Alan McCormick

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.

URS Parent Corporation ― Represented URS Parent Corporation, a leading vehicle transportation and logistics services provider, and certain of its affiliates in an out-of-court debt exchange and rights offering that eliminated $365 million of outstanding funded debt and raised new capital through an equity rights offering. The company obtained the support of 100% of the company’s lenders and its equity sponsor though a dual-track solicitation process, under which the company simultaneously solicited consents for an out-of-court debt exchange and votes in favor of a prepackaged restructuring.

WeWork Inc. ― Representing WeWork Inc. (NYSE: WE), a global flexible space provider, in connection with a comprehensive restructuring of its capital structure through a series of transactions with an ad hoc group of noteholders representing more than 60% of the company’s public notes, a third-party investor and affiliates of SoftBank Group Corp., which will be implemented through certain exchanges of $1.2 billion of WeWork’s existing unsecured notes for new debt and equity securities and the issuance of $675 million of new secured notes for cash. Collectively, the transactions will reduce WeWork’s net debt by approximately $1.5 billion at closing, extend a significant maturity wall from 2025 to 2027, and result in new funding and new and rolled capital commitments of more than $1 billion once completed.

Cineworld Group plc ― Representing Cineworld Group plc and 104 of its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Publicly traded on the London Stock Exchange, Cineworld, the parent company of Regal Entertainment Group, is the second-largest cinema chain in the world, operating over 9,100 screens at nearly 750 cinemas in 10 countries worldwide. Cineworld commenced its Chapter 11 cases with approximately $5.1 billion in funded debt and commitments from an ad hoc group of prepetition lenders to provide nearly $2 billion in debtor-in-possession financing.

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 multi-district litigation in history, with over 230,000 personal injury claims filed related to certain historical Aearo products.

Team, Inc. (NYSE: TISI) ― Representing a global provider of integrated, digitally enabled asset performance assurance and optimization solutions, in connection with a restructuring of its financing arrangements, including entry into an ABL facility with a $130 million revolver from Eclipse Business Capital LLC and a $35 million second-out delayed draw term loan from Corre Partners Management, LLC. 

Premiere Global Services, Inc. ― Represented Premiere Global Services, Inc. and its affiliates and subsidiaries in connection with an out-of-court restructuring by which PGi’s first lien lenders consensually foreclosed upon and sold the equity of Premiere Global Services, Inc. to a third-party buyer. The transaction resulted in mutual releases between the Company’s’ first lien lenders and the Company and related parties and an incremental financing commitment from the Company’s first lien lenders. 

Gulfport Energy Corporation ― Represented Gulfport Energy Corporation and its wholly-owned subsidiaries in their prearranged Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. Gulfport is an independent returns-oriented, gas-weighted exploration and development company and one of the largest producers of natural gas in the contiguous United States, with significant acreage positions in Ohio and Oklahoma. Gulfport entered Chapter 11 with a restructuring support agreement signed by prepetition revolving credit facility lenders holding over 95% of its revolving debt obligations and noteholders holding over 70% of its senior unsecured notes. The restructuring support agreement proposes eliminating approximately $1.25 billion in funded debt obligations, provides for a $262.5 million DIP facility and $580 million in committed exit financing, and contemplates a backstopped rights offering for at least $50 million of preferred equity.