Steven N. Serajeddini, P.C.

Representative Company Matters

• Sheridan Holding Company II, LLC: Representing 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. Headquartered in Houston, Texas, Sheridan II is an oil and natural gas investment fund. Sheridan II’s prepackaged restructuring proposes to address over $1.1 billion of funded debt obligations through an equitization or a sale of all, or substantially all, of Sheridan II’s assets. The restructuring has near universal creditor support and leaves general unsecured creditors unimpaired.
• Specialty Retail Shops Holding Corp.: 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.
• NRG REMA LLC: Representing NRG REMA LLC and its direct subsidiaries in Chapter 11 cases filed in the Southern District of Texas that are jointly administered with the GenOn Chapter 11 cases. REMA is a wholesale power generation company headquartered in Dallas, Texas that owns or operates 15 power plants throughout Pennsylvania and New Jersey. The REMA cases were filed with a prepackaged plan of reorganization that will consensually restructure three leveraged lease structures.
• Philadelphia Energy Solutions: Representing PES Holdings, LLC in its prepackaged Chapter 11 restructuring in the United States Bankruptcy Court for the District of Delaware. Headquartered in Philadelphia, PES owns and operates the largest oil refining complex on the U.S. Eastern seaboard. The refining complex, which spans 1,300 acres and has capacity to refine 335,000 barrels of crude oil per day, has been in continuous operation since the 1860s. PES’s prepackaged plan of reorganization carries universal stakeholder support and commitments for over $260 million of new capital, and will provide PES with substantially reduced debt service obligations upon emergence. PES obtained confirmation of its plan in March 2018.
• GenOn Energy, Inc.: Representing GenOn Energy, Inc. and certain of its affiliates in connection with their prearranged Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. GenOn is a wholesale power generation company headquartered in Princeton, New Jersey, with a focus on operations in the Mid-Atlantic region of the United States—primarily operating in Pennsylvania and Maryland—and in California. Through the Chapter 11 cases, GenOn will restructure approximately $2.5 billion in funded indebtedness.
• The Gymboree Corporation: Representing The Gymboree Corporation and certain of its affiliates in connection with their prearranged Chapter 11 cases in the United States Bankruptcy Court for the Eastern District of Virginia. Gymboree is one of the largest children’s apparel specialty retailers in North America, with widely recognized brands — Gymboree, Janie and Jack, and Crazy 8 — and approximately 1,300 stores worldwide. Gymboree has filed a Chapter 11 plan to restructure over $1.1 billion of indebtedness.
• SandRidge Energy, Inc.: Represented SandRidge Energy, Inc., an oil and natural gas company headquartered in Oklahoma City, Oklahoma, in its prearranged Chapter 11 cases. SandRidge obtained confirmation of its prearranged Chapter 11 plan in 117 days. The plan equitized and canceled all of SandRidge’s approximately $4.1 billion of funded debt and $525 million of preferred stock, provided for a $425 million reserve-based revolving credit facility with a two-year covenant holiday, and received acceptances from 98 percent of voting creditors.
• Energy Future Holdings Corp.: Represented Energy Future Holdings Corp. and 70 of its affiliates (collectively, “EFH”) in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. EFH--the largest generator, distributor, and certified retail provider of electricity in Texas--is the product of the largest buyout in history. With over $49 billion in liabilities and $36 billion in assets, EFH’s Chapter 11 case is the largest operating Chapter 11 case ever filed in Delaware and the seventh largest Chapter 11 case filed in history.
• MS Resorts: Represented MSR Resort Golf Course LLC and 29 affiliated entities (“MS Resorts”) in all aspects of their Chapter 11 reorganization. MS Resorts invested in, owned, and operated five iconic luxury resort properties, including: the Grand Wailea Resort Hotel & Spa in Hawaii; the La Quinta Resort & Club and PGA West in California; the Arizona Biltmore Resort & Spa in Arizona; the Doral Golf Resort & Spa in Florida; and the Claremont Hotel Club & Spa in California. MS Resorts reported approximately $2.2 billion in consolidated assets and $1.9 billion in consolidated liabilities, over five tranches of CMBS and mezzanine debt.
• United Retail Group: Represented United Retail Group, Inc. and its subsidiaries in their Chapter 11 cases. United Retail is a leading retailer for plus-size women under the Avenue brand. It operates over 400 retail stores and online. The company used Chapter 11 to exit unprofitable store locations and sell its assets to affiliates of Versa Capital pursuant to Section 363 of the Bankruptcy Code.
• Local Insight Media Holdings, Inc.: Represented Local Insight Media Holdings, Inc., and certain of its subsidiaries, the fifth largest directory publisher and local search provider in the U.S, in its restructuring. Local Insight serves more than 340,000 businesses across 42 states, Puerto Rico, and the Dominican Republic, with annual revenue of more than $700 million.
• Innkeepers USA Trust: Represented Innkeepers USA Trust, the owner and operator of an extensive portfolio of extended-stay and select-service hotels, in its Chapter 11 reorganization. Located in 19 states and Washington, D.C., Innkeepers USA Trust operates 72 hotel properties under premium brands, including Marriott, Hyatt, Hilton, and others. Through the Chapter 11 cases, Innkeepers USA Trust is seeking to restructure approximately $1.4 billion in debt obligations, as well as to complete certain important capital investments to their hotel properties.
• Caribe Media, Inc.: Represented the largest yellow and white pages publisher in Puerto Rico and the Dominican Republic in the United States Bankruptcy Court for the District of Delaware.

