Lakeland Tours, LLP — Representing Lakeland Tours, LLP d/b/a WorldStrides (“WorldStrides”) and certain of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. WorldStrides is a provider of educational travel experiences both domestically and abroad and filed for Chapter 11 to restructure more than $768 million of funded indebtedness after the worldwide shutdown of travel due to COVID-19 negatively impacted their businesses during their peak tour operating season.
Akorn, Inc. — Representing Akorn, Inc. and certain subsidiaries (“Akorn”), a specialty generic pharmaceuticals company with approximately $861.7 million of funded indebtedness, in their Chapter 11 cases filed in the United States District Court for the District of Delaware.
Longview Power, LLC — Representing Longview Power, LLC and its affiliates in connection with their prepackaged Chapter 11 cases involving the restructuring of approximately $355 million in funded debt. Longview operates a 710 net megawatt supercritical coal fired power generation facility in Maidsville, West Virginia that is at the forefront of the clean coal movement.
Pier 1 Imports, Inc. — Representing Pier 1 Imports, Inc. and its subsidiaries in their Chapter 11 cases in the United States Bankruptcy Court for the Eastern District of Virginia. Pier 1 is a publicly-traded omnichannel retailer specializing in home furnishings and décor with 923 stores in the United States and Canada.
One Call Corporation — Represented One Call Corporation, a leader in ancillary services for the workers’ compensation industry, in a successful out-of-court recapitalization that reduced One Call’s debt through a consensual equitization of nearly $1 billion of junior debt, reduced its annual interest expense by approximately $90 million, and eliminated all near-term maturities. The restructuring was facilitated by a $375 million investment led by existing lenders KKR and GSO Capital Partners.
Destination Maternity Corporation — Representing Destination Maternity Corporation and certain of its affiliates, the largest national omni-channel maternity apparel retailer, in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. As of filing, Destination Maternity operated approximately 436 stores in the U.S. and Canada, 423 leased departments in big-box retailer stores, ten international franchise locations, and three e-commerce sites in the U.S. and Canada. The existing lenders in the Chapter 11 cases agreed to provide the company access to liquidity to fund the Chapter 11 cases and support the ongoing marketing process, which contemplates consummating a sale transaction before the end of 2019.
Alex and Ani, LLC — Represented Alex and Ani and its affiliates in their out-of-court restructuring. Alex and Ani designs, manufactures, and sells iconic, American-made jewelry. The transaction involved operational and financial initiatives, including amendments to the company’s credit facility and a new money investment. Existing equity retained control of the company.
FastMed Holdings I, LLC — Represented FastMed Holdings I, LLC and certain of its affiliates (“FastMed”) in their deleveraging transaction. FastMed is a privately owned operator of over 100 urgent care clinics in Arizona, North Carolina, and Texas. The transaction resulted in the consensual equitization of approximately $80 million in funded debt and the paydown of approximately $148 million in secured debt.
Sungard AS Capital, Inc. — Represented Sungard AS Capital, Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of New York, in the fastest Chapter 11 case in history. Sungard AS obtained confirmation in less than 19 hours on May 2, 2019. In addition, Sungard AS emerged from Chapter 11 faster than any company in history—staying in Chapter 11 for less than 48 hours. Sungard AS, a provider of availability and recovery services, had approximately $1.26 billion in funded debt at the commencement of its Chapter 11 cases and deleveraged by over $900 million upon emergence.
Mission Coal Company, LLC — Representing Mission Coal Company, LLC and its affiliates in their Chapter 11 cases in the United States Bankruptcy Court for the Northern District of Alabama. The company was headquartered in Kingsport, Tennessee with coal mining operations in West Virginia and Alabama. Mission Coal entered Chapter 11 to complete a sale process and, after an auction, received winning bids for three of its metallurgical coal mines. The company also successfully obtained court approval to modify its collective bargaining agreements through sections 1113 and 1114. After a highly contested plan and sale process, Mission Coal obtained the support of its DIP Lenders, reached a settlement with the unsecured creditors committee, and as a result, in May 2019 the Court simultaneously approved the sales and confirmed the plan.
