PGX Holdings, Inc. — Represented PGX Holdings, Inc. and its subsidiaries (“PGX”), a leading credit-repair service provider, in an out-of-court restructuring transaction that extended the maturity of PGX’s funded debt by three years, raised new capital, and maintained the equity stake of its sponsor. This amend-and-extend transaction was executed with 100% lender consent and will give PGX runway to navigate uncertainties concerning general macroeconomic trends and ongoing high-stakes litigation.
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.
Destination Maternity Corporation — Representing Destination Maternity Corporation and certain of its affiliates, the largest national omni-channel maternity apparel retailer, in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. As of filing, Destination Maternity operated approximately 436 stores in the U.S. and Canada, 423 leased departments in big-box retailer stores, ten international franchise locations, and three e-commerce sites in the U.S. and Canada. The existing lenders in the Chapter 11 cases agreed to provide the company access to liquidity to fund the Chapter 11 cases and support the ongoing marketing process, which contemplates consummating a sale transaction before the end of 2019.
Hollander Sleep Products, LLC — Represented Hollander Sleep Products, LLC and certain of its affiliates, a leading bedding products manufacturer and wholesaler, specializing in pillows, comforters, mattress pads and foam products, in connection with their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the Southern District of New York.
Sungard AS Capital, Inc. — Represented Sungard AS Capital, Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of New York, in the fastest Chapter 11 case in history. Sungard AS obtained confirmation in less than 19 hours on May 2, 2019. In addition, Sungard AS emerged from Chapter 11 faster than any company in history—staying in Chapter 11 for less than 48 hours. Sungard AS, a provider of availability and recovery services, had approximately $1.26 billion in funded debt at the commencement of its Chapter 11 cases and deleveraged by over $900 million upon emergence.
Windstream Holdings, Inc., — Represented Windstream Holdings, Inc., and its debtor subsidiaries in their Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of New York. Windstream is a leading provider of advanced network communications, technology, broadband, entertainment and security solutions to consumers and small businesses in 18 states. In bankruptcy, Windstream commenced litigation to recharacterize a $3.5 billion spin-off and master lease of certain telecommunications network assets. That litigation resulted in an innovative settlement that provided over approximately $1.2 billion in net present value and billions of dollars of improvement to Windstream’s telecommunications infrastructure. Windstream also confirmed a Chapter 11 plan or reorganization that addresses more than $5.6 billion in funded debt obligations, provides for a $750 million equity rights offering, and positions Windstream to achieve its long-term goals.
FullBeauty Brands Holdings Corp. — Represented FullBeauty Brands Holdings Corp. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of New York. FullBeauty is an online plus-size apparel retailer that had $1.27 billion in funded debt at the commencement of filing. This was the first Chapter 11 case in history to obtain confirmation of a prepackaged Chapter 11 plan in less than 24 hours on February 4, 2019. FullBeauty emerged shortly thereafter on February 7, 2019.
American Tire Distributors, Inc. — Represents American Tire Distributors, Inc., one of the largest independent suppliers of replacement tires, in its prearranged Chapter 11 cases. The restructuring of American Tire’s approximately $2.6 billion in funded debt includes a three-year maturity extension and conversion of approximately $1.1 billion of bonds to equity. Existing equity holders are to receive 5% of the new equity, plus warrants for additional equity. The restructuring has the support of a majority of all holders of funded debt and leaves general unsecured creditors unimpaired.
EV Energy Partners, L.P. — Represents EV Energy Partners, L.P., and certain affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court for the District of Delaware. Headquartered in Houston, EVEP is a master limited partnership engaged in acquiring, producing and developing oil and natural gas properties with approximately $640 million in funded debt obligations at the time of filing. Before filing for Chapter 11 to implement its restructuring, the company negotiated a restructuring support agreement with 100 percent of the lenders under its reserve-based revolving credit facility and holders of approximately 70 percent of its unsecured notes, locking in support for a comprehensive restructuring of the company’s balance sheet.
Cobalt International Energy, Inc. — Represented Cobalt International Energy, Inc., and its subsidiaries in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Cobalt was an independent offshore exploration and production company with assets in the deepwater U.S. Gulf of Mexico and offshore West Africa with approximately $2.8 billion of funded indebtedness. Cobalt entered Chapter 11 to complete a sale of all or substantially all of its oil and gas assets and, after an auction, received winning bids for an aggregate purchase price of approximately $580 million. Cobalt also successfully settled arbitration regarding a failed sale of its Angola assets for approximately $500 million. After a hotly contested plan process, the bankruptcy court confirmed Cobalt’s Chapter 11 plan in April 2018.
Charming Charlie — Represents Charming Charlie, a Houston based specialty retailer focused on fashion jewelry, handbags, apparel, gifts and beauty products, in its Chapter 11 restructuring in the United States Bankruptcy Court for the District of Delaware. As of the Petition Date, the Company operates more than 375 stores in the United States and Canada. Charming Charlie entered into a restructuring support agreement with a majority of its term loan lenders and equity sponsors which provides for a comprehensive financial and operational restructuring that will significantly reduce the Company’s funded debt obligations and establish a sustainable capital structure.
