Louis S. Chiappetta

In addition to his debtor and creditor representations, Louis has extensive experience advising boards of directors and senior officers regarding fiduciary duties and contingency planning strategies in both in and out-of-court restructuring situations.

Louis was recently recognized as one of the 10 “Power Players: Distinguished Advisers” by Financier Worldwide as well as one of 50 restructuring lawyers by Global M&A Network—recognizing him as one of the top attorneys in restructuring. Louis has also been consistently recognized and ranked in Lawdragon 500, Crains’ Business Chicago, IFLR1000 and Chambers USA, which has described Louis as “knowledgeable, commercial and efficient” alongside fellow restructuring professionals who consider him “one of the most dedicated advisers” in the restructuring industry. He is also frequently recognized throughout peer publications and industry sources such as Best Lawyers in America, Leading Lawyers, and SuperLawyers as one of the preeminent practitioners in the restructuring field. Louis’ work has won deal of the year awards at leading restructuring awards programs, such as those organized by the M&A Advisor, Turnaround Management Association, IFLR, and GRR.

• An agricultural company in the successful out-of-court restructuring of more than $800 million USD in unsecured debt, consisting of covenant relief amendments, the granting of collateral and obtaining consent from the lenders to raise up to $250 million of superpriority first lien debt.
• School Specialty, Inc., a leading provider of educational products and services to the Pre-K- 12th grade market in the U.S. and Canada, in its successful out-of-court restructuring of more than $300 million of debt and consensual sale of substantially all of its assets to an entity formed by TCW Asset Management Company, LLC, Cerberus Capital Management, and Lantern Capital Partners.
• The board of directors of Macy’s, Inc., a publicly traded retailer with sales of $24.6 billion, in connection with a new $3 billion ABL facility and $1.3 billion secured bond issuance. This restructuring was awarded “Restructuring and Insolvency Deal of the Year” at the IFLR1000 United States Awards 2021.
• Siemens Financial Services, Inc. in the sale of its preferred equity interest in Hummel Power Station, a 1,124-megawatt natural gas-fired combined-cycle generating facility located in northern Pennsylvania, to an affiliate of a fund managed by LS Power Equity Advisors, LLC, and related transactions involving the sale of Hummel Power Station.
• Protalix BioTherapeutics, Inc., a biopharmaceutical company focused on the development, production and commercialization of recombinant therapeutic proteins, in its successful out-of-court restructuring and $43.7 million private placement of common stock and warrants. 
• SunEdison, Inc., and certain of its domestic and international subsidiaries, which at the time of their filings were the world’s largest renewables developers, as one of the principal attorneys that led all aspects of their Chapter 11 restructuring, including their successful emergence from Chapter 11 resolving more than $11.7 billion in reported debt.
• Exide Technologies, a global transportation and industrial battery manufacturer, in all aspects of its Chapter 11 reorganization, including the confirmation of its plan of reorganization, resulting in a more than $600 million de-leveraging as well as one of the lead attorneys responsible for successfully litigating hundreds of millions of dollars of non-dischargeability, fraudulent conveyance and claims issues.
• TORM A/S, one of the largest shipping companies in Denmark, in its successful $1.8 billion out-of-court restructuring.
• GlobalStar, Inc., a provider of mobile satellite voice and data services, in its out-of-court debt restructuring via an exchange offer.
• Delphi Corporation, one of the largest global suppliers of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology, in its successful emergence from Chapter 11 and as one of the lead attorneys spearheading the resolution of billions of dollars in asserted claims.
• A Brazilian company in preparation for its chapter 15 filing in the United States seeking to restructure more than $300 million in reported debt.
• LifeCare Holdings, Inc., an operator of long-term acute care hospitals, and its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware.
• Synagro Technologies, a leading waste management and provider of biosolids and residuals solutions, in its Chapter 11 restructuring in the U.S. District Court for the District of Delaware.
• VeraSun Energy Corporation, an ethanol producer, in its Chapter 11 corporate restructuring, including a $215 million debtor-in-possession financing and its approximately $477 million sale via an auction of seven ethanol facilities to Valero Renewable Fuels Company LLC.
• Circuit City Stores, Inc. in its Chapter 11 bankruptcy and its $1 billion liquidation in the U.S. Bankruptcy Court for the District of Delaware.
• Primus Telecommunications Group, Incorporated, a telecommunications provider, in its Chapter 11 restructuring in the U.S. Bankruptcy Court for the District of Delaware.
• Mark IV Industries, Inc., an affiliate of Sun Capital Partners and manufacturer of automotive technology, and its subsidiaries (including Dayco Products LLC), in their prenegotiated Chapter 11 reorganization filed in the U.S. Bankruptcy Court for the Southern District of New York. Mark IV Industries emerged from Chapter 11 a little more than six months after filing, receiving an exit facility consisting of a $50 million asset-based loan credit facility provided by Wachovia Bank, N.A. and JP Morgan Chase & Co., a $145 million term loan credit facility and a $228 million term loan distributed to first lien prepetition secured lenders.
• Interstate Bakeries Corporation in its successful emergence from Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Illinois.
• Neumann Homes Inc. in its Chapter 11 restructuring and proposed liquidation in the U.S. Bankruptcy Court for the Northern District of Illinois.

