transaction involving the raise of $200 million in new capital, reduction of $500 million in net indebtedness, and extension of remaining existing funded debt maturities. The transaction was supported by substantially all of Service King’s funded debtholders in addition to the company’s equity sponsors.

Premiere Global Services, Inc. ― Representation of Premiere Global Services, Inc. and its affiliates and subsidiaries in connection with an out-of-court restructuring by which PGi’s first lien lenders consensually foreclosed upon and sold the equity of Premiere Global Services, Inc. to a third-party buyer. The transaction resulted in mutual releases between the Company’s’ first lien lenders and the Company and related parties and an incremental financing commitment from the Company’s first lien lenders. 

Bouchard Transportation Co., Inc. ― Representation of Bouchard Transportation Co., Inc. and certain of its subsidiaries (“BTC”) in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Prior to the bankruptcy filing, BTC was one of the nation’s largest independently owned ocean-going petroleum barge companies operating within the Jones Act market, possessing a fleet of 24 barges and 25 tugs that provided oil and petroleum product transportation services. During their Chapter 11 cases, BTC obtained over $100 million of new capital through a series of court-approved transactions and consummated two simultaneous value-maximizing sale transactions for substantially all of their assets that allowed their state of the art fleet to continue operating in the Jones Act market.

Seadrill Limited (Second Restructuring) ― Representation of Seadrill Limited and certain of its direct and indirect subsidiaries in their multi-jurisdictional restructuring of approximately $6.1 billion of funded debt. Seadrill is a leading global provider of offshore contract drilling services and employs nearly 3,100 individuals across 15 countries and five continents. Seadrill's Chapter 11 cases, one of the largest filings of 2021, equitized approximately $4.9 billion of secured debt across twelve silos and facilitated a capital investment of $350 million, enabling Seadrill to continue to operate its modern fleet of drilling units.