• Administrative agent of the approximately $600 million pre-petition senior secured facility $105 million secured DIP financing in the chapter 11 case of Ebix, Inc., in the Northern District of Texas.
• Administrative agent of the pre-petition senior secured facility in the chapter 11 case of Big Village Holdings LLC, through the consensual use of cash collateral and successful monetization of the company’s assets through multiple 363 sales.
• Agent of the pre-petition trade receivables securitization program, which was increased post-petition to fund the pre-packaged chapter 11 case of Audacy, Inc. The plan of reorganization to equitize $1.6 billion of debt was confirmed by the bankruptcy court in the Southern District of Texas in February 2024.
• Administrative agent of the trade receivables securitization program in the pre-packaged chapter 11 case of Air Methods Corporation, the nation’s leading air medical service provider, through the successful deleveraging of $1.7 million.
• Brazos Electric Power Cooperative, Inc. We represented the administrative agent and largest lender under the $500 million syndicated multi-lender pre-petition revolving credit facility to Brazos Electric Power Cooperative, Inc. in its chapter 11 case.
• Centric Brands Inc. We represented a major US Bank, as administrative agent, under the pre-petition and post-petition A/R securitization facility in the chapter 11 bankruptcy case of Centric Brands Inc. This financing utilized securitization technology and DIP lending in a court-approved, complex hybrid securitization/DIP facility.
• Cloud Peak Energy Inc. We represented a major US bank, as administrative agent, in connection with financing the chapter 11 case of Cloud Peak Energy Inc., one of the largest coal producers in the United States. The unique financing blended securitization technology and DIP lending into court-approved, complex hybrid securitization/DIP facility. The innovative financing harmonized complex intercreditor issues raised by extending a securitization facility into a chapter 11 proceeding (utilizing a non-bankrupt SPV) on a side-by-side basis with DIP loans provided by prepetition secured lenders.
• Covia Holdings Corp. We represented a major US Bank, as administrative agent, in connection with the letter of credit DIP Facility in Covia Holdings Corp.’s chapter 11 case. This innovative letter of credit facility utilized securitization technology and harmonized complex intercreditor issues with certain secured lenders.
• Hertz. We represented Barclays, as administrative agent, under the $1.6 billion pre-petition Donlen ABS facility in the Hertz chapter 11 case and, as administrative agent under a $400 million post-petition superpriority DIP/ABS facility with respect to the Donlen fleet leasing business. We also represented Barclays and another major financial institution, as initial purchasers, in connection with the offering of $1 billion asset-backed notes issued by Donlen Fleet Lease Funding 2 LLC, which was consummated as part of a section 363 transaction pursuant to which Athene Holding, an affiliate of Apollo Management, acquired the Donlen fleet leasing business in the Hertz chapter 11 case.
• International Pizza Hut Franchise Holder Association. We represented International Pizza Hut Franchise Holder Association, as one of three members on the official committee of unsecured creditors, in the chapter 11 cases of NPC International Inc. and its affiliates.
• ProCure Cancer Treatment Centers. We represented a major international financial institution, as agent on behalf of a syndicate of lenders, in connection with the restructuring of loans for four cancer-treatment centers across the United States. This involved novel out-of-court refinancing transactions and both consensual and disputed bankruptcy court supervised 363 sale transactions.

• Wolverine Fuels, LLC, the nation’s largest bituminous coal producers, on the successful out-of-court cross-border debt and off-take contracts restructurings resulting in more than $3 billion in projected increased revenue over the life of the various off-take.
• 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.
• The board of directors of Macy’s, Inc. We represented 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.
• Protalix BioTherapeutics, Inc. We represented 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.
• School Specialty, Inc. We represented School Specialty, Inc., a leading provider of educational products and services to the Pre-K- 12th grade market in the US 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.
• Seadrill Limited. We represented Northern Ocean Ltd., an international drilling contractor, in connection with the US chapter 11 filing of Seadrill Limited and its affiliates, a leading global provider of offshore contract drilling services with approximately $7.3 billion in debt at the time of filing, and the negotiation of a contract dispute with Seadrill Limited and its affiliates.

• Represented senior lender in Bank of America National Trust and Savings Association v. 203 North LaSalle Street Partnership, 119 S.Ct. 1411 (1999) in which the US Supreme Court ruled that the Chapter 11 plan of reorganization that gave pre-bankruptcy equity holders the exclusive right to acquire equity in the reorganized entity could not be confirmed over senior lender's objection where senior lender's unsecured claim was not being provided for in full as of the effective date of the plan.
• Represented an estate representative as plaintiff in fraudulent transfer and related action involving multiple extraterritorial asset transfers, resulting in $52 million judgment and proposed additional multi-million judgment against debtors and family members in Chapter 7 case of individuals pending in the United States Bankruptcy Court for the Northern District of Illinois.
• Represented a prevailing party in Spartan Mills v. Bank of America Illinois, 112 F.3d 1251 (4th Cir. 1997), cert. denied (November 10, 1997) in which the court affirmed the denial of a collateral attack of a bankruptcy court order as to the validity and priority of a senior lender's security interests and liens in debtor's assets.

Our global team of lawyers has experience litigating Contentious Insolvency & Fraud matters.

• Brazilian sugar, ethanol and energy producer. We act as legal counsel on all matters related to Brazilian and foreign (NY/English) law to the international lender group on the restructuring of a leading Brazilian sugar, ethanol and energy producer.
• Joannou & Paraskevaides (Overseas). We represent insolvency practitioners from Alvarez & Marsal Europe, the leading global professional services firm, in connection with all aspects of their appointment as the liquidators of Joannou & Paraskevaides (Overseas), a construction company operating in the Middle East, Europe & North Africa. The liquidators were appointed by an order of the Guernsey Court.