Creditor/Investor Representations

• Represents General Motors Holdings LLC in connection with the Thacker Pass lithium project, a joint venture with Lithium Americas Corp. to develop one of North America's largest known lithium deposits, including matters related to the project's US Department of Energy financing.
• Represented the special committee of the board of the seller of Mercury Financial LLC in connection with Mercury's sale to Atlanticus Holdings Corporation. Mercury is a leading credit-card platform serving near-prime consumers through bank-partner programs. Following the transaction, Atlanticus added approximately 1.3 million serviced accounts and $3.2 billion in credit card receivables, expanding its position in the consumer credit market.
• Representing GE Aerospace and CFM International, among the world’s largest providers of airline engines, parts, maintenance, repair, and overhaul services for the global aviation industry, in the Chapter 11 proceedings In Re: Gol Linhas Aéreas Inteligentes S.A., et al., Case No. 24-10118 (MG), currently pending in the United States Bankruptcy Court, S.D. New York.
• An information processing company in the strategic purchase of equity interests in certain financially distressed financial technology companies and substantially all of the assets of another financially distressed financial technology company through an out-of-court Article 9 foreclosure sale by a secured seller-party.
• Angelo, Gordon & Co., L.P. ("AG"), in its capacity as a term loan lender to, and a new money equity investor in, APR Operating LLC (D/B/A Admiral Permian Resources) ("APR"), in connection with (a) the out-of-court restructuring of APR's outstanding indebtedness and (b) AG's new money equity investment in APR.  APR is a privately held exploration and production company that is focused on the acquisition and development of oil and gas properties in the Permian Basin.  
• LibreMax Capital, as secured lender in its 100% recovery of a $70 million back leverage financing facility with PosiGen, LLC, a residential solar provider specializing in energy efficiency audits, solar panel leasing, solar electric/energy efficiency leases, solar hot water service, and solar electric sales. 
• AMCK Aviation as a creditor in the international Avianca bankruptcy cases, which involved cross-border claims against the second-largest carrier in Latin America.
• First Solar, Inc., Atlantica Yield Plc and Mojave Solar Inc., as power purchase agreement creditors in the Chapter 11 cases of PG&E Corporation and Pacific Gas and Electric Company in U.S. Bankruptcy Court for the Northern District of California.
• C&S Wholesale Grocers, one of the nation’s leading supply chain companies in the food industry, in its position as co-chair of the official committee of unsecured creditors in the Chapter 11 case of the Great Atlantic and Pacific Tea Company.
• Unified Grocers, one of the nation’s leading grocery wholesale companies, in its position as co-chair of the official committee of unsecured creditors in the Chapter 11 case of Haggen, Inc.
• Ryan Kavanaugh, the CEO and founder of Relativity Media, in the acquisition of all of the company’s assets except for its television business and the acquisition of Trigger St. Productions.
• SuperValue Inc. in connection with its relationship with Haggan Inc. and its affiliates.
• A bidder in the auction by Syncora Holdings Ltd. for its American Roads LLC's bridge and tunnel P3 assets in Alabama and Michigan.
• An affiliate of Fortress Capital Corporation in a US$150 million Shariah-compliant debtor-in-possession murabaha facility for a subsidiary of Arcapita Bank, B.S.C(c), a provider of investment banking services in Bahrain, in connection with Arcapita's Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Southern District of New York. 
• Black Diamond Capital Management, a private equity firm, and its affiliates in various intercreditor agreements.
• Blackstone in connection with the acquisition of certain oil and gas-fired power plants.
• Morgan Stanley & Co. Incorporated as sole lead arranger and sole lead bookrunner and Morgan Stanley Senior Funding, Inc. as administrative agent in connection with the $95 million financing of Altra Inc.’s acquisition of Phoenix Bio Industries, LLC, the owner and operator of an ethanol plant in California. The financing included a $30 million first lien facility and a $65 million second lien facility. In addition to the credit facilities, this transaction included the first ethanol hedge ever put into place. Morgan Stanley Capital Group, Inc. entered into hedging arrangements with Altra Inc. to hedge the commodity risks related to the sale and purchase of ethanol, natural gas and corn. Altra Inc. is owned by several private equity firms, including Kleiner Perkins Caufield & Byers, Omninet Private Equity, LLC, Sage Capital Partners, L.P., Angeleno Group, LLC, and Khosla Ventures.
• OAO Severstal (Russia) as the largest unsecured creditor and a secured creditor in the Chapter 11 cases of RG Steel, LLC filed in the U.S. Bankruptcy Court for the District of Delaware, and in various related litigation matters, including reaching a settlement of the various claims between the parties for a payment by Severstal to RG Steel of US$30 million in exchange for RG Steel Wheeling, LLC’s right, title and interest in Mountain State Carbon, LLC.
• Trustees of the Reader's Digest U.K. pension fund in the Chapter 11 reorganization of The Reader's Digest Association, Inc.
• SPO Advisory Corp. (a private investment firm and sponsor of hedge funds) and SPO Partners II, L.P. (a private equity and investment fund of SPO Advisory Corp.) as creditor and co-chair of the creditors' committee in the Chapter 11 case of Calpine Corporation, a natural gas and electric utility, an independent power producer, an owner of gas-fired power plants and a producer of geothermal power.