PSS Industrial Group — Represented Prowler Super Holding Corp. and its subsidiaries (PSS Industrial Group), an oilfield services provider and value-added distributor in the energy and industrial industries, in connection with its out-of-court restructuring, including a complete deleveraging of over $320 million in funded debt through a UCC Article 9 foreclosure and a $55 million new money equity rights offering to fund future business growth. The consummated transaction contemplates payment in full of all vendors, suppliers and other business partners and uninterrupted fulfillment of all customer obligations.
Carlson Travel, Inc. — Represented Carlson Travel, Inc. and 37 of its affiliates (“CWT”) in the fastest cross-border prepackaged restructuring transaction to date. On November 12, 2021, the U.S. Bankruptcy Court for the Southern District of Texas entered an order confirming CWT’s prepackaged Chapter 11 plan of reorganization, just 18 hours after commencing bankruptcy proceedings. CWT is a leader in business travel management with over 12,000 employees and operations in 140 countries and territories around the world. As a result of the restructuring, CWT eliminated almost $900 million of its $1.6 billion of debt, secured access to $775 million of exit facilities and a $350 million equity investment, and preserved the entirety of its worldwide employee base.
Alex and Ani, LLC — Represented Alex and Ani and eight of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Alex and Ani entered bankruptcy with approximately $127.4 million of funded debt and the support of 100% of each tranche of its funded indebtedness and 100% of its equityholders, including private equity sponsor and majority equity owner Lion Capital. The RSA contemplates a dual track plan and marketing process that will completely delever the company’s balance sheet, as well as a global settlement with the company’s lenders and equityholders. Alex and Ani, a premier jewelry company that gained widespread recognition in the early 2010s, faced significant challenges in recent years, most recently from the COVID-19 pandemic.
Chesapeake Energy Corporation — Represented 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 eliminated approximately $7 billion of Chesapeake’s funded debt obligations.
Salt Creek Midstream — Represented Salt Creek Midstream, a full-service midstream provider headquartered in Houston, in a comprehensive out-of-court recapitalization that equitized certain existing debt and brought in new investment from its existing lender groups and funds managed by Ares Management.
Jack Cooper Ventures, Inc. ― Represented stalking horse purchaser and DIP lender in Chapter 11 cases of Jack Cooper Ventures, Inc. and certain affiliates in the Northern District of Georgia. Jack Cooper is a leading provider of finished vehicle logistics in North America. The prearranged restructuring addressed approximately $575 million in prepetition secured debt, modified labor and pension obligations, and facilitated a going-concern 363 sale transaction allowing for substantially all employees to keep their jobs.
EXCO Resources, Inc. ― 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.
GST Autoleather, Inc. ― Represented GST Autoleather, Inc., a supplier of leather upholstery to nearly every major automaker, in its Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. The Company obtained a commitment from its senior secured lenders for a $40 million debtor-in-possession facility, the proceeds of which will be used to fund ongoing business operations while pursuing a court-supervised going concern sale. GST has operations in North America, China, South Korea, Europe, and South Africa.
21st Century Oncology Holdings, Inc. ― Represented 21st Century Oncology Holdings, Inc. and its subsidiaries and affiliates, the largest global provider of integrated cancer care services, in its Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. 21st Century is seeking to effectuate a series of transactions contemplated by a Restructuring Support Agreement supported by over 90% of the Company’s funded debt holders. The transactions contemplated under the Restructuring Support Agreement will reduce the Company’s net debt by more than $500 million. The Company offers a comprehensive range of cancer treatment services, focused on delivering academic quality, cost-effective patient care in personal and convenient settings.
LINN Energy LLC — Represented Linn Energy, LLC and its affiliates in its Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Linn is a leading independent oil and natural gas exploration and production company with operations in 12 states and eight discrete U.S. regions.
Permian Holdings, Inc. ― Represented Texas-based Permian Holdings, Inc., the largest U.S. manufacturer of above-ground storage and processing tanks for the oil and natural gas exploration and production industry, in connection with its stakeholder negotiations and successful out-of-court recapitalization.
Gordmans Stores, Inc. — Represented Gordmans Stores, an apparel and home décor retailer, in its Chapter 11 cases in the United States Bankruptcy Court for the District of Nebraska. Gordmans was founded in 1915 and, as of its Chapter 11 filing, operated 106 stores in 62 markets and 22 states.
Magnum Hunter Resources Corporation ― Represented Magnum Hunter Resources Corporation and its subsidiaries, an independent exploration and production company engaged in the acquisition, development and production of natural gas, natural gas liquids and crude oil, primarily in the States of West Virginia and Ohio, in its Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware.
