Restructuring and Distressed M&A
We represent public and private companies in bankruptcy proceedings, out-of-court restructurings, debt for equity exchanges, “internal” reorganizations, and distressed asset purchases and sales. Our attorneys also represent investors, lenders, creditors or equity holders in bankruptcy cases, out-of-court restructuring transactions or workouts, and provide advice on credit issues, derivatives, structured finance and other sophisticated financial instruments, as well as other insolvency-related issues.
Some of our representations include:
- Representation of the DIP lender, secured lenders and preferred shareholders in the Perpetua, Inc. (Burr Oak Cemetery) bankruptcy case. Perpetua commenced Chapter 11 bankruptcy proceedings for itself and two cemetery subsidiaries after four Burr Oaks Cemetery workers were criminally charged in a grave-selling scheme that drew national attention.
- Representation of Covanta Energy Corporation and more than 150 of its subsidiaries serving as debtor’s co-counsel in its successful Chapter 11 reorganization proceedings. Covanta operated waste-to-energy, independent power generation and water and wastewater treatment plants in the U.S. and abroad.
- Representation of Ellman International, a medical products manufacturer owned by Baird Capital Partners, in an extended workout lasting eight months. Our team eventually negotiated a forbearance agreement that permitted the sale of the company outside of bankruptcy.
- Representation of Exelon Boston Generating in its out-of-court restructuring and sale of newly constructed power plants (2,700 MW of capacity), to a group of its secured lenders.
- Representation of General Motors Company in the $50+ billion Section 363 sale of substantially all of the assets of GM to a newly formed entity sponsored by the U.S. Treasury in connection with GM’s bankruptcy.
- Representation of Harrah’s Jazz Company and JCC Holding Company, the owners of the Harrah’s casino in New Orleans, in their respective Chapter 11 and Chapter 22 reorganization proceedings. Over five years, we negotiated and confirmed reorganization plans involving modified capital structures and renegotiated contracts with the State of Louisiana, City of New Orleans and other key parties, ultimately permitting the casino to be built and opened.
- Representation of a syndicate of Hungarian banks in connection with out-of-court restructuring negotiations and the eventual sale to a third party of loans made to NABI Autóbuszipari Rt., a heavy-duty bus manufacturer based in Hungary, and its U.S. subsidiary North American Bus Industries, Inc.
- Representation of General Electric Capital Corporation as agent under a master leasing arrangement and post-petition DIP lender to Parmalat USA Corporation and its affiliate, Farmland Dairies LLC. The engagement included restructuring a series of cross-border intercompany claims among Parmalat entities, a confirmed plan of reorganization, and refinancing the U.S. Parmalat debtors’ businesses.
- Representation of the Chapter 7 bankruptcy trustee for Refco, LLC, acting as his special counsel for all commodities matters, including the bankruptcy sale of Refco’s FCM business and the seamless transfer of accounts and more than $3 billion in customer assets.