Jacob E. Black

Vertex Energy, Inc. — Representation of Vertex Energy, Inc. (VTNR) and 23 of its subsidiaries (“Vertex”) in their prearranged Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of Texas. Vertex is a leading energy transition company and marketer of high-quality refined products. Vertex filed for Chapter 11 with a restructuring support agreement (“RSA”) that is supported by 100% of the company’s term loan lenders. The RSA and related Chapter 11 plan provide for a recapitalization of the business through a debt-for-equity exchange or a sale of all or substantially all of the debtors’ assets. Vertex commenced its Chapter 11 cases with a $280 million debtor-in-possession financing facility and a commitment from the Company’s intermediation counterparty to continue performing under Vertex’s critical intermediation facility.

Digital Media Solutions, Inc. — Representation of Digital Media Solutions, Inc. and 36 of its affiliates in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Digital Media Solutions is a leading technology-enabled advertising company that leverages its advanced technology and proprietary customer data to connect its customers efficiently and effectively with their target consumers. Digital Medial Solutions filed the Chapter 11 cases with the support of its prepetition lenders through the funding of an approximately $122 million debtor-in-possession financing facility consisting of $30 million in new money and approximately $92 million in a “roll-up” of prepetition debt. The prepetition lenders serving as the DIP lenders also entered into a stalking horse agreement with Digital Media Solutions for a $95 million credit bid, subject to higher or otherwise better bids.

McDermott International, Ltd. — Representation of three subsidiaries of McDermott International, Ltd in their multinational cross-border restructuring. The first-of-its-kind restructuring involved three jurisdictions, England (UK Restructuring Plan), the Netherlands (Dutch WHOA), and the U.S. (Chapter 15 recognition proceedings), and resulted in the amendment and extension of $2.6 billion of secured debt and the equitization of over $1 billion in litigation claims.

WeWork, Inc. — Representation of WeWork, Inc. and its debtor affiliates — the leading global flexible space provider — in their Chapter 11 cases in the United States Bankruptcy Court for the District of New Jersey. With approximately $17 billion in funded debt and lease obligations at the time of filing and posing complex, novel issues of international, regulatory and foreign law, WeWork, with over 500 entities, is one of the largest jointly administered Chapter 11 cases in history. Through its Chapter 11 cases, WeWork was able to equitize all $4.3 billion of its funded indebtedness, right size its lease portfolio and reduce future obligations by $11 billion as the result of a pioneering strategy for rent negotiations, facilitate a global settlement with numerous stakeholders and navigate complex cross-border issues.

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.

Whittaker, Clark & Daniels, Inc. — Representation of Whittaker, Clark & Daniels, Inc. and its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Whittaker was a leading producer of talc and other industrial compounds. Whittaker filed its Chapter 11 cases with the goal of equitably and efficiently resolve all valid current and future tort claims asserted against Whittaker and its debtor affiliates.

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.

Cineworld Group plc — Representation of Cineworld Group plc and 104 of its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Publicly traded on the London Stock Exchange, Cineworld, the parent company of Regal Entertainment Group, is the second-largest cinema chain in the world, operating over 9,100 screens at nearly 750 cinemas in 10 countries worldwide. Cineworld commenced its Chapter 11 cases with approximately $5.1 billion in funded debt and commitments from an ad hoc group of prepetition lenders to provide nearly $2 billion in debtor-in-possession financing.

Aearo Technologies LLC — Representation of Aearo Technologies LLC and its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Indiana. Aearo Technologies is a market leader in the energy control space, providing custom noise, vibration, thermal, and shock protection solutions to the aerospace, commercial vehicle, heavy equipment, and electronics industries. Aearo Technologies and its non-Debtor parent 3M are defendants in the largest multi-district litigation in history, with over 230,000 personal injury claims filed related to certain historical Aearo products.

Talen Energy Supply, LLC — Representation of an ad hoc group of unsecured noteholders (the “Ad Hoc Group”) in the Chapter 11 cases of Talen Energy Supply, LLC and its affiliated debtors (“Talen”) in the United States Bankruptcy Court for the Southern District of Texas. Talen is one of the largest competitive power generation companies in North America, with a generation portfolio consisting of 18 facilities that are collectively capable of producing approximately 13,000 megawatts of power. Talen filed for Chapter 11 relief on May 9 to restructure its approximately $4.5 billion of funded debt obligations by way of a new money capitalization generated by an up to $1.65 billion new money capitalization generated by an equity rights offering backstopped by the Ad Hoc Group. 

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.

Seadrill New Finance Limited — Representation of Seadrill New Finance Limited and 11 of its affiliates (together, the “NSNCo Group”), the fourth group of Seadrill Limited entities to undergo a restructuring, in their one-day prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. The NSNCo Group utilized Chapter 11 to implement an amend-and-extend of approximately $622 million in senior secured notes and transfer majority ownership of NSNCo from the wider Seadrill Limited group to Seadrill’s secured noteholders. The NSNCo Group’s reorganization plan was confirmed within one day of the filing of the Chapter 11 cases.