Macy’s, Inc. — Representation of Macy’s, Inc. in connection with its recent $4 billion financing in response to impacts of the COVID-19 global pandemic. The transactions consist of a $2.8 billion ABL Facility and an additional $300 million bridge commitment secured by Macy’s inventory, and $1.3 billion bond offering secured by the company’s top mall assets and distribution centers. The proceeds of the financing will help Macy’s retire certain of its upcoming debt maturities and fund operations during the crisis.
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.
Windstream Holdings, Inc., — Representation of 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.
Forever 21 Inc. ― Representation of Forever 21 Inc. and its affiliates in their Chapter 11 restructuring in the U.S. Bankruptcy Court for the District of Delaware. Based in Los Angeles, California, Forever 21 is a fast-fashion retailer specializing in women’s and men’s fashion, jewelry and accessories with over 750 stores globally.
NRG REMA LLC ― Representation of NRG REMA LLC and its direct subsidiaries in Chapter 11 cases filed in the Southern District of Texas that are jointly administered with the GenOn Chapter 11 cases. REMA is a wholesale power generation company headquartered in Dallas, Texas that owns or operates 15 power plants throughout Pennsylvania and New Jersey. The REMA cases were filed with a prepackaged plan of reorganization that will consensually restructure three leveraged lease structures.
Nine West Holdings, Inc. — Representation of Nine West Holdings, Inc., and certain affiliates in their Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan. Nine West Holdings is a leading designer, manufacturer, and primarily wholesale distributor of jeanswear, women's apparel, jewelry, handbags, and footwear with approximately $1.6 billion in outstanding funded-debt obligations at the time of filing.
Gastar Exploration Inc. ― Representation of Gastar Exploration Inc., and its wholly-owned subsidiary Northwest Property Ventures LLC, in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. Gastar is a publicly-traded oil and natural gas exploration and production company headquartered in Houston, Texas with assets concentrated in the STACK shale play in Oklahoma. The company’s prepackaged restructuring proposes to address nearly $600 million in funded-debt and preferred equity obligations, including the elimination of more than $300 million in funded-debt and preferred equity obligations, and provides for $100 million in committed financing to fund the Debtors’ business in and upon emergence from Chapter 11.
China Fishery ― Representation of an ad hoc committee of holders of the $300 million notes due 2019 issued by CFG Investment S.A.C. in connection with the resolution of their claims against the China Fishery group of companies.
Toys“R”Us, Inc. ― Representation of Toys “R” Us, Inc. and several of its direct and indirect subsidiaries in one of the largest ever retail Chapter 11 filings in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. Following implementation of a strategy to effect a successful wind-down of operations in the United States and going concern sales and/or reorganizations of operations throughout the world, including Asia, led efforts to construct and implement global settlement agreements amongst all stakeholders and five distinct Chapter 11 plans.
GenOn Energy, Inc. — Representation of GenOn Energy, Inc. and certain of its affiliates in connection with their prearranged chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. GenOn is a wholesale power generation company headquartered in Princeton, New Jersey, with a focus on operations in the Mid-Atlantic region of the United States—primarily operating in Pennsylvania and Maryland—and in California. Through the chapter 11 cases, GenOn will restructure approximately $2.5 billion in funded indebtedness.
