Ascend Performance Materials Holdings Inc. — Representation of Ascend Performance Material Holdings Inc., and certain of its subsidiaries (“Ascend”) in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Ascend is one of the largest, fully integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets and tires, and also new technologies, like electric vehicles and solar energy systems. Ascend filed for Chapter 11 protection in April 2025 with approximately $2 billion in funded debt obligations to pursue and implement a comprehensive deleveraging transaction with the support of its key stakeholders. As part of negotiations with existing lenders, Ascend received approval for a debtor-in-possession financing in the amount of approximately $900 million, including $250 million in new-money term loans. The DIP financing will fund Ascend’s Chapter 11 cases and provide crucial working capital for Ascend’s ordinary course operations.
Ligado Networks LLC — Representation of an ad hoc group of crossholders of more than $4 billion in principal amount of debt and equity in Ligado Networks LLC (“Ligado”), a leading satellite communications company, in Ligado’s prearranged Chapter 11 case filed in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). Ligado filed for bankruptcy with a restructuring support agreement (“RSA”) in place that is supported by holders of nearly 90% of the company’s $7.8 billion of aggregate funded indebtedness and a significant portion of its equity. The RSA provides for the conversion of existing debt into new preferred equity, the preservation of the existing interests in the capital structure below the new preferred equity, a commercial agreement with AST SpaceMobile Inc. in respect of spectrum usage rights, and the preservation of Ligado’s $39 billion takings claim against the U.S. government. In addition, the Bankruptcy Court approved a $940 million multi-draw debtor-in-possession credit facility funded in part by the ad hoc group of crossholders that provides Ligado with access to new money financing and will refinance certain of Ligado’s existing debt.
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.
