Patrick J. Nash, Jr., P.C.
Overview
Pat Nash is a partner in the Restructuring Group of Kirkland & Ellis LLP. He represents a variety of clients in complex business reorganizations, troubled company M&A, debt restructurings, and financing matters. He has counseled companies experiencing financial difficulties, purchasers of and investors in distressed companies, and lenders to and creditors of such companies. Pat also has extensive cross-border insolvency experience.
Described as “very commercial, very smart and very practical,” Pat has been listed as a leading lawyer by Chambers USA every year since 2013. Most recently in the 2020 edition, Chambers acknowledged Pat as “extremely creative, very confident and has a fine grasp of how to use restructuring regimes to achieve the results the company is seeking." Chambers noted Pat is “very proactive and straight to the point,” “an excellent lawyer,” “outstanding lawyer with lots of experience and the ability to deal with complexity,” and “highly respected for his expertise in the representation of high-profile companies involved in complex reorganizations and debt restructurings.” Sources describe him as “commercially sophisticated and approachable” and praised him for his “very direct and practical approach.”
Prior editions noted Pat is “very highly regarded” and commended him for his “negotiation skills and ability to juggle a lot of balls in the air and deal with a lot of different matters and issues.” Chambers noted that clients applauded Pat for having a “great presence” in the sector and was described by sources as “very aggressive yet commercial, and won't fight silly points,” “well-rounded and good at everything” and “wonderful to deal with, very smart and very capable.”
Experience
Representative Matters
Debtor/Company Representations
- Representing Groupe Dynamite, a Canadian fashion retailer specializing in women’s apparel and accessories in its Chapter 15 proceedings in Delaware to recognize proceedings commenced in Canada under the Companies’ Creditors Arrangement Act (CCAA). Groupe Dynamite intends to use the insolvency process to redefine its retail operations to a new COVID-19 friendly model.
- Represented YRC Worldwide Inc., one of the largest trucking companies in the United States, in securing a $700 million loan from the U.S. Treasury in exchange for the government taking a 29.9% equity stake, under a provision of the $2.2 trillion CARES Act. The loan is the largest that the government has extended to a U.S. business outside of the airline industry and will be used to pay for deferred employee healthcare, pension costs and other contractual obligations, as well as to support essential capital investment.
- Representing Chesapeake Energy Corporation and 40 of its subsidiaries in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Chesapeake is a premier oil and natural gas exploration and production company with a high-quality, unconventional oil and natural gas asset portfolio, with substantial positions in top U.S. onshore plays. Chesapeake and its debtor-affiliates had more than $9 billion of funded debt obligations as of the commencement of their Chapter 11 cases. Prior to commencing the Chapter 11 cases, Chesapeake obtained commitments from certain of its secured creditors for over $4 billion of new capital, including a $925 million new money debtor-in-possession financing facility, a $600 million fully backstopped rights offering, and $2.5 billion of exit facilities as part of a comprehensive restructuring support agreement that would eliminate approximately $7 billion of Chesapeake’s funded debt obligations.
- Representing 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.
- Representing Bluestem Brands, Inc. and certain of its affiliates (“Bluestem”), a direct-to-consumer retailer that provides a wide array of merchandise through multiple channels under the Orchard and Northstar brand portfolios, in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Bluestem filed with over $460 million in funded indebtedness and a stalking horse purchase agreement that contemplates a going-concern transaction.
- Represented 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.
- Representing Specialty Retail Shops Holding Corp. and its subsidiaries (“Shopko”), a retailer of general merchandise, including clothing, accessories, electronics, home furnishings, as well as company-operated pharmacy and optical-services departments, in their Chapter 11 cases in the United States Bankruptcy Court for the District of Nebraska. As of its Chapter 11 filing, Shopko operated more than 360 stores in over 25 states. Shopko’s Chapter 11 cases are the largest ever filed in Nebraska.
- Represented EXCO Resources, Inc. in its Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, acquisition, development and production company headquartered in Dallas, Texas with principal operations in Texas, North Louisiana and the Appalachia region. EXCO listed approximately $1.4 billion of funded debt obligations at the time of filing.
- Represented Global A&T Electronics, a Singapore-based semiconductor business, in connection with the restructuring of approximately $1.2 billion of indebtedness. In 2018, the Turnaround Management Association's Chicago/Midwest Chapter recognized the successful restructuring of Global A&T Electronics with its “Large Transaction of the Year Award.”
