Kirkland & Ellis LLP advised the ad hoc committee of bondholders, composed of Clearlake Capital Group and Avenue Capital Group, in connection with the prepackaged chapter 11 plan of reorganization of Light Tower Rentals, Inc. (LTR), which was completed in less than 40 days from filing and resulted in a 90 percent reduction of LTR’s debt. The chapter 11 plan provided for a recapitalization of LTR, led by affiliates of Clearlake, in partnership with the company’s management team and other existing stakeholders. LTR is a diversified specialty oilfield surface equipment rental company focused on operations in the Permian basin, with yards in other leading U.S. shale basins including the Eagle Ford, Bakken and Marcellus. The full release is available here.
The Kirkland team was led by restructuring partners Anup Sathy and Ross Kwasteniet and associates Ben Winger and Steve Schwarzbach; corporate partner Hamed Meshki and associate Nicole Amerian; capital markets partner Carol Anne Huff and associate David Serna; debt finance partner David Nemecek and associate Austin Glassman; executive compensation partner Michael Krasnovsky and associate Kate Coverdale; tax partners Russell Light and Zackary Pullin and associate Joe Tobias; environmental transactions partners Paul Tanaka and Stefanie Gitler; employee benefits partner Matthew Antinossi and associate Joseph Lifsics; real estate partner Rob Miceli; antitrust partner Ellen Jakovic; labor and employment partner Edward Holzwanger and associate Michael Schulman; and technology & IP transactions partner Matthew Lovell and associate Alfred Tam.