Seth Sanders

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.

Global Clean Energy Holdings, Inc. — Representation of Global Clean Energy Holdings, Inc. (GCEH) and 14 of its subsidiaries (“Global Clean”) in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Global Clean is a vertically integrated renewable fuels innovator that produces ultra-low carbon renewable fuels. Global Clean entered Chapter 11 to facilitate a debt-for-equity exchange with certain of the company’s key stakeholders, including lenders holding 96% of the company’s funded secured debt, who are supporting the Chapter 11 through a restructuring support agreement and an agreement to provide the company with approximately $200 million in new money debtor-in-possession capital.

Zips Car Wash, LLC — Representation of Zips Car Wash, LLC and certain of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Northern District of Texas. Zips, one of the largest privately held car wash operators in the United States, emerged from Chapter 11 with a plan of reorganization supported by 100% of its lenders. Through the restructuring, Zips eliminated approximately $275 million of funded-debt obligations and rationalized its site footprint by exiting unprofitable locations and shedding hundreds of millions of dollars of go-forward lease liabilities.

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.

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.

Vyaire Medical, Inc. — Representation of Vyaire Medical, Inc. and certain of its affiliates in their prearranged Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Vyaire is a leading medical devices and services company with approximately $534 million in funded debt. Vyaire commenced the prearranged cases to conduct a sale process with a $45 million debtor-in-possession financing facility and the support of the vast majority of its secured lenders.

Careismatic Brands, LLC — Representation of Careismatic Brands, LLC and 21 of its affiliates (together, “Careismatic”) in their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the District of New Jersey. Careismatic leads the $3 billion domestic medical scrubs market with a portfolio of 17 brands and dominant positions in the wholesale and online segments. The restructuring transactions, effectuated through an RSA with Careismatic’s key stakeholders, led to a net reduction of over $765 million in funded debt and provided a cash infusion through in-court financing for long-term, sustainable growth. On May 31, 2024, the company’s Chapter 11 plan of reorganization was confirmed with the unanimous support of its voting creditors. On June 13, 2024 the plan became effective. 

Rite Aid Corporation — Representation of Rite Aid Corporation (“Rite Aid”) and 119 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Rite Aid entered its Chapter 11 cases with $3.45 billion in debtor-in possession financing. Following months of negotiations including court-ordered mediation with all of Rite Aid’s key stakeholders, as well as several bet-the-company disputes and obtaining an additional $75 million in debtor-in-possession financing later in the cases, Rite Aid was able to delever its balance sheet by approximately $2 billion through a recapitalization transaction with its senior secured noteholders and resolve more than $2.5 billion in pending and threatened litigation. Rite Aid emerged from Chapter 11 on August 30, 2024 with $2.975 billion in committed exit financing, a new go-forward supply contract with McKesson (Rite Aid’s largest vendor and the provider of 98% of Rite Aid’s just-in-time prescriptions), settlement agreements or controlled substance injunctive terms with the Department of Justice and 15 states in which Rite Aid conducts business, and a leaner, more efficient real estate footprint.

Benefytt Technologies, Inc. — Representation of Benefytt Technologies, Inc. and certain of its affiliates (“Benefytt”) in their prearranged Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Benefytt markets and sells Medicare and private health insurance products to individuals, policy administration platforms to insurance carriers, and technology systems to insurance agents. The widely-supported restructuring support agreement (“RSA”) contemplated restructuring approximately $606 million in funded debt. Benefytt consummated the transactions set forth in the RSA and emerged from Chapter 11 on an expedited timeline.

Venator Materials PLC — Representation of Venator Materials PLC and its affiliates (together, “Venator”) in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Venator, which is an NYSE-listed Public Limited Company organized under the laws of England and Wales, is a global manufacturer of pigments and additives that bring color, vibrancy, and a sustainable finish to a variety of objects and for a variety of uses and has over $1.1 billion in total funded debt obligations. Venator filed for Chapter 11 with a restructuring support agreement supported by holders of 94% in principal of its total funded debt obligations and $275 million in new-money postpetition DIP financing. Venator’s Chapter 11 plan was confirmed approximately 70 days after the filing.

Nielsen & Bainbridge, LLC — Representation of Nielsen & Bainbridge, LLC (d/b/a NBG Home) and 13 of its affiliates in their prearranged Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of Texas. NBG Home is a trusted wholesale supplier of home décor and other home goods to prominent brick-and-mortar and online retailers such as Walmart, Target, and Amazon. NBG Home filed for Chapter 11 with a restructuring support agreement in place, supported by the majority of its secured creditors, that contemplates a $60 million DIP facility and an exchange of 100% of the equity of the reorganized company, subject to higher and better proposals. The proposed restructuring will preserve over 700 jobs and address nearly $400 million of secured debt.

Dunn Paper Holdings, LLC — Representation of Dunn Paper Holdings, LLC and its affiliates and subsidiaries in connection with an out-of-court restructuring by which an ad hoc group of first lien lenders, comprising all of the company’s approximately $380 million of funded debt, consensually foreclosed upon substantially all of Dunn’s assets and assumed majority ownership of the Company.

Celsius Network LLC — Representation of Celsius Network LLC and its affiliates in their Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of New York. Celsius is one of the largest and most sophisticated cryptocurrency-based finance platforms in the world and provides financial services to institutional, corporate, and retail clients across more than 100 countries.