Sheridan Holding Company II, LLC: Representing Sheridan Holding Company II, LLC, and certain affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. Headquartered in Houston, Texas, Sheridan II is an oil and natural gas investment fund. Sheridan II’s prepackaged restructuring proposes to address over $1.1 billion of funded debt obligations through an equitization or a sale of all, or substantially all, of Sheridan II’s assets. The restructuring has near universal creditor support and leaves general unsecured creditors unimpaired.
American Tire Distributors, Inc.: Representing American Tire Distributors, Inc., one of the largest independent suppliers of replacement tires, in its prearranged Chapter 11 cases. The restructuring of American Tire’s approximately $2.6 billion in funded debt includes a three-year maturity extension and conversion of approximately $1.1 billion of bonds to equity. Existing equity holders are to receive 5% of the new equity, plus warrants for additional equity. The restructuring has the support of a majority of all holders of funded debt and leaves general unsecured creditors unimpaired.
EV Energy Partners, L.P.: Representing EV Energy Partners, L.P., and certain affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court for the District of Delaware. Headquartered in Houston, EVEP is a master limited partnership engaged in acquiring, producing and developing oil and natural gas properties with approximately $640 million in funded debt obligations at the time of filing. Before filing for Chapter 11 to implement its restructuring, the company negotiated a restructuring support agreement with 100 percent of the lenders under its reserve-based revolving credit facility and holders of approximately 70 percent of its unsecured notes, locking in support for a comprehensive restructuring of the company’s balance sheet.
iHeartMedia, Inc.: Representing iHeartMedia, Inc. and certain subsidiaries, one of the world’s leading global multi-platform media, entertainment, and data companies, in their Chapter 11 restructuring. iHeart is the largest radio broadcaster in the United States and specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local and national communities. The Company has consolidated debts of over $20 billion and the Chapter 11 cases, which are the largest of 2018 based on outstanding debt, seek to restructure over $16 billion of that debt. In connection with its restructuring, iHeart has reached an agreement with holders of more than $11 billion of its debt and its financial sponsors, reflecting widespread support across the capital structure, regarding a comprehensive balance sheet restructuring that will reduce iHeartMedia’s debt by more than $10 billion.
Toys“R”Us, Inc.: Represented Toys “R” Us, Inc. and several of its direct and indirect subsidiaries in one of the largest ever retail Chapter 11 filings in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. Following implementation of a strategy to effect a successful wind-down of operations in the United States and going concern sales and/or reorganizations of operations throughout the world, including Asia, led efforts to construct and implement global settlement agreements amongst all stakeholders and five distinct Chapter 11 plans.
21st Century Oncology Holdings, Inc.: Represented 21st Century Oncology Holdings, Inc. and its subsidiaries and affiliates, the largest global provider of integrated cancer care services, in its Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. 21st Century is seeking to effectuate a series of transactions contemplated by a Restructuring Support Agreement supported by over 90% of the Company’s funded debt holders. The transactions contemplated under the Restructuring Support Agreement will reduce the Company’s net debt by more than $500 million. The Company offers a comprehensive range of cancer treatment services, focused on delivering academic quality, cost-effective patient care in personal and convenient settings.
FloWorks International, LLC: Represented FloWorks International, LLC, a specialty industrial distributor of pipe, valves, and fittings and related technical solutions to energy and industrial sectors, in its successful out-of-court recapitalization transaction supported by Clearlake Capital Group LP, TowerBrook Capital Partners LP, the company’s management team, and other stakeholders.
rue21, inc.: Represented rue21, inc. and certain of its affiliates in their Chapter 11 restructuring of over $800 million in funded debt in the United States Bankruptcy Court for the Western District of Pennsylvania. rue21 is a fashion and specialty retailer that sells young adult casual apparel and accessories. rue21 operated approximately 1,200 stores across the 48 continental states upon filing for Chapter 11. rue21 emerged from bankruptcy with a $125 million asset-based revolving credit facility and a $50 million term loan exit facility.
Answers Holdings, Inc.: Representing Answers Holdings, Inc. and certain of its subsidiaries in their prepackaged Chapter 11 cases. Answers is a leading global provider of high quality internet content and cloud-based customer solutions, and operates as three principal business divisions: Multiply; ForeSee; and Webcollage. The Chapter 11 cases delevered the company by $471.4 million representing over 86% of its funded debt obligations. As a result of forging consensus with approximately 90% of its creditors prior to the Chapter 11 cases, Answers’ Chapter 11 plan received unanimous support from its voting creditors and was confirmed in only 32 days.
