Central Security Group, Inc. ― Represented Central Security Group, Inc., one of the nation’s largest providers of home and business security and automation, in an out-of-court debt-for-equity exchange that significantly improved the Company’s overall capital structure, eliminating approximately $250 million (more than 50%) of the Company’s funded debt and including a new $25 million revolving credit facility commitment. The out-of-court transaction was executed after the Company successfully solicited support from 100% of its first lien and second lien lenders.
Neiman Marcus Group LTD LLC ― Represented Neiman Marcus Group LTD LLC and affiliates in their pre-arranged Chapter 11 cases. The Company successfully completed its restructuring of over $5.5 billion of funded indebtedness in under five months. The restructuring plan was confirmed in September 2020, eliminated more than $4 billion of debt and more than $200 million of annual cash interest expense, and preserved more than 13,000 jobs. Neiman Marcus is the first retailer with over $5 billion of debt to reorganize under Chapter 11.
Quorum Health Corporation ― Representing an ad hoc group of noteholders and DIP lenders of Quorum Health Corporation, a provider of hospital and outpatient healthcare services, in connection with Quorum’s prepackaged Chapter 11 bankruptcy cases in the United States Bankruptcy Court for the District of Delaware. Quorum filed for Chapter 11 protection to implement a prepackaged plan of reorganization that will eliminate approximately $575 million of Quorum’s nearly $1.4 billion in prepetition funded debt and provide it with at least $200 million, and up to $250 million, of fully committed new equity capital, funded by certain noteholder group members, upon emergence from Chapter 11.
Clover Technologies Group, LLC — Representing Clover Technologies Group, LLC (“Clover”) in connection with its prepackaged restructuring, which included a prepetition acquisition of an international wireless carrier for over $50 million, a $215 million sale of its “Imaging” business, and agreement to convert $650 million in indebtedness into equity and $80 million of new long-term indebtedness. Clover provides aftermarket management services for mobile device carriers and historically operated as a collector and remanufacturer of printer cartridges.
