Sarah Gryll | People | Arnold & Porter

Sarah Gryll practices in all areas of corporate restructuring, bankruptcy, and insolvency-related matters. She regularly advises troubled companies, term loan lenders, term loan agents, distressed asset purchasers, trustees, and secured and unsecured creditors in out of court loan workouts, restructurings, chapter 11 proceedings, liquidations, and litigations.

Ms. Gryll serves on the Board of Directors for Jewish Counsel for Youth Services, a local Chicago non-profit agency, and sits on the Executive Committee. She also serves as a board member on the National Immigrant Justice Center’s Leadership Board. While in law school at Emory University, she served as a Managing Editor of the Emory Law Journal and received the Pro Bono Medal.

Focus Areas

Bankruptcy and Restructuring

Experience

Borden Dairy Company, the iconic dairy processor with annual revenues in excess of $1.4 billion, in connection with its contested Chapter 11 cases and the 363 sale of substantially all of its assets, following a 10-day "virtual" auction (one of the first of its kind) involving multiple bidders, in a transaction valued at approximately $340 million.
Private equity-owned dentistry and orthodontic business with 42 offices nationwide in its out-of-court restructuring and recapitalization. The transaction resulted in the company receiving a significant equity infusion to help sustain and grow the enterprise.
Solar panel manufacturer in an out-of-court restructuring of its funded liabilities and a recapitalization of its balance sheet by certain of its senior secured lenders.

Private investment partnership as successful bidder for certain assets of F+W Media, Inc. in the company's 363 sale in its Chapter 11 proceeding in the District of Delaware.
Private equity firm in connection with its bid for assets of Aquion Energy in the District of Delaware.

Ad hoc group of minority creditors in connection with LATAM Airlines’ Chapter 11 cases filed in the Southern District of New York.
Ad hoc group of 2L bondholders in connection with Carlson Travel’s prepackaged Chapter 11 cases filed in the Southern District of Texas.
Bondholder steering committees, prepetition indenture trustees, and debtor-in-possession lenders and agents to CarbonLITE, which is on the forefront of processing post-consumer rPET and producing high-quality rPET and PET beverage and food packaging products, in connection with its Chapter 11 proceedings in the District of Delaware.
Ad hoc group of term loan lenders to LSC Communications, one of the largest book and magazine printers in the US, in connection with its Chapter 11 proceedings in the Southern District of New York.
Ad hoc group of term lenders, prepetition agent and debtor-in-possession agent to Libbey Inc., one of the world's largest table glass and stemware manufacturers, in the company's restructuring and Chapter 11 case in the District of Delaware.

Ad hoc group of term lenders to Revlon, Inc., the US-based multinational cosmetics, skincare, fragrance, and personal care company, in connection with certain adverse transactions undertaken by Revlon, Inc. and its affiliates.
Steering committee of term loan lenders to Cineworld Group Plc, the world’s second largest cinema chain, in connection with out-of-court rescue financing.
Ad hoc group of senior term lenders to Acosta, Inc., a full-service sales and marketing company for consumer packaged goods companies that had approximately $3 billion of prepetition debt on its balance sheet, with respect to the company's prepackaged Chapter 11 cases filed in the District of Delaware. Acosta's bankruptcy resulted in a significant recovery for lenders, including ownership of Reorganized Acosta. Reorganized Acosta exited Chapter 11 with no leverage on its balance sheet.
Ad hoc group of senior term lenders to PetSmart, Inc., the largest specialty pet retailer in North America, with respect to the company's proposed spin-off of Chewy.com and related district court litigation.
Ad hoc group of term lenders to iHeartMedia, Inc., the owner and operator of the largest group of radio stations in the United States, with respect to the company's in-court restructuring of approximately $20 billion in indebtedness.
Ad hoc group of first lien lenders to Cumulus Media, Inc., the owner and operator of the second largest group of radio stations in the United States in the company's Chapter 11 case, which resulted in the first lien lenders, who were owed almost $2 billion, acquiring over 85 percent of the equity in the reorganized entity.
Bondholder steering committee and indenture trustee to Bronx Parking Development Company, LLC, which operates the main parking garages serving Yankee Stadium, in connection with its restructuring (pending).
Ad hoc group of B2 and B3 lenders to Toys "R" Us in the iconic toy retailer's Chapter 11 filing in the Eastern District of Virginia.
Ad hoc group of first lien lenders and loan agent to Transtar Industries, Inc., the largest distributor of automotive transmission parts in the United States, which filed Chapter 11 in the Southern District of New York.
Ad hoc group of first lien lenders to Autoparts, a premier manufacturer of automotive parts, in connection with the contested restructuring of its bankrupt affiliate UCI in the District of Delaware.

Wilmington Trust, as prepetition first lien and debtor-in-possession agent to Fusion Connect, Inc., a provider of cloud solutions to businesses, in connection with the company’s Chapter 11 cases in the Southern District of New York.
Cortland Capital Market Services, as prepetition first lien agent to Monitronics International, Inc., the parent company of Brinks Home Security, in its Chapter 11 proceeding in the Southern District of Texas.
Wilmington Trust, as first lien agent to NYDJ Apparel, LLC in litigation and out-of-court restructuring.
Wilmington Trust, as prepetition first lien and second lien loan agent for $40 million of term loans to Geokinetics Inc., one of the largest independent land and seafloor geophysical and seismic data companies, in its Chapter 11 case.
Wilmington Trust, as prepetition first lien and debtor-in-possession loan agent for over $400 million of term loans to Vertellus Specialties, Inc., a leading provider of specialty chemical products, in its Chapter 11 case.
Wilmington Trust, as prepetition first lien and debtor-in-possession term loan agent to Xtera Communications, Inc., a provider of optical networking for long-haul optical networks.

Perspectives

April 13, 2021

Gryll Featured in Bloomberg Law's 'Making Partner in a Pandemic' Series

April 12, 2021

Making Partner in a Pandemic: Arnold & Porter’s Sarah Gryll

Bloomberg Law

December 9, 2020

Arnold & Porter Successfully Negotiates Rescue Loan for Cineworld on Behalf of Steering Committee of Term Loan Lenders

May 28, 2020

Expanding Restrictions on Foreign Investment in US Tech and Telecom: Investors Beware!

Arnold & Porter Webinar

May 3, 2019

Arnold & Porter Secures Victory for iHeartMedia Lenders in Plan Restructuring $16 Billion of Debt

Recognition

The Legal 500 US

Restructuring (Including Bankruptcy): Corporate (2022)

Credentials

Education

J.D., Emory University School of Law, 2011
B.A., Yale University, 2006

Admissions

Illinois
New York
U.S. District Court, Northern District of Illinois
U.S. District Court, Southern District of New York
U.S. District Court, Eastern District of New York

Activities

Leadership Board, National Immigrant Justice Center
Board of Directors, Jewish Counsel for Youth Services
Former Co-Chair, Membership and Outreach Committee, Anti-Defamation League, New York Region Lawyers Division
Former Mentor, Legal Outreach (NYC)