Anthony R. Grossi - Partner

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Anthony R. Grossi

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New York
Phone: +1 212-446-6419
Fax: +1 212-446-6460
Overview News

Professional Profile

Anthony Grossi is a partner in the Restructuring Group of Kirkland & Ellis LLP. His practice is centered around the representation of distressed companies in all aspects of Chapter 11 reorganizations and out-of-court restructurings.

Anthony formerly served as the bankruptcy counsel to the U.S. House of Representatives Committee on the Judiciary.


Representative Matters

Debtor Representations

  • Seadrill Limited: Representing Seadrill Limited and certain of its direct and indirect subsidiaries in their multi-jurisdictional restructuring of approximately $20 billion of contract and debt obligations. Seadrill is a leading global provider of offshore contract drilling services and employs nearly 4,000 individuals across 22 countries and five continents. As part of its enterprise-level restructuring, Seadrill Limited and 85 subsidiaries and affiliates commenced Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas to restructure $11 billion of contract and debt obligations. Seadrill's pre-arranged Chapter 11 cases, one of the largest filings in 2017 based on asset size, aims to re-profile approximately $6 billion of secured debt, reduce overall leverage, and facilitate a capital investment of more than $1 billion. In the months preceding Chapter 11, Seadrill consummated a series of ring-fencing transactions that successfully prevented its non-consolidated businesses from also having to commence Chapter 11 cases. 

  • Answers Holdings, Inc.: Representing Answers Holdings, Inc. and certain of its subsidiaries in their prepackaged Chapter 11 cases. Answers is a leading global provider of high quality internet content and cloud-based customer solutions, and operates as three principal business divisions: Multiply; ForeSee; and Webcollage. The Chapter 11 cases delevered the company by $471.4 million representing over 86% of its funded debt obligations. As a result of forging consensus with approximately 90% of its creditors prior to the Chapter 11 cases, Answers’ Chapter 11 plan received unanimous support from its voting creditors and was confirmed in only 32 days.

  • Atrium Corporation: Represented Atrium Corporation and 19 of its affiliates, the largest manufacturer and distributor of residential vinyl and aluminum windows and patio doors in North America, in its Chapter 11 case in the District of Delaware that restructured more than $650 million in long term indebtedness in just 100 days. Atrium's plan of reorganization eliminated more than $400 million of indebtedness and provided for an equity infusion of approximately $170 million. Atrium employs more than 3,800 individuals and maintains 55 manufacturing and distribution centers located in 21 U.S. states and Canada.

  • Bear Island Paper Company: Representation of the second largest newsprint manufacturer in North America in its cross-border restructuring cases under Canada's Companies' Creditors Arrangement Act and Chapters 11 and 15 of the Bankruptcy Code.

  • Citadel Broadcasting Corporation: Represented Citadel Broadcasting Corporation, the third-largest radio broadcaster in the United States, with 224 radio stations in the nation's leading markets and the distributor of news and talk radio programming to more than 4,000 station affiliates, in its Chapter 11 cases in the Southern District of New York that successfully restructured over $2.4 billion in indebtedness. Citadel's Chapter 11 case, which was completed in just under six months, culminated in confirmation of a plan of reorganization that eliminated $1.4 billion in indebtedness following a heavily contested confirmation hearing and valuation dispute.

Out-of-Court Restructurings

  • Kerzner International Holdings Limited: Represented this leading international developer and operator of destination resorts, casinos and luxury hotels in connection with its out-of-court restructuring of more than $3 billion of indebtedness, including more than $2.5 billion of indebtedness in a commercial mortgage backed security structure. Kerzner's flagship brand is Atlantis, which includes Atlantis, Paradise Island, in The Bahamas, as well as The Cove Atlantis and The Reef Atlantis in The Bahamas and Atlantis, The Palm, Dubai, a water-themed resort on The Palm, overlooking the Arabian sea and mainland Dubai. Under the One&Only brand, Kerzner also manages seven of the top-rated luxury resort properties in the world, located in The Bahamas, Mexico, Mauritius, the Maldives, South Africa and Dubai. Additionally, the Mazagan Beach Resort, a 500-room destination casino resort in Morocco, is also operated by Kerzner.

  • Keystone Automotive Operations, Inc.: Represented Keystone Automotive Operations, Inc., a wholesale distributor and retailer of aftermarket automotive accessories and equipment with operations throughout the United States and Canada, in connection with a restructuring of its outstanding indebtedness. Keystone successfully completed an out-of-court restructuring that reduced its debt from approximately $429 million to $142 million through a simultaneous securities exchange offer, rights offering and prepackaged plan of reorganization, which included the negotiation of new secured revolver and term loan credit facilities as well as a $60 million equity commitment to backstop the rights offering.

Creditor Representations

  • Ally Financial Inc. and Ally Bank: Representing Ally Financial Inc. (“AFI”) and Ally Bank in connection with AFI's mortgage subsidiary, Residential Capital, LLC’s, Chapter 11 bankruptcy cases, which include prepetition proposed settlements with multiple key stakeholders, in the Bankruptcy Court for the Southern District of New York. Residential Capital, LLC is the fifth-largest servicer of residential mortgage loans in the United States with more than $15.6 billion in assets and $15.2 billion of indebtedness. AFI is a leading, independent, globally diversified financial services firm with operations in 32 countries and assets in excess of $180 billion. Ally Bank is an indirect wholly owned subsidiary of AFI and a leading franchise in the growing direct (online and telephonic) banking market.

  • CGG S.A.: Representing an ad hoc committee of senior secured lenders to CGG S.A. and its subsidiaries (collectively, “CGG”) in connection with a prearranged restructuring through concurrent French sauvegarde, Chapter 15, and Chapter 11 proceedings. CGG is based in France and globally operates a geoscience services and equipment company supporting commercial oil and gas exploration and production. CGG’s prearranged restructuring will address its over $2 billion in funded debt obligations, including three tranches of secured loans across its capital structure.


Courts

United States District Court for the Southern District of New York

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