Gary J. Kavarsky

Intelsat S.A. — Representing 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. 

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.

Neiman Marcus Group LTD LLC — Represented Neiman Marcus Group LTD LLC and affiliates in their pre-arranged Chapter 11 cases. The Company successfully completed its restructuring of over $5.5 billion of funded indebtedness in under five months. The restructuring plan was confirmed in September 2020, eliminated more than $4 billion of debt and more than $200 million of annual cash interest expense, and preserved more than 13,000 jobs. Neiman Marcus is the first retailer with over $5 billion of debt to reorganize under Chapter 11.

Clover Technologies Group, LLC — Representing Clover Technologies Group, LLC (“Clover”), a provider of aftermarket management services for mobile device carriers and historically operated as a collector and remanufacturer of printer cartridges, in connection with its restructuring of $650 million of term loan indebtedness. As part of its comprehensive restructuring, Clover sold its printer cartridge remanufacturing business for over $200 million, acquired an additional company for synergies with the remaining mobile device business, and entered into a restructuring support agreement for the equitization of the vast majority of the term loan indebtedness.

Deluxe Entertainment Services Group Inc. — Representing Deluxe Entertainment Services Group Inc. and certain of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. Deluxe is a leading content creation-to-distribution company that provides digital media services to Hollywood studios, independent filmmakers, television networks, online content producers, and brands. The Deluxe Chapter 11 cases were filed with a prepackaged plan of reorganization that will consensually reorganize Deluxe by exchanging its secured debt for equity in the reorganized company.

Furie Operating Alaska, LLC — Representing private equity / creditor investment fund in connection with a term loan facility and debtor in possession financing facility in the Chapter 11 cases of Furie Operating Alaska, LLC, Cornucopia Oil & Gas Company, LLC, and Corsair Oil & Gas LLC.

Blackhawk Mining LLC — Represented Blackhawk Mining LLC and its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Blackhawk is a leading metallurgical coal producer based in Lexington, Kentucky, and has operations primarily in West Virginia and Kentucky. Blackhawk employs more than 2,800 employees. Blackhawk entered Chapter 11 to implement a prepackaged plan of reorganization that will eliminate approximately $650 million of the Company’s nearly $1.1 billion in prepetition funded debt.

FullBeauty Brands Holdings Corp. — Represented FullBeauty Brands Holdings Corp. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of New York. FullBeauty is an online plus-size apparel retailer that had $1.27 billion in funded debt at the commencement of filing. This was the first Chapter 11 case in history to obtain confirmation of a prepackaged Chapter 11 plan in less than 24 hours on February 4, 2019. FullBeauty emerged shortly thereafter on February 7, 2019.

Parker Drilling Company — Representing 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. 

EXCO Resources, Inc. — Representing EXCO Resources, Inc. in its Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, acquisition, development and production company headquartered in Dallas, Texas with principal operations in Texas, North Louisiana and the Appalachia region. EXCO listed approximately $1.4 billion of funded debt obligations at the time of filing.

Cobalt International Energy, Inc. — Represented Cobalt International Energy, Inc., and its subsidiaries in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Cobalt was an independent offshore exploration and production company with assets in the deepwater U.S. Gulf of Mexico and offshore West Africa with approximately $2.8 billion of funded indebtedness. Cobalt entered Chapter 11 to complete a sale of all or substantially all of its oil and gas assets and, after an auction, received winning bids for an aggregate purchase price of approximately $580 million. Cobalt also successfully settled arbitration regarding a failed sale of its Angola assets for approximately $500 million. After a hotly contested plan process, the bankruptcy court confirmed Cobalt’s Chapter 11 plan in April 2018.

Summer Associate, Kirkland & Ellis LLP