Intelsat S.A. — Representation of Intelsat S.A. and its debtor-affiliates—operator of the world’s largest satellite fleet and connectivity infrastructure—in connection with their Chapter 11 cases in the United States Bankruptcy Court for the Eastern District of Virginia. With approximately $15 billion in liabilities at the time of filing, and posing complex intercompany issues and novel issues of regulatory and foreign law, Intelsat was one of the largest and most complex restructurings of 2020 and 2021. Intelsat filed with $1 billion in committed DIP financing, which it subsequently refinanced and expanded up to $1.5 billion during its Chapter 11 cases. During their Chapter 11 cases, Intelsat purchased Gogo Inc.’s commercial aviation business, including its software platform and network management infrastructure, for approximately $400 million in a relatively unprecedented transaction for a Chapter 11 debtor. After extensive multiparty and cross-silo negotiations and successful mediation efforts, Intelsat obtained confirmation of its plan of reorganization on a fully-consensual basis and emerged from Chapter 11 with nearly $7 billion in new exit financing and a deleveraged capital structure.
Central Security Group, Inc. — Representation of Central Security Group, Inc., one of the nation’s largest providers of home and business security and automation, in an out-of-court debt-for-equity exchange that significantly improved the Company’s overall capital structure, eliminating approximately $250 million (more than 50%) of the Company’s funded debt and including a new $25 million revolving credit facility commitment. The out-of-court transaction was executed after the Company successfully solicited support from 100% of its first lien and second lien lenders.
FTS International, Inc. — Representation of FTSI and its affiliates in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. FTSI, a publicly-traded company, is one of the largest providers of hydraulic fracturing services in North America and provides customized hydraulic fracturing solutions to exploration and production companies to enhance recovery rates from oil and gas wells drilled in the most active basins in the United States. FTSI commenced its Chapter 11 cases with a restructuring support agreement with over 87% of the holders of the company’s funded secured debt. If the company’s prepackaged Chapter 11 plan is approved, holders of approximately $440 million of funded secured debt will exchange their debt claims for over 90% of the equity in the reorganized debtors, holders of FTSI’s existing equity will receive approximately 10% of the equity in the reorganized debtors, and all ongoing business trade claims will ride through the bankruptcy unimpaired.
iQor Holdings Inc. — Representation of iQor Holdings Inc. and certain of its affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court of the Southern District of Texas. Headquartered in St. Petersburg, Florida, iQor is a global provider of technology-enabled business process outsourcing and product support services. iQor’s operations span across North America, Europe, and Asia, and prior to the COVID-19 pandemic, iQor employed approximately 40,000 people globally. iQor commenced their Chapter 11 cases with a plan of reorganization supported by 100% of creditors that submitted a ballot. Through their prepackaged Chapter 11 cases, iQor will eliminate approximately $513 million in funded debt obligations and leave general unsecured creditors unimpaired.
Hornbeck Offshore Services, Inc. — Representation of Hornbeck Offshore Services, Inc. and its affiliates, in its Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. Hornbeck provides marine transportation and subsea installation services to support the deep water drilling and production needs of their exploration and production, oilfield service, offshore construction, and U.S. military customers. The Hornbeck Chapter 11 cases were filed with a prepackaged plan of reorganization that contemplates a $75 million in debtor-in-possession (DIP) financing and a fully backstopped $100 million rights offering.
