Successful Restructurings of 2018
In its annual report on the bankruptcy industry, Turnarounds & Workouts recognized Kirkland & Ellis as counsel in 16 of the successful 29 bankruptcy filings of 2018: 21st Century Oncology Holdings, Inc., Agrokor D.C., American Tire Distributors, Inc., Armstrong Energy, Inc., Cenveo, Inc., CGG S.A., Charming Charlie Holdings, Inc., Cobalt International Energy, Inc., Danaos Corporation, EV Energy Partners, LP, Global A&T Electronics Ltd., GST Autoleather Inc., Philadelphia Energy Solutions, Inc., Seadrill Limited, VER Technologies Holdco LLC and Walter Investment Management Corp.
21st Century Oncology Holdings, Inc.
Counsel to debtor included Kirkland restructuring partners James Sprayregen and Christopher Marcus. 21st Century Oncology Holdings filed for bankruptcy in May 2017 with $1.05 billion in assets.
Agrokor D.D.
Counsel included Kirkland restructuring partners Partha Kar and Leo Plank. Agrokor’s restructuring plan was confirmed in October 2018.
American Tire Distributors, Inc.
Counsel to debtor included Kirkland restructuring partners James Sprayregen, Anup Sathy and Chad Husnick. American Tire Distributors won confirmation of its Joint Chapter 11 Plan in December 2018.
Armstrong Energy, Inc.
Counsel to debtor included Kirkland restructuring partners James Sprayregen, Jonathan Henes, Ross Kwasteniet and Travis Bayer. Armstrong Energy’s Third Amended Joint Chapter 11 Plan of Reorganization became effective in February 2018.
Cenveo, Inc.
Counsel to debtor included Kirkland restructuring partners Jonathan Henes, Joshua Sussberg, Melissa Koss, Greg Pesce and George Klidonas. Cenveo emerged from bankruptcy in September 2018.
CGG S.A.
Counsel to ad hoc secured lender committee included Kirkland restructuring partners Stephen Hessler and Anthony Grossi. CGG filed for bankruptcy in June 2017, and the plan became effective in February 2018.
Charming Charlie Holdings, Inc.
Counsel to debtor included Kirkland restructuring partners Joshua Sussberg and Aparna Yenamandra. Charming Charlie Holdings exited Chapter 11 in April 2018.
Cobalt International Energy, Inc.
Counsel to debtor included Kirkland restructuring partners James Sprayregen, Chad Husnick, Marc Kieselstein and Brad Weiland. Cobalt filed for bankruptcy in December 2017, and the company emerged from Chapter 11 in April 2018.
Danaos Corporation
Counsel to committee of secured lenders included Kirkland restructuring partners Kon Asimacopoulos and Stephen Hessler, and debt finance partner Ben Myers. Danaos consummated an out-of-court restructuring in August 2018.
EV Energy Partners, L.P.
Counsel to debtor included Kirkland restructuring partners James Sprayregen, Joshua Sussberg and Brad Weiland. EV Energy Partners emerged from bankruptcy in June 2018.
Global A&T Electronics Ltd.
Counsel to debtor included Kirkland restructuring partners Patrick Nash and Gregory Pesce. Global A&T Electronics emerged from Chapter 11 in January 2018.
GST Autoleather Inc.
Counsel to debtor included Kirkland restructuring partners Ryan Bennett and Benjamin Rhode. GST Autoleather emerged from Chapter 11 in May 2018.
Philadelphia Energy Solutions, Inc.
Counsel to debtor included Kirkland restructuring partners Edward Sassower, Steven Serajeddini and Matthew Fagen. Philadelphia Energy Solutions filed for bankruptcy in January 2018 and achieved confirmation of its plan of reorganization in March 2018.
Seadrill Limited
Counsel to debtor included Kirkland restructuring partners James Sprayregen, Anup Sathy, Ross Kwasteniet, Adam Paul, Brian Schartz and Anthony Grossi. Seadrill’s prearranged Chapter 11 cases represented the largest filing in 2017, and the company emerged from Chapter 11 in July 2018.
VER Technologies Holdco LLC
Counsel to debtor included Kirkland restructuring partners James Sprayregen, Ryan Bennett, Joshua Sussberg and Cristine Pirro. VER emerged from Chapter 11 and completed its merger in August 2018.
Walter Investment Management Corp.
Counsel to ad hoc group of consenting term lenders included Kirkland restructuring partners Patrick Nash and Gregory Pesce. Walter filed for bankruptcy in November 2017, and a plan to emerge from bankruptcy went into effect in February 2018.
