Lakeland Tours, LLP — Representing Lakeland Tours, LLP d/b/a WorldStrides (“WorldStrides”) and certain of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. WorldStrides is a provider of educational travel experiences both domestically and abroad and filed for Chapter 11 to restructure more than $768 million of funded indebtedness after the worldwide shutdown of travel due to COVID-19 negatively impacted their businesses during their peak tour operating season.
Akorn, Inc. — 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.
Ultra Petroleum Corp. — Representing Ultra Petroleum Corp. and its affiliates in their comprehensive deleveraging and balance-sheet restructuring, accomplished through prepackaged Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of Texas and a parallel Canadian recognition proceeding filed in the Supreme Court of Yukon in 2020. Ultra is one of the largest oil and natural gas exploration and production companies in Wyoming.
J. C. Penney Company, Inc. — Representing J. C. Penney Company, Inc. and 17 of its affiliates in their pre-arranged Chapter 11 cases. JCPenney, an iconic American retail staple tracing its roots back to 1902, includes private brands such as Liz Claiborne, St. John’s Bay, Stafford, and Arizona Jean Co. JCPenney employs more than 85,000 people, manages a massive supply chain with nearly 3,000 vendors and eleven domestic shipping facilities, and operates approximately 850 stores in the United States and Puerto Rico, in addition to a substantial e-commerce business. With approximately $4.9 billion in debt, JCPenney entered bankruptcy with a Restructuring Support Agreement that carries broad first lien stakeholder support and is expected to substantially de-lever the company’s balance sheet.
Sheridan Holding Company II, LLC ― Sheridan Holding Company II, LLC: Represented Sheridan Holding Company II, LLC, and certain affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. Sheridan II is the second of three series of Sheridan oil and natural gas investment funds. Sheridan II’s prepackaged restructuring addressed over $1.1 billion of funded debt obligations through an equitization which had near universal creditor support and left general unsecured creditors unimpaired.
Barneys New York, Inc. ― Representing Barneys and its affiliates, the iconic luxury retailer and Manhattan staple, in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York.
Specialty Retail Shops Holding Corp. ― Representation of 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.
Gastar Exploration Inc. — Representation of Gastar Exploration Inc., and its wholly-owned subsidiary Northwest Property Ventures LLC, in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. Gastar is a publicly-traded oil and natural gas exploration and production company headquartered in Houston, Texas with assets concentrated in the STACK shale play in Oklahoma. The company’s prepackaged restructuring proposes to address nearly $600 million in funded-debt and preferred equity obligations, including the elimination of more than $300 million in funded-debt and preferred equity obligations, and provides for $100 million in committed financing to fund the Debtors’ business in and upon emergence from Chapter 11.
