PES Holdings, LLC — Representing PES Holdings, LLC in its Chapter 11 cases initiated in July 2019, four weeks after a catastrophic explosion at PES’s Girard Point refining complex that resulted in a permanent shutdown of PES’s refining operations. Following this event, PES worked quickly to obtain access to $100 million of new DIP financing from its term loan lenders and negotiated consensual cash collateral usage with its working capital lender to finance its Chapter 11 cases. In Chapter 11, PES pursued a competitive sale process for the refinery site and a claim under its $1.25 billion property insurance policy. The process culminated in a $225.5 million equity sale to Hilco Redevelopment Partners under a Chapter 11 plan. The Chapter 11 plan and sale were approved by the United States Bankruptcy Court for the District of Delaware in February 2020, less than 8 months after the catastrophic explosion.
Arena Energy, L.P. ― Representing Arena Energy, L.P., which filed a prepackaged Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas to pursue a sale of its assets as a going-concern. The sale — which is supported by Arena’s first-lien revolving lenders and second-lien term lenders — will restructure more than $1 billion in funded indebtedness and address over $500 million of plugging and abandonment liabilities.
Denbury Resources Inc. — Representing Denbury Resources Inc. and 17 of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Denbury is an independent oil and natural gas company headquartered in Plano, Texas, with onshore production and development activities in the Gulf Coast and Rocky Mountains regions. Denbury is the only United States-based public company of scale with a primary focus on sustainable carbon dioxide enhanced oil recovery. With approximately $2.5 billion in funded debt, Denbury entered bankruptcy with a Restructuring Support Agreement that carries broad creditor support and provides for a comprehensive financial restructuring that will equitize all $2.1 billion of Denbury’s notes and committed debtor-in-possession and exit financing from Denbury’s existing lenders.
Alex and Ani, LLC — Represented Alex and Ani and its affiliates in their out-of-court restructuring. Alex and Ani designs, manufactures, and sells iconic, American-made jewelry. The transaction involved operational and financial initiatives, including amendments to the company’s credit facility and a new money investment. Existing equity retained control of the company.
Sungard AS Capital, Inc. — Represented Sungard AS Capital, Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of New York, in the fastest Chapter 11 case in history. Sungard AS obtained confirmation in less than 19 hours on May 2, 2019. In addition, Sungard AS emerged from Chapter 11 faster than any company in history—staying in Chapter 11 for less than 48 hours. Sungard AS, a provider of availability and recovery services, had approximately $1.26 billion in funded debt at the commencement of its Chapter 11 cases and deleveraged by over $900 million upon emergence.
Aegean Marine Petroleum Network Inc. — Represented Aegean Marine Petroleum Network Inc. and certain subsidiaries (“Aegean”), a leading international marine fuel logistics company with approximately $900 million of funded indebtedness, in their Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of New York. Aegean operates in more than 20 countries worldwide with headquarters in Athens, Greece and a corporate office in New York, New York. In connection with its restructuring, Aegean has reached agreements with certain key stakeholders to deleverage its balance sheet by more than $700 million and continue as a going concern.
