Sarah Melanson

STG Logistics, Inc. — Representation of STG Logistics, Inc. and 64 of its affiliates in their prearranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey. STG is one of North America’s largest providers of integrated port-to-door services and supply chain solutions for cargo owners and logistics providers, including intermodal transportation, drayage, transloading, warehousing, and over-the-road and less-than-truckload solutions. STG filed for Chapter 11 protection in January 2025 with over $1.1 billion in funded debt. With the support of over 89% of its funded debt lenders, the company aims to deleverage its balance sheet through either an equitization of funded debt or via a sale through an in-court marketing process. STG also obtained commitments from its secured lenders to provide at least $125 million of new money debtor-in-possession financing to fund STG’s Chapter 11 cases and provide critical working capital for STG’s business operations.

Multi-Color Corporation — Representation of Multi-Color Corporation and 55 of its affiliates (collectively, MCC) in their prepackaged Chapter 11 proceedings filed in the United States Bankruptcy Court for the District of New Jersey. MCC is a leading global provider of prime label solutions, with more than 12,500 employees worldwide supporting prominent brands across end categories, including food and beverage, wine and spirits, home and personal care, and healthcare, among others. MCC entered Chapter 11 with the support of its key stakeholders, including an ad hoc group of secured first lien lenders holding more than 72% of first lien claims, and its equity owner, creditor, and plan sponsor, CD&R. The transactions contemplated by the restructuring support agreement will reduce MCC’s net debt from $5.9 billion to $2 billion, provide for a $889 million new common and preferred equity investment to support long-term growth and investment, capitalize the go-forward business with access to over $550 million of capital upon emergence, and leave employee and trade claims unimpaired.

Marelli — Representation of Marelli Holdings Co., Ltd. and 75 of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Marelli is one of the largest “Tier 1” automotive components suppliers in the world, employing over 46,000 employees, operating in 24 countries and servicing over 65 OEMs and brand partners. Marelli filed for Chapter 11 with the support of over 80% of its lenders and commitments for over $1.1 billion of new debtor-in-possession financing. Through the Chapter 11 cases, Marelli plans to implement a series of restructuring transactions that will equitize nearly $5 billion of funded indebtedness subject to a marketing process for higher or better offers.

Zips Car Wash, LLC — Representation of Zips Car Wash, LLC and certain of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Northern District of Texas. Zips, one of the largest privately held car wash operators in the United States, emerged from Chapter 11 with a plan of reorganization supported by 100% of its lenders. Through the restructuring, Zips eliminated approximately $275 million of funded-debt obligations and rationalized its site footprint by exiting unprofitable locations and shedding hundreds of millions of dollars of go-forward lease liabilities.

MultiPlan Corporation — Representation of MultiPlan Corporation (MultiPlan) (NYSE: MPLN), a leading provider of healthcare technology and data solutions, in a comprehensive refinancing of its debt capital structure through a series of exchange transactions. The transactions launched following the execution of a transaction support agreement with certain ad hoc groups of lenders collectively owning approximately 78% of MultiPlan’s outstanding debt. Over 99% of MultiPlan’s debt holders across four tranches of debt, including a revolving credit facility, term loan, and secured, unsecured, and convertible PIK notes, participated in the transactions, which extended maturities on approximately $4.5 billion of funded debt and positioned MultiPlan for more sustainable long-term growth. The exchange transactions were announced on December 24, 2024, and closed on January 30, 2025.

Pluralsight, LLC — Representation of Pluralsight, LLC and its affiliates (Pluralsight), a leading technology workforce development company, in a comprehensive transaction that included a recapitalization and exchange of existing secured debt. The transaction, which was supported by all of Pluralsight’s existing lenders and its sponsor, significantly reduced funded debt by approximately $1.2 billion, strengthened Pluralsight’s balance sheet, and infused more than $200 million of new capital into the business to support long-term strategic goals and accelerate growth initiatives.

Hoonigan — Representation of Hoonigan and 26 of its affiliates (collectively, Hoonigan) in their prepackaged cases filed in the United States Bankruptcy Court for the District of Delaware. Hoonigan is a global designer and supplier of premium aftermarket automotive products, reaching millions of customers through a broad network of distributors, e-commerce platforms, and digital content. Hoonigan commenced its prepackaged cases with a consensual deal with a majority of its debtholders and sponsor that contemplates eliminating approximately $1.2 billion of its $1.7 billion prepetition funded debt and leaving general unsecured claims unimpaired.

Envision Healthcare Corp. — Representation of Envision Healthcare Corp. and 216 of its affiliates in the commencement of pre-arranged Chapter 11 cases. Envision is a leading national medical group that employs or partners with more than 21,000 clinicians and provides care to patients across the U.S., with nearly 30 million patient visits each year. The debtors confirmed two Chapter 11 plans of reorganization (on account of its two credit silos) that resulted in a deleveraging of more than $7 billion, more than $2 billion in exit financing, and laid the groundwork for the operational separation of the debtors’ physician services and ambulatory surgery center business lines, all on a substantially consensual basis.

WeWork, Inc. — Representation of 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. Through its Chapter 11 cases, WeWork was able to equitize all $4.3 billion of its funded indebtedness, right size its lease portfolio and reduce future obligations by $11 billion as the result of a pioneering strategy for rent negotiations, facilitate a global settlement with numerous stakeholders and navigate complex cross-border issues.