Samson Resources Corporation ― Represented Samson Resources Corporation in its Chapter 11 restructuring in the United States Bankruptcy Court for the District of Delaware. Samson, a leading onshore oil and gas exploration and production company with headquarters in Tulsa, Oklahoma, held oil and gas assets primarily located in Colorado, Louisiana, North Dakota, Oklahoma, Texas and Wyoming. In Chapter 11, Samson successfully executed on six simultaneous asset sales during its restructuring, with an aggregate purchase price of $650 million, and negotiated a global settlement with its major stakeholders, resolving all open issues in its bankruptcy. Samson’s plan of reorganization deleveraged its balance sheet by approximately $4 billion and positioned Samson for future success after emergence.
Sabine Oil & Gas Corporation — Represented Texas-based Sabine Oil & Gas and its subsidiaries, an independent oil and gas exploration and production company with approximately $2.6 billion in outstanding funded debt obligations, in their Chapter 11 cases in the Southern District of New York. After more than a year of litigation (in the context of multiple motions for derivative standing and confirmation of Sabine’s Chapter 11 plan) Sabine confirmed a plan of reorganization that significantly reduced its funded debt obligations and secured the financial commitments necessary to fund the restructuring and go-forward business needs. In addition, Sabine successfully obtained the bankruptcy court approval needed to reject certain onerous midstream gas gathering agreements and better position the business for post-emergence success. In 2017, the Turnaround Management Association recognized the successful restructuring of Sabine Oil & Gas Corporation with its “Large Company Transaction of the Year Award.”
GSE Environmental, Inc. — Represented GSE Environmental, Inc., the leading global manufacturer and marketer of geosynthetic lining solutions, in its prearranged Chapter 11 cases. Prior to filing, GSE reached agreement with its secured lenders on a financial restructuring plan that would equitize approximately $170 million in funded debt and provide additional capital for GSE on a going forward basis. GSE's plan, which was confirmed less than 3 months after GSE filed its Chapter 11 cases, provided payment in full for the company's trade vendors that agreed to return to market trade terms and provided a meaningful recovery to its remaining unsecured creditors.
Sequa Corporation — Represented Sequa Corporation in its successful refinancing and out-of-court restructuring of approximately $1.9 billion of funded indebtedness. Pursuant to the consensual restructuring, Sequa obtained a significant new money investment, its senior credit facilities were refinanced in full, and over 90 percent of its unsecured notes were exchanged for new convertible preferred equity.
The Dolan Company — Represented The Dolan Company and certain of its subsidiaries and affiliates in their prepackaged Chapter 11 reorganization. Pursuant to the confirmed Chapter 11 plan, Dolan restructured more than $100 million in funded debt obligations through a debt-to equity transaction with its secured lenders and paid general unsecured creditors in full. These transactions have permitted reorganized Dolan to emerge as a stronger company with a right-sized balance sheet. Dolan litigated confirmation of its Chapter 11 plan with an Official Committee of Equity Security Holders, whose constituents' equity interests in Dolan were cancelled by the plan. Following extensive pretrial discovery and multiple days of trial, Dolan and its secured lenders struck a favorable settlement with the equity committee that permitted Dolan to exit Chapter 11 on a timely basis and preserve the value of its businesses for all stakeholders. Dolan provides diversified information management and professional services to the legal, financial, and real estate sectors in the United States.
Syncora Holdings Ltd. — Represented Syncora Holdings Ltd. and certain of its subsidiaries in connection with the City of Detroit's Chapter 9 case, the largest-ever municipal bankruptcy filing. Syncora, through subsidiaries, insured or held a substantial amount of the City of Detroit's municipal finance debt obligations. After more than a year of vigorous litigation regarding multiple elements of Detroit's bankruptcy filing and proposed plan of adjustment, Syncora and Detroit entered into an innovative settlement that resolved all outstanding issues between the parties, delivered substantial value to Syncora and its subsidiaries, and created the foundation for Syncora's long-term partnership with and real-estate development and other investment in Detroit.
Cengage Learning, Inc. — Represented Cengage Learning, Inc., a leading educational content, software and services company for the academic, professional and library markets worldwide, in its prearranged Chapter 11 case. With annual revenues of approximately $2 billion, the company has approximately 5,200 employees with operations in more than 20 countries worldwide. Cengage is seeking to restructure its balance sheet and significantly reduce its approximately $5.8 billion of outstanding debt to better position itself for long-term growth and profitability. To this end, prior to its Chapter 11 filing, Cengage entered into a restructuring support agreement with an ad hoc committee of first lien lenders holding approximately $2 billion of the Company's first lien debt, whereby the lenders committed to support a restructuring transaction that will eliminate more than $4 billion in debt from Cengage's balance sheet.
AMF Bowling Worldwide, Inc. — Represented AMF Bowling, the world's largest owner and operator of bowling centers and a leader in the bowling industry, in connection with its Chapter 11 case in Richmond, Virginia. As part of its highly successful and fully consensual Chapter 11 plan of reorganization that raised $310 million in new financing, AMF Bowling merged with Bowlmor on July 1, 2013, becoming the largest operator of bowling centers in the world with 7,500 employees, 272 bowling centers and combined annual revenue of approximately $450 million.