Representative Creditor, Sponsor, and Investor Matters

• Transworld Systems Inc.: Represented an ad hoc committee of second lien bondholders in connection with Transworld Systems Inc.’s out-of-court restructuring of more than $500 million of funded debt obligations. Transworld is a national provider of accounts receivable management, debt collection, and loan servicing solutions. The restructuring was implemented as a simultaneous exchange offer, rights offering, and prepackaged plan solicitation, and ultimately obtained the support of 99% of second lien bondholders, reduced Transworld’s debt by more than $460 million, and raised $40 million of new equity capital.
• Northern Oil & Gas, Inc.: Representation of an ad hoc committee of unsecured noteholders in an out-of-court exchange transaction. Northern Oil & Gas is a leading non-operating oil and gas exploration and production company with assets located in Bakken and Three Forks plays in the Williston Basin of North Dakota and Montana. The exchange transaction addressed nearly $500 million in unsecured bond obligations through a conversion to new second lien secured notes and common equity.
• Breitburn Energy Partners LP: Representing an ad hoc second lien committee in the Chapter 11 cases of Breitburn Energy Partners LP, an independent oil and gas master limited partnership focused on the acquisition, exploitation, development and production of oil and gas properties in the United States.
• Bonanza Creek Energy, Inc.: Representation of an ad hoc committee of unsecured noteholders in the prepackaged Chapter 11 cases of Bonanza Creek Energy, Inc. in the United States Bankruptcy Court for the District of Delaware. Bonanza Creek is an independent oil and gas exploration and production company with assets located primarily in Colorado and Arkansas. Bonanza Creek’s prepackaged restructuring will address its more than $1 billion in funded-debt obligations, including more than $800 million in unsecured note obligations.
• RAAM Global Energy Company: Represented Highbridge Principal Strategies, LLC as senior secured lender in the Chapter 11 cases of RAAM Global Energy Company (“RAAM”) in the United States Bankruptcy Court for the Southern District of Texas. RAAM is an independent oil and natural gas exploration and production company with producing assets located offshore in the Gulf of Mexico and onshore in Louisiana, Texas, Oklahoma, and California. RAAM’s Chapter 11 restructuring will address its over $300 million in funded debt obligations and other liabilities.
• Globecomm Systems: Represented HPS Investment Partners, LLC, as agent for the senior secured term loan in the out-of-court restructuring of Globecomm Systems, Inc., a global connectivity provider.
• Unitek Global Services: Represented Apollo Investment Corporation as prepetition ABL lender, DIP lender, and exit lender in the prepackaged Chapter 11 cases of UniTek Global Services in the United States Bankruptcy Court for the District of Delaware.
• KV Pharmaceutical: Represented Centerbridge Partners, L.P. as former lender and equity holder in connection with the Chapter 11 cases of KV Pharmaceutical.
• Endemol B.V.: Represented Centerbridge Partners, L.P. in out-of-court loan restructuring transaction for Endemol B.V.
• CHL Ltd.: Represented Bain Capital in prepackaged Chapter 11 reorganization.
• Numerous other engagements for investors as potential capital providers or buyers of distressed companies.