Neil E. Herman
Overview
Neil Herman has over 34 years of experience representing nearly every type of party in interest in a bankruptcy case, including both public and privately held debtors, DIP lenders, secured lenders, Creditors Committees, landlords, parties to material contracts and/or licenses, liquidators, trustees, real estate developers, shareholders, Boards of Directors, fee examiners, Plan Administrators, significant creditors and non-debtor parent entities such as sponsors and private equity firms. In addition, Neil has regularly handled out of court restructurings for a wide variety of distressed companies in various industries. As both a "corporate" lawyer and a "litigator," Neil has the unique ability to negotiate and draft key agreements — and then to handle the motion to approve, the objections and the court hearing (or evidentiary trial) that may be necessary to obtain approval in the bankruptcy court. Another primary aspect of Neil's practice has been representing buyers through the complex process and strategy of purchasing assets out of bankruptcy. In fact, Neil has regularly ranked among the top 5 most active lawyers in the number of 363 sales handled according to The Deal every year for over a decade. Neil is the author of the "Retail Bankruptcies" chapter of the leading treatise "Collier on Bankruptcy."
A frequent lecturer on insolvency topics at law schools and business schools, Neil also serves as session panelist on bankruptcy programs and seminars sponsored by organizations such as the New York Law Journal, the American Bar Association, Practicing Law Institute and the International Council of Shopping Centers. Neil has also authored dozens of articles in a wide variety of publications on bankruptcy topics as sole author and in collaboration with other experts. He is routinely recognized by New York Super Lawyers and the Best Lawyers In America publication and holds Martindale-Hubbell’s highest "AV Preeminent" peer review rating.
Experience
Representative Matters
Selecta Group B.V — Representation of Selecta Group B.V (“Selecta”), which employs 10,000 employees, is the world’s largest provider of vending machines, coffee and convenience food distribution in over 475,000 points of service in 16 foreign countries. The Chapter 15 proceeding filed in the Southern District of Texas is part of a comprehensive restructuring strategy to deleverage Selecta’s balance sheet, increase liquidity, extend maturity dates on its revolver and its 3 tranches of senior secured notes and to change the governing law for its funded debt obligations from New York to UK law. The overall restructure involves out-of-court arrangements with the revolving credit facility lenders and liquidity facility lenders, a new equity investment by the private equity owner, a formal Scheme of Arrangement in the UK and a US Chapter 15 proceeding to implement the foreign proceeding in the United States.
Arena Energy, L.P. ― Representation of 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.
AllSaints ― Representation of AllSaints, the British fashion retailer, in its parallel company voluntary arrangements (CVA) for two of its English tenant companies, and its Chapter 15 proceeding in the United States, which (if creditors approve) will mark the first time a CVA has compromised a company’s lease liabilities in North America. Founded in 1994, AllSaints has approximately 3,000 employees across the world and has 255 directly operated stores, franchises, concessions and outlets across 27 countries.
Intelsat S.A. ― Representation of Intelsat S.A. and certain of its affiliates in connection with their Chapter 11 cases in the United States Bankruptcy Court for the Eastern District of Virginia. Intelsat had approximately $14.7 billion in funded debt as of its Chapter 11 filing and operates the world’s largest satellite fleet and connectivity infrastructure, and provides diversified communication services to many of the world’s leading media companies, telecommunications operators, Internet service providers, and the United States government and military. Intelsat filed with $1 billion in committed DIP financing and will use Chapter 11 to restructure its balance sheet and maximize value through its strong operations and future growth plans, positioning the Company for long-term success.
Stage Stores, Inc. — Representation of Stage Stores, Inc. (NYSE: SSI) and its affiliate Specialty Retailers, Inc. in their Chapter 11 cases pending before the United States Bankruptcy Court for the Southern District of Texas. Stage operates in 42 states through 437 department stores under the Bealls, Palais Royal, Peebles, Stage and Goody’s brands and 289 off-price stores under the Gordmans brand. Stage had $1.6 billion in revenue in 2019.
Prior Experience
More
Credentials
Admissions & Qualifications
- 1986New York
Education
- Maurice A. Deane School of Law at Hofstra UniversityJ.D.1985
Weintraub & Resnick Bankruptcy Law Prize
Associate Editor Law Review
- Johns Hopkins UniversityB.A., Englishwith Honors1981Dean’s List