Covia Holdings Corporation ― Representing Covia Holdings Corporation and certain of its affiliates in connection with Covia’s prearranged Chapter 11 bankruptcy cases pending in the U.S. Bankruptcy Court for the Southern District of Texas. Covia provides diversified mineral-based and material solutions for global energy and industrial markets. As of its Chapter 11 filing, Covia’s funded debt totaled approximately $1.6 billion, including approximately $1.56 billion in secured term loan indebtedness. Prior to filing for Chapter 11 protection, Covia entered into a restructuring support agreement (RSA) with an ad hoc term lender group that collectively holds a majority of Covia’s term loan indebtedness that lays the groundwork for a comprehensive financial and operational restructuring of Covia that will reduce its go-forward leverage and fixed costs by more than $1 billion through a partial equitization of Covia’s prepetition term loan indebtedness and a strategic rationalization of its railcar fleet and distribution terminal network.
PGX Holdings, Inc. — Represented PGX Holdings, Inc. and its subsidiaries (“PGX”), a leading credit-repair service provider, in an out-of-court restructuring transaction that extended the maturity of PGX’s funded debt by three years, raised new capital, and maintained the equity stake of its sponsor. This amend-and-extend transaction was executed with 100% lender consent and will give PGX runway to navigate uncertainties concerning general macroeconomic trends and ongoing high-stakes litigation.
Dura Automotive Systems, LLC — Representing Dura Automotive Systems, LLC and certain of its subsidiaries (“Dura”), a leading independent designer and manufacturer of automotive systems, including mechatronic systems, exterior systems, and lightweight structural systems, in their Chapter 11 cases. As of its Chapter 11 filing, Dura and its affiliates had operations in thirteen countries with sales from its three main product segments generating approximately $1.1 billion in 2018.
Jones Energy Inc. — Represented Jones Energy Inc. and its affiliates in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. Jones Energy is an Austin, Texas based independent oil and gas company engaged in the exploration, development, production, and acquisition of oil and gas properties in the Anadarko Basin in Oklahoma and Texas that fully equitized over $1 billion in funded debt and preferred equity obligations. Jones obtained confirmation of its uncontested plan just three weeks after filing.
Windstream Holdings, Inc. — Representing Windstream Holdings, Inc., and its debtor subsidiaries in their Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of New York. Windstream is a leading provider of advanced network communications, technology, broadband, entertainment and security solutions to consumers and small businesses in 18 states. In bankruptcy, Windstream commenced litigation to recharacterize a $3.5 billion spin-off and master lease of certain telecommunications network assets. That litigation resulted in an innovative settlement that provided over approximately $1.2 billion in net present value and billions of dollars of improvement to Windstream’s telecommunications infrastructure. Windstream also confirmed a Chapter 11 plan or reorganization that addresses more than $5.6 billion in funded debt obligations, provides for a $750 million equity rights offering, and positions Windstream to achieve its long-term goals.
Parker Drilling Company — Representing Parker Drilling Company and certain of its affiliates in connection with their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the Southern District of Texas. Parker is a leading international provider of contract drilling and drilling-related services and rental tools. Parker, together with its non-debtor affiliates, has operations in approximately 19 countries worldwide and employs over 2,400 employees. Parker’s prearranged plan of reorganization carries broad stakeholder support and proposes to reduce Parker’s funded-debt obligations by approximately $375 million and provide Parker with $95 million in fully-committed new equity capital upon emergence from Chapter 11.
