Ross J. Fiedler

Global Clean Energy Holdings, Inc. — Representation of Global Clean Energy Holdings, Inc. (GCEH) and 14 of its subsidiaries (“Global Clean”) in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Global Clean is a vertically integrated renewable fuels innovator that produces ultra-low carbon renewable fuels. Global Clean entered Chapter 11 to facilitate a debt-for-equity exchange with certain of the company’s key stakeholders, including lenders holding 96% of the company’s funded secured debt, who are supporting the Chapter 11 through a restructuring support agreement and an agreement to provide the company with approximately $200 million in new money debtor-in-possession capital.

Zips Car Wash, LLC — Representation of Zips Car Wash, LLC and certain of its affiliates in their prearranged Chapter 11 cases in the U.S Bankruptcy Court for the Northern District of Texas. Zips is one of the largest privately held car wash operators in the United States, with more than 260 locations across 23 states. Zips entered Chapter 11 to implement a pre-negotiated restructuring plan supported by 100% of its lenders, who hold over $650 million in debt obligations. Through the restructuring, Zips will eliminate $280 million of funded debt, shed hundreds of millions of dollars in lease liabilities and obtain $30 million in new money financing to fund the reorganized business.

Better Health Group — Representation of Better Health in the first post-Serta decision liability management “uptiering” transaction that significantly enhanced the company’s liquidity and resulted in a meaningful reduction of the company’s total debt. The transactions included a $112.5 million new money investment into a super senior debt tranche and an uptier exchange of 97% of the company’s first lien term loans into super senior debt tranches, capturing over $38 million in debt discount. The transactions also extended the maturities of the company’s debt, including the company’s $105 million revolving credit facility.

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.

GoTo Group, Inc. — Representation of GoTo Group, Inc., an IT management, support, and business communications provider, in a liability management transaction that significantly enhanced the company’s liquidity, deleveraged its balance sheet, and reduced debt interest expenses. The transactions included a $100 million new money investment into a super senior debt tranche and an uptier exchange of the company’s first lien term loans and notes into super senior debt tranches, capturing nearly $500 million in debt discount. The transactions also extended the maturities of the company’s debt, including an extension on the company’s $250 million revolving credit facility by over two years.

Rite Aid Corporation — Representation of Rite Aid Corporation (“Rite Aid”) and 119 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Rite Aid entered its Chapter 11 cases with $3.45 billion in debtor-in possession financing. Following months of negotiations including court-ordered mediation with all of Rite Aid’s key stakeholders, as well as several bet-the-company disputes and obtaining an additional $75 million in debtor-in-possession financing later in the cases, Rite Aid was able to delever its balance sheet by approximately $2 billion through a recapitalization transaction with its senior secured noteholders and resolve more than $2.5 billion in pending and threatened litigation. Rite Aid emerged from Chapter 11 on August 30, 2024 with $2.975 billion in committed exit financing, a new go-forward supply contract with McKesson (Rite Aid’s largest vendor and the provider of 98% of Rite Aid’s just-in-time prescriptions), settlement agreements or controlled substance injunctive terms with the Department of Justice and 15 states in which Rite Aid conducts business, and a leaner, more efficient real estate footprint.

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.  

Werner International — Representation of Werner International in a series of comprehensive recapitalization transactions involving the refinancing of certain existing debt with new money and an uptier exchange of certain existing debt obligations that enhanced liquidity and extended maturities.

Genesis Global Capital, LLC — Representation of an ad hoc group of creditors of Genesis Global Capital, a provider of lending and borrowing services for digital assets and fiat currency primarily to and from institutional and high net worth individual customers, in connection with Genesis’s Chapter 11 bankruptcy cases in the United States Bankruptcy Court for the Southern District of New York.

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.

Nordic Aviation Capital — Representation of Nordic Aviation Capital Designated Activity Company and its subsidiaries in connection with their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Eastern District of Virginia. NAC, an Irish company, is the largest regional aircraft lessor in the world with more than 475 aircraft. With over $7.7 billion of liabilities, NAC was the largest Chapter 11 filing in 2021. 

Just Energy Group Inc. — Representation of Just Energy Group Inc., a Mississauga, Ontario-based leading retail consumer company specializing in electricity and natural gas commodities, energy efficiency solutions, and renewable energy options, in its Chapter 15 proceedings in the United States to recognize proceedings commenced in Canada under the Companies’ Creditors Arrangement Act (CCAA). Prior to filing for bankruptcy, Just Energy Group Inc. was severely adversely impacted by the unprecedented winter storm in Texas in February 2021. The insolvency proceedings successfully culminated in a Canadian-court approved and United States-court recognized sale transaction that preserved operations, hundreds of jobs, critical regulatory approvals, and key commodity supplier relationships.

