Restructuring and Bankruptcy
Our lawyers have decades of experience representing parties in bankruptcy proceedings involving utilities.
Representative matters include:
- Advised a large energy company in connection with restructuring lease obligations arising from a $1 billion sale-leaseback transaction for two major coal-fired power plants, including assessing environmental risks and exposure, analyzing state regulatory decisions, evaluating tax issues and documenting lease amendments as part of the lessee-operator’s chapter 11 bankruptcy case.
- Assisted energy companies in bankruptcy, corporate restructuring and sale situations, including Covanta Energy Corp. in its successful chapter 11 reorganization and divestiture of non-core assets and Exelon Boston Generating in the out-of-court restructuring and sale of its power plants to its secured lenders.
- Assisted in chapter 11 reorganization for EFIH, a holding company, with subsidiaries principally engaged in providing delivery services to retail electric providers in Texas, including TXU Energy.
- Representation of the Section 1114 Committee of Walter Energy, including negotiating over the terms of the sale of Walter Energy’s core business units.
- Counsel for several utilities, including PPL, in stranded costs securitizations in the early 2000s.