Ruth Mulvihill

David’s Bridal, LLC — Representing David’s Bridal, LLC and certain of its affiliates, the nation’s largest provider of wedding gowns and other special occasion apparel with nearly 300 stores in the United States, Canada, Mexico, and the United Kingdom, in its Chapter 11 cases in the United States Bankruptcy Court for the District of New Jersey. At the time of filing, David’s Bridal operated approximately 300 stores in the U.S., Canada, and the U.K. and commenced its Chapter 11 cases with approximately $260 million of funded debt. During the Chapter 11 cases, following an extensive marketing process, the Company sold its operations as a going concern, saving more than 7,000 jobs and continuing operations at approximately 200 stores.

Nautical Solutions, L.L.C. — Representation of Nautical Solutions, L.L.C. and its affiliate (together, “Nautical”) in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Headquartered in Cut Off, Louisiana, Nautical operates a fleet of offshore service vessels to provide support services in the Gulf of Mexico, Guyana, and Brazil. Only 37 days after filing for Chapter 11, Nautical successfully confirmed its joint prepackaged plan with the support of 100% of Nautical’s secured creditors and equity holders. Nautical emerged from Chapter 11 on February 24, 2023. The restructuring involved a reduction of approximately $115 million in senior secured indebtedness and the reinstatement of equity interests in Nautical.

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 two restructuring support agreements (on account of its two credit silos) contemplate, among other things, a collective deleveraging of approximately $7.4 billion of secured and unsecured debt and the separation of Envision’s physician services and ambulatory surgical center businesses.  

Seadrill New Finance Limited and 11 of its affiliates (together, the “NSNCo Group”), the fourth group of Seadrill Limited entities to undergo a restructuring, in their one-day prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. The NSNCo Group utilized Chapter 11 to implement an amend-and-extend of approximately $622 million in senior secured notes and transfer majority ownership of NSNCo from the wider Seadrill Limited group to Seadrill’s secured noteholders. The NSNCo Group’s reorganization plan was confirmed within one day of the filing of the Chapter 11 cases. 

Seadrill Limited and certain of its direct and indirect subsidiaries in their multi-jurisdictional restructuring of approximately $6.1 billion of funded debt. Seadrill is a leading global provider of offshore contract drilling services and employs nearly 3,100 individuals across 15 countries and five continents. Seadrill's Chapter 11 cases, one of the largest filings of 2021, equitized approximately $4.9 billion of secured debt across twelve silos and facilitated a capital investment of $350 million, enabling Seadrill to continue to operate its modern fleet of drilling units.

Valaris plc and 89 of its subsidiaries in their prearranged Chapter 11 cases. Valaris, which is incorporated in the United Kingdom, is the world’s largest offshore driller by fleet size, owning 67 drilling rigs and operating in every major offshore hydrocarbon basin throughout the globe. Valaris filed Chapter 11 with a restructuring support agreement and backstop commitment agreement to fully equitize all $7.1 billion of its prepetition funded debt, consisting of an unsecured revolving credit facility and 15 series of unsecured notes. The noteholders supporting the restructuring also have committed to a fully backstopped rights offering for $500 million of new secured notes upon emergence from Chapter 11 as well as to provide a $500 million DIP financing facility.

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.

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.