Melissa Mertz

American Tire Distributors, Inc. (2024) — Representation of American Tire Distributors, Inc. and 12 of its debtor affiliates (“ATD”) in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. ATD operates the largest distribution network of replacement tires across North America. Prior to commencing its Chapter 11 cases, ATD had approximately $1.9 billion in funded debt, across a term loan and asset-based lending facility. ATD executed an RSA with a group of lenders holding more than 90% of their term loan and 100% of their FILO facility and commitments from the same group of lenders as well as their ABL lenders to provide debtor-in-possession financing, which included $250 million of new money commitments.

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.

Carvana Co. — Representation of Carvana Co. (“Carvana”), the leading e-commerce platform for buying and selling used cars, in a consensual liability management transaction formally supported by approximately 90% of Carvana’s existing noteholders. Through the contemplated transactions, including an exchange offer, extension of maturities, at-the-market equity raise, and equity investment from Carvana’s founders, Carvana expects to deleverage its balance sheet by $1.2 billion and reduce its interest expenses by $430 million a year for the next two years.

Genesis Care Pty Ltd — Representation of Genesis Care Pty Ltd and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. GenesisCare is a leading cancer care provider, offering personalized and accessible treatment across a network of highly-skilled healthcare professionals to patients globally. GenesisCare is one of the world’s largest integrated oncology organizations and the world’s largest provider of radiotherapy, operating more than 400 cancer centers in the U.S., Australia, Spain and the UK which treat more than 450,000 patients annually. As of its Chapter 11 filing, GenesisCare’s funded debt totaled approximately $1.7 billion, including approximately $1.55 billion in secured term loan indebtedness. GenesisCare commenced its Chapter 11 cases to obtain access to debtor-in-possession financing, to conduct a marketing and sale process for its U.S. assets, and to restructure its financial obligations.

Talen Energy Supply, LLC — Representation of an ad hoc group of unsecured noteholders (the “Ad Hoc Group”) in the Chapter 11 cases of Talen Energy Supply, LLC and its affiliated debtors (“Talen”) in the United States Bankruptcy Court for the Southern District of Texas. Talen is one of the largest competitive power generation companies in North America, with a generation portfolio consisting of 18 facilities that are collectively capable of producing approximately 13,000 megawatts of power. Talen filed for Chapter 11 relief on May 9, 2022 to restructure its approximately $4.5 billion of funded debt obligations. On May 17, 2023, Talen successfully consummated its Chapter 11 plan of reorganization and emerged from Chapter 11, following a $1.4 billion new-money recapitalization led by the Ad Hoc Group, whereby Talen’s balance sheet was deleveraged by approximately $2.7 billion and the Ad Hoc Group emerged as the new majority equity owners of reorganized Talen.

Voyager Digital Holdings, Inc. — Representation of Voyager Digital Holdings, Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. Voyager Digital is one of the largest cryptocurrency platforms in the world, allowing customers to buy, sell, trade, and store more than 100 cryptocurrencies and supporting over $1.3 billion in aggregate cryptocurrency holdings on the platform. Voyager’s Chapter 11 cases mark one of the first restructurings of a major cryptocurrency company. 

STX Filmworks, Inc. — Representation of STX Filmworks, Inc. and its subsidiaries (“STX”), a film, television, and digital media production company, and STX’s corporate parent, Eros STX Global Corporation, in the stock sale of STX to an affiliate of The Najafi Companies for $158 million. In furtherance of the sale, Kirkland also represented two STX subsidiaries in connection with their surgical Chapter 11 filings to protect two of the company’s valuable assets from termination and avoid a “whole-company” Chapter 11 filing. Following the sale transaction, the two STX subsidiaries secured the orderly dismissal of their Chapter 11 cases with the consensual support of all economic stakeholders.  

Riverbed Technology, Inc. — Representation of Riverbed Technology, Inc. and three of its affiliates in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Riverbed is a leading provider of IT optimization products and services, including a suite of best-in-class network visibility, management and performance enhancement solutions to many of the world’s largest organizations. Riverbed commenced its Chapter 11 cases with a fully solicited plan and the support of 100% of its first lien and second lien lenders. Pursuant to the Chapter 11 plan, Riverbed will eliminate approximately $1.1 billion of its funded debt and will receive $100 million in new capital. 

RGN-Group Holdings, LLC — Representation of RGN-Group Holdings, LLC, and approximately 100 other debtor affiliates (Regus) in their Chapter 11 cases filed in the Bankruptcy Court for the District of Delaware. Regus offers a network of on-demand office and co-working spaces, and ancillary service and support, to a variety of clients across a host of industries in over 1,000 locations in the United States and Canada.

Extraction Oil & Gas, Inc. — Representation of Extraction Oil & Gas, Inc. and its affiliates in their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the District of Delaware. Extraction is one of the largest oil producers in Colorado, focusing on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Rocky Mountain region, and listed approximately $1.7 billion of funded debt obligations at the time of filing. Extraction’s prearranged plan of reorganization carries broad stakeholder support and contemplates the equitization of approximately $1.1 billion in unsecured notes and a $125 million debtor-in-possession financing facility, which includes $50 million in new money.