STG Logistics, Inc. — Representation of STG Logistics, Inc. and 64 of its affiliates in their prearranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey. STG is one of North America’s largest providers of integrated port-to-door services and supply chain solutions for cargo owners and logistics providers, including intermodal transportation, drayage, transloading, warehousing, and over-the-road and less-than-truckload solutions. STG filed for Chapter 11 protection in January 2025 with over $1.1 billion in funded debt. With the support of over 89% of its funded debt lenders, the company aims to deleverage its balance sheet through either an equitization of funded debt or via a sale through an in-court marketing process. STG also obtained commitments from its secured lenders to provide at least $125 million of new money debtor-in-possession financing to fund STG’s Chapter 11 cases and provide critical working capital for STG’s business operations.
Alvaria, Inc. — Representation of Alvaria, Inc. and its affiliates (Alvaria), a contact center and workforce management provider, on its successful out-of-court restructuring that equitized over $700 million of funded debt obligations and injected $50 million into the go-forward business. Implemented through a strict equity foreclosure supported by existing equity holders and a majority of the existing lenders, the transaction preserved 1,000 jobs and eliminated over $80 million of annual interest expense. The transaction follows a successful liability management transaction led by Kirkland in April 2024 that received 100% lender support.
At Home Group, Inc. — Representation of At Home Group, Inc. and 41 of its affiliates (At Home) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. At Home is a nation-wide home décor and furnishings brand with 260 retail locations and a robust e-commerce website. At Home commenced its Chapter 11 cases with support of approximately 95% of its capital structure to equitize its approximately $1.98 billion in funded debt obligations, and with commitments from its existing lenders for a $200 million new-money debtor-in-possession financing facility to fund the bankruptcy and provide continued liquidity upon emergence. At Home is using its Chapter 11 cases to exit unprofitable store locations and implement a comprehensive restructuring to emerge as a de-levered go-forward business.
Northvolt AB — Representation of Northvolt AB and eight of its affiliates in their Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Northvolt is a Swedish manufacturer of electric vehicle batteries with a mission to build the world’s greenest battery. As of the petition date, Northvolt had nearly $6 billion in funded debt obligations. Northvolt filed Chapter 11 with commitments of $100 million in new money debtor-in-possession financing from a key customer and access to approximately $145 million in cash collateral from its project finance lenders.
Celsius Network LLC — Representation of Celsius Network LLC and its affiliates in a first-of-its kind cryptocurrency reorganization which has resulted in distributions of more than $3 billion in cash and cryptocurrency to approximately 375,000 creditors in over 165 countries and formation of a standalone bitcoin mining business.
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.