- Represented Avaya Inc., a leading multinational technology company and certain of its affiliates, in its Chapter 11 cases. In 2018, the Turnaround Management Association recognized the successful restructuring of Avaya Inc. with its “Mega Company Transaction of the Year Award.”
- Represented Goodman Networks Incorporated, a leading provider of field services to the satellite television and telecommunication industries, and its domestic subsidiaries in their prepackaged Chapter 11 cases.
- Represented Gordmans Stores, Inc., an apparel and home décor retailer with 106 stores in 62 markets and 22 states, in its Chapter 11 cases.
- Represented Algeco Scotsman, leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management, in connection with certain transactions.
- Represented Horsehead Holding Corp., a U.S. producer of specialty zinc and zinc-based products and a leading recycler of metals-bearing waste, in its Chapter 11 restructuring.
- Represented GSE Environmental, Inc., the leading global manufacturer and marketer of geosynthetic lining solutions, as lead restructuring counsel in its prearranged Chapter 11 cases.
- Represented Macau casino Studio City International in connection with funded debt liabilities of more than U.S. $3 billion.
- Represented Sorenson Communications, Inc., the leading provider of telecommunications technology and services for hearing impaired individuals, as lead restructuring counsel in the Company’s pre-packaged Chapter 11 case.
- Represented EveryWare Global, Inc. and its affiliates, leading global marketers of tabletop and food preparation products for the consumer, foodservice, and specialty markets, in their prepackaged Chapter 11 restructuring involving approximately $300 million in funded debt.
- Represented Edmentum, a leading provider of proven online learning software and solutions whose primary customers include over 8,000 school districts, in the out-of-court restructuring of approximately $370 million of first lien and second lien debt.
- Represented Hawker Beechcraft Inc., a world-leading manufacturer of business, special mission, light attack and trainer aircraft, as co-lead counsel in its Chapter 11 restructuring case.
- Represented Tronox Incorporated and its affiliates, a leading manufacturer and marketer of titanium dioxide pigment, electrolytics and specialty chemicals, as co-lead counsel in their Chapter 11 cases.
- Represented AMF Bowling, the world’s largest owner and operator of bowling centers and a leader in the bowling industry, as lead counsel in connection with its Chapter 11 case.
- Represented U.S. Concrete, Inc. and its affiliates as lead counsel in their Chapter 11 cases.
- Represented VeraSun Energy Corporation as lead counsel in its Chapter 11 reorganization.
- Represented Financial Guaranty Insurance Company, a multibillion bond insurer, as co-lead restructuring counsel.
- Represented Meridian Technologies, Inc. as lead counsel in its successful cross-border restructuring.
- Represented The Clare at Water Tower, a non-profit, senior living retirement community, as lead counsel in an out-of-court balance sheet restructuring.
- Represented Krispy Kreme Corporation in the restructuring of its troubled franchisees.
- Represented Service Merchandise Company in its Chapter 11 restructuring.
Distressed Investors/Distressed Purchasers
- Representing an ad hoc group of European unsecured noteholders of Hertz Corporation, a leading provider of vehicle rentals around the world with more than 10,000 locations across North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand, in connection with a successful waiver and consent that avoided the need for Hertz’s European subsidiaries to file insolvency proceedings, as well as Hertz’s pending Chapter 11 restructuring, which will address approximately $19.1 billion in funded debt obligations and other liabilities.
- Representing an ad hoc group of holders of preferred equity interests in Spanish Broadcasting Company in connection with that company's on-going, out-of-court restructuring.
- Represented Oaktree Capital Management’s Global Principal group as plan sponsor and debtor-in-possession lender to Quiksilver Inc. in that company's Chapter 11 reorganization.
- Represented Versa Capital Management in its recently completed out-of-court acquisition of oilfield services provider U.S. Shale Solutions, Inc.
- Represented an ad hoc committee of second lien lenders/plan sponsors in the prepackaged Chapter 11 case of MachGen LLC.
- Represented an ad hoc committee of senior secured noteholders as lead counsel in the Chapter 11 cases of Constar International Holdings, LLC.
- Regularly represents Hilco Global and its affiliates in various transactions.
