WeWork, Inc. ― Representing 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. WeWork is prosecuting its Chapter 11 cases pursuant to a restructuring support agreement with holders representing approximately 96% of its secured notes and 100% of its secured letter of credit facility obligations. The agreement provides for the elimination of approximately $3 billion of WeWork’s funded debt and allows WeWork to rationalize its global commercial lease portfolio by rejecting unprofitable locations while reinvesting in its trophy properties.
Rite Aid Corporation ― Representing Rite Aid Corporation (“Rite Aid”) and 119 of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. As one of the largest pharmacy chains in the United States, Rite Aid employs over 45,000 people, including 6,100 pharmacists in 2,100 retail pharmacy locations across 17 states. Through Elixir, its pharmacy benefit management business, Rite Aid manages pharmacy benefits for more than one million members through accredited specialty and mail-order pharmacies. Following months of negotiations, Rite Aid entered Chapter 11 with access to approximately $3.45 billion in committed post-petition DIP financing provided by its existing bank lenders and an agreement in principle with a majority of its secured bondholders on the terms of a comprehensive restructuring to delever its $4 billion debt load and right-size its operational footprint.
Learfield Communications, LLC ― Representing Learfield Communications, LLC and its affiliates, a leading media and technology company in the college sports market, in a nearly $1 billion out-of-court restructuring with unanimous support from Learfield’s existing lenders and equity sponsors. The transactions substantially delevered Learfield’s balance sheet and provided access to significant new money equity investments, strengthening Learfield’s financial and liquidity positions.
Aearo Technologies LLC ― Representing Aearo Technologies LLC and its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Indiana. Aearo Technologies is a market leader in the energy control space, providing custom noise, vibration, thermal and shock protection solutions to the aerospace, commercial vehicle, heavy equipment and electronics industries. Aearo Technologies and its non-Debtor parent 3M are defendants in the largest multidistrict litigation in history, with over 230,000 personal injury claims filed related to certain historical Aearo products.
Bed Bath & Beyond, Inc. ― Representing 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 is the largest home goods retailer in the United States, offering everything from bed linens to cookware to home organization, baby care and more. Bed Bath & Beyond operates hundreds of stores and employs approximately 14,000 people across North America. Through its Chapter 11 case, Bed Bath & Beyond will conduct an orderly and value-maximizing wind down of its business, while simultaneously marketing a sale of all or part of the business. Prior to the Chapter 11 filing, advised Bed Bath & Beyond on a series of complex transactions, including an underwritten public offering for up to $1 billion in proceeds and a concurrent significant amendment of its credit agreement to decelerate the debt, waive certain defaults, and upsize the FILO facility by $100 million.
BlockFi ― Representing BlockFi Inc. and certain of its subsidiaries (“BlockFi”) in their Chapter 11 cases in the District of New Jersey. BlockFi is an industry-leading provider of cryptocurrency related products and services, allowing its retail and institutional clients access to liquidity, yield, and credit. Following disruption in the cryptocurrency industry, BlockFi commenced Chapter 11 to stabilize its business and provide for the opportunity to consummate a comprehensive restructuring transaction that maximizes value for its clients and stakeholders.