RGN-Group Holdings, LLC — Representation of RGN-Group Holdings, LLC, and approximately 100 other debtor affiliates (Regus) in their Chapter 11 cases filed in the Bankruptcy Court for the District of Delaware. Regus offers a network of on-demand office and co-working spaces, and ancillary service and support, to a variety of clients across a host of industries in over 1,000 locations in the United States and Canada.

iQor Holdings Inc. — Representation of iQor Holdings Inc. and certain of its affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court of the Southern District of Texas. Headquartered in St. Petersburg, Florida, iQor is a global provider of technology-enabled business process outsourcing and product support services. iQor’s operations span across North America, Europe, and Asia, and prior to the COVID-19 pandemic, iQor employed approximately 40,000 people globally. iQor commenced their Chapter 11 cases with a plan of reorganization supported by 100% of creditors that submitted a ballot. Through their prepackaged Chapter 11 cases, iQor will eliminate approximately $513 million in funded debt obligations and leave general unsecured creditors unimpaired.

California Pizza Kitchen, Inc. — Representation of California Pizza Kitchen, Inc. (“CPK”) and its affiliates in their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the Southern District of Texas. CPK is an iconic restaurant brand that specializes in California-style pizza with locations internationally and throughout the United States. CPK’s plan received near unanimous approval from all voting classes and allowed CPK to emerge from Chapter 11 in November 2020, reducing its debt obligations by over $225 million.

Ascena Retail Group, Inc. — Representation of Ascena Retail Group, Inc. and its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court of the Eastern District of Virginia. Ascena is a leading specialty retailer for women and girls with a collective of seven brands, including Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Cacique, Catherines, and Justice, and over 2,800 stores, approximately 37,000 employees, and $1.6 billion in funded debt. Ascena filed for Chapter 11 with a restructuring support agreement that proposes to equitize over $1 billion of prepetition term loans and includes $150 million in committed new money DIP-to-exit financing to fund the Debtors’ business in and upon emergence from Chapter 11.

Extraction Oil & Gas, Inc. — Representation of Extraction Oil & Gas, Inc. and its affiliates in their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the District of Delaware. Extraction is one of the largest oil producers in Colorado, focusing on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Rocky Mountain region, and listed approximately $1.7 billion of funded debt obligations at the time of filing. Extraction’s prearranged plan of reorganization carries broad stakeholder support and contemplates the equitization of approximately $1.1 billion in unsecured notes and a $125 million debtor-in-possession financing facility, which includes $50 million in new money.

Frontier Communications Corporation — Representation of Frontier Communications Corporation and its 103 debtor subsidiaries in their prearranged Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of New York. With over $17.5 billion in outstanding funded debt, Frontier’s Chapter 11 cases were among the largest filed in 2020. Frontier, together with its subsidiaries, have over 4 million customers, and 18,000 employees across 29 states. The company’s prearranged plan, which was confirmed in approximately four months, effected a balance sheet restructuring that reduced the company’s outstanding funded debt by over $10 billion, carried broad stakeholder support and unimpaired all general unsecured creditors.

Seabras 1 USA, LLC — Representation of Seabras 1 USA, LLC and Seabras 1 Bermuda Ltd. in their Chapter 11 restructuring in the United States Bankruptcy Court for the Southern District of New York. Seabras owns the first transoceanic submarine fiber optic cable system directly connecting the commercial and financial centers of North America and South America. Through this system, Seabras sells international broadband capacity between the United States and Brazil and leases fiber routes in New York to telecommunications companies, internet and cloud service providers, financial institutions, and other large enterprises.

Acosta, Inc. — Representation of Acosta, Inc., a multinational full-service sales, marketing, and retail merchandising agency with 30,000 employees, serving 1,200 blue chip companies across the globe, in its prepackaged restructuring of $3 billion of indebtedness. Acosta’s Chapter 11 plan was confirmed by the United States Bankruptcy Court for the District of Delaware just 15 days after the bankruptcy filing.

Vanguard Natural Resources Inc. — Representation of Vanguard Natural Resources Inc. and its affiliates in their Chapter 11 cases in the United States Bankruptcy Court of the Southern District of Texas. Vanguard is an independent exploration and production company focused on the production and development of oil and natural gas properties in the United States with operations in the Gulf Coast, Permian and Anadarko Basins. Vanguard had approximately $850 million in debt at the time of filing and obtained a commitment for a $130 million debtor-in-possession financing facility, which included $65 million in new money.

Parker Drilling Company — Representation of 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.