- Represented Sun Capital in multiple acquisitions.
- Represented Angelo Gordon as lead counsel in multiple transactions.
- Represented TransWorld Entertainment, Inc. in its acquisitions of Musicland, Wherehouse Entertainment and Value Music.
Lender Representations
- Representing an ad hoc group of first lien lenders to DiTech Holdings in its Chapter 11 case.
- Represented Oaktree Capital Management and KKR Credit Advisors as first lien lenders in an out-of-court exchange transaction. Proserv, based in Aberdeen, Scotland, is an energy services company offering marine technology services across the full life-of-field to its global customers. The transaction resulted in the consensual equitization of more than $500 million in funded debt and a $50 million new capital injection.
- Represented holders of DRH notes in Ocean Rig UDW’s restructuring proceedings in the Cayman Islands and the United States Bankruptcy Court for the Southern District of New York.
- Represented an ad hoc group of term loan lenders to Walter Investment Management in connection with that company’s on-going, out-of-court restructuring.
- Representing an ad hoc group of bondholders to China Fishery in connection with that company’s pending Chapter 11 cases.
- Represented an ad hoc committee of senior secured noteholders as co-lead counsel in the Chapter 11 cases of TerreStar.
- Represented an ad hoc committee of lenders that included Angelo Gordon, GSO Capital Partners and Aladdin Capital as lead counsel in acquisition of United Site Services.
- Represented an ad hoc group of first-lien lenders in the Chapter 11 cases of Altegrity, Inc. and its affiliates.
- Represented the second lien lenders to Cal Dive International Inc. and its affiliates in connection with their Chapter 11 cases.
- Represented an ad hoc group of first-lien lenders under Ocwen Financial Corp.’s $1.3 billion senior secured term loan facility.
- Represented Morgan Stanley as debtor-in-possession lender to Bally’s Total Fitness.
More
Thought Leadership
Seminars
“Nothing Up My Sleeve,” American College of Bankruptcy Seventh Circuit Education Committee Seminar, September 27, 2019, Chicago, Illinois.
“Indicators of Future Distress,” American Bankruptcy Institute VALCON 2018, May 16-18, 2018, Las Vegas, Nevada.
“Uncertainty and Opportunity in Distressed & Restructuring,” Columbia Business School’s 20th Annual Private Equity & Venture Capital Conference, February 28, 2014, New York, New York.
“Turnarounds and Restructuring,” Harvard Business School 20th Annual Venture Capital and Private Equity Conference, February 9, 2014, Boston, Massachusetts.
“Case Study: AMF Bowling, Inc. - Bowling a Strike in the Middle Market,” 9th Annual Wharton Restructuring and Distressed Investing Conference, February 22, 2013, Philadelphia, Pennsylvania.
“The Role of the Hedge Fund in Corporate Restructurings: White Knight or Villain?,” American Bankruptcy Institute 24th Annual Winter Leadership Conference, November 29 - December 1, 2012, Tucson, Arizona.
“Lessons Learned: Valuation and Bankruptcy Cases from the Past Year,” American Bankruptcy Institute VALCON 2012, February 22-24, 2012, Las Vegas, Nevada.
“Claims Trading: Effect of CDSs in Bankruptcy and How It Drives Negotiations and Results,” 13th Annual New York City Bankruptcy Conference, May 6, 2011, New York, New York.
Recognition
Pat was listed as a leading lawyer in the 2018–2021 editions of Chambers Global and the 2013–2020 editions of Chambers USA, America’s Leading Lawyers for Business.
Pat has been recognized by The Legal 500 U.S. for corporate restructuring.
Pat was selected as one of the nation’s “Outstanding Restructuring Lawyers” in 2014 and “Outstanding Young Restructuring Lawyers” in 2008 by Turnarounds & Workouts.
Pat was recognized in the 2013–2019 editions of The Best Lawyers in America for his work in Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law.
Memberships & Affiliations
Chairman of the Board of Trustees of St. Ignatius College Preparatory in Chicago, Illinois
Member of the Board of Trustees of Catholic Charities New York
Member of the Board of Directors of the Make-A-Wish Foundation of Illinois
Member of the American College of Bankruptcy
Credentials
Admissions & Qualifications
- 1996Illinois
Education
- University of Illinois College of LawJ.D.1996
- University of Notre DameB.A.1993