Talen Energy Supply, LLC: Representing an ad hoc group of unsecured noteholders (the “Ad Hoc Group”) in the Chapter 11 cases of Talen Energy Supply, LLC and its affiliated debtors (“Talen”) in the United States Bankruptcy Court for the Southern District of Texas. Talen is one of the largest competitive power generation companies in North America, with a generation portfolio consisting of 18 facilities that are collectively capable of producing approximately 13,000 megawatts of power. Talen filed for Chapter 11 relief on May 9 to restructure its approximately $4.5 billion of funded debt obligations by way of a new money capitalization generated by an up to $1.65 billion new money capitalization generated by an equity rights offering backstopped by the Ad Hoc Group.
Seadrill Limited (Second Restructuring): Represented Seadrill Limited and certain of its direct and indirect subsidiaries in their multi-jurisdictional restructuring of approximately $6.1 billion of funded debt. Seadrill is a leading global provider of offshore contract drilling services and employs nearly 3,100 individuals across 15 countries and five continents. Seadrill's Chapter 11 cases, one of the largest filings of 2021, equitized approximately $4.9 billion of secured debt across twelve silos and facilitated a capital investment of $350 million, enabling Seadrill to continue to operate its modern fleet of drilling units.
KPS Capital Partners, LP: Represented KPS Capital Partners, LP (“KPS”) as DIP lender, stalking horse bidder, and ultimate purchaser of Briggs & Stratton Corp. and its affiliates (“Briggs & Stratton”). The $550 million acquisition was approved in Briggs & Stratton’s Chapter 11 cases in the Bankruptcy Court for the Eastern District of Missouri.
Valaris plc: Representing Valaris plc and 89 of its subsidiaries in their prearranged Chapter 11 cases. Valaris, which is incorporated in the United Kingdom, is the world’s largest offshore driller by fleet size, owning 67 drilling rigs and operating in every major offshore hydrocarbon basin throughout the globe. Valaris filed Chapter 11 with a restructuring support agreement and backstop commitment agreement to fully equitize all $7.1 billion of its prepetition funded debt, consisting of an unsecured revolving credit facility and 15 series of unsecured notes. The noteholders supporting the restructuring also have committed to a fully backstopped rights offering for $500 million of new secured notes upon emergence from Chapter 11 as well as to provide a $500 million DIP financing facility.
Technicolor S.A.: Representing Technicolor S.A. (“Technicolor”), a Paris-based global leader in content creation to distribution for Hollywood studios, independent filmmakers, music producers, and video game and software developers in its Chapter 15 proceeding pending before the United States Bankruptcy Court for the Southern District of Texas. The Chapter 15 proceeding is part of a comprehensive restructuring strategy to raise €420 million in new financing and refinance Technicolor’s existing $477.8 million and €977 million of funded debt through an accelerated financial safeguard proceeding under French law. Technicolor and its subsidiaries together employ more than 14,000 artists, experts, engineers, and innovators operating in 27 key media markets worldwide, including the United States, Canada, France, and the United Kingdom.
Bluestem Brands: Representing Bluestem Brands, Inc. and certain of its affiliates (“Bluestem”), a direct-to-consumer retailer that provides a wide array of merchandise through multiple channels under the Orchard and Northstar brand portfolios, in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Bluestem filed with over $460 million in funded indebtedness and a stalking horse purchase agreement that contemplates a going-concern transaction.
Dura Automotive Systems, LLC: Representing Dura Automotive Systems, LLC and certain of its subsidiaries (“Dura”), a leading independent designer and manufacturer of automotive systems, including mechatronic systems, exterior systems, and lightweight structural systems, in their Chapter 11 cases. As of its Chapter 11 filing, Dura and its affiliates had operations in thirteen countries with sales from its three main product segments generating approximately $1.1 billion in 2018.
