Bankruptcy and Restructuring

Experience Highlights

• PetSmart, as counsel to ad hoc group of senior term lenders, in proposed spin-off of Chewy.com and related district court litigation.
• Downey Regional Medical Center-Hospital Inc. in its restructuring under Chapter 11 in the Central District of California.
• HelpMeSee Inc., a cataract surgery charity, in an American Arbitration Association arbitration in New York involving breach of contract, breach of fiduciary duty, fraudulent inducement, conversion and copyright infringement claims.
• Ad Hoc Group of Senior Term Lenders to PetSmart, the largest specialty pet retailer in North America, in the proposed spin-off of Chewy.com and related district court litigation.
• Liberty Tire Recycling, North America's largest tire recycling business, in its out-of-court restructuring. The cross-border restructuring involved a refinancing of the first-lien debt and an exchange offer and consent solicitation pursuant to which the holders of over 98% of the Company's bonds converted to a combination of new debt securities and 100% of the equity.
• US Airways, as lead restructuring counsel, in the company's second Chapter 11 reorganization and its merger with America West Airlines.
• Quad/Graphics, the world's second largest commercial printer, in cross-border restructuring, obtaining confirmation of a stand-alone plan of reorganization in the US and Canada.
• Trade Creditors on ways to reduce bankruptcy risks, including preference risks, arising from deliveries to troubled retailers and other troubled companies.
• Private Equity Owner, owner of a condominium development acquired pursuant to a Chapter 11 plan, in seeking to block successor liability claims brought in state court. Viscayne So. Condo. Ass'n, Inc., et al. v. RW 244 RES, LLC, et al.
• Quebecor World (USA) Inc. (now Quad/Graphics Inc.) in Chapter 11 reorganization by addressing a wide range of federal and state environmental liabilities of the debtors, including multiple liabilities under the Comprehensive Environmental Response Compensation and Liability Act.
• Two Wholly Owned Bank Subsidiaries of Lehman Brothers Holdings Inc. in bankruptcy and regulatory issues arising from the Chapter 11 cases and SIPA proceeding.
• Police and Fire Retirement System of the City of Detroit and the General Retirement System of the City of Detroit in appeals related to Detroit's Chapter 9 bankruptcy case.
• iHeart Media, as counsel to ad hoc group of senior term lenders, in the restructuring of its nearly $20 billion in indebtedness.
• Owner of seven long-term acute care facilities in LifeCare’s bankruptcy case.
• National Union Fire Insurance Company of Pittsburgh, Pa., as lead counsel, in director and officer insurance-related litigation filed in the Eastern District of Virginia Bankruptcy Court in the Health Diagnostic Laboratory bankruptcy proceedings.
• Counsel to Ad Hoc Group of First Lien Lenders to Cumulus Media, owner and operator of the second largest group of radio stations in the United States, that were owed more than $1.6 billion.
• Hostway Corporation, a leader in cloud hosting, managed web hosting and email applications, in the company's sale to Connecticut-based private equity and distressed securities firm, involving outstanding first and second lien credit facilities (both of which are agented by Fortress Capital Corporation) in the aggregate amount of $165 million.
• Northwest Airline, as special bankruptcy/labor counsel, in successful Chapter 11 proceedings, including Section 1113 litigation and a precedent-setting appeal to the Second Circuit concerning a bankruptcy court's ability to enjoin a strike following implementation of Section 1113 relief.
• IMPSAT Fiber Networks, the largest cable company in South America, in its successful cross-border restructuring, combining US Chapter 11 proceeding and country-specific consensual restructurings.
• Real Estate, Corporate and Energy Companies in providing true sale and substantive consolidation analysis, structuring advice and opinions regarding financing transactions.
• The Robert and Dee Leggett Foundation in the Virginia bankruptcy proceeding of Loudoun Heights LLC.
• Safety-Kleen, as special environmental counsel, in its Chapter 11 case.
• US Regulatory Agency in takeover of Fannie Mae and Freddie Mac and in various litigations and bankruptcy proceedings.
• Large Financial Institution Defendants in avoidance action litigation arising from the Bernard L. Madoff and Fairfield Sentry insolvency proceedings.
• Zohar III Corp., as counsel to controlling class of noteholders, in the Zohar III Bankruptcy cases and in other litigation.
• Senior Secured Lender in bankruptcy of Pacifica Hospital of the Valley in the Central District of California.
• Andreessen Horowitz, one of Silicon Valley's most prominent venture capital firms, and one of its partners, in governance-related litigation pending in the Delaware Chancery Court and Delaware Bankruptcy Court arising out of the firm’s investment in Jumio, Inc.
• Ad Hoc Group of Senior Term Lenders to iHeart Media in the restructuring of iHeart's nearly $20 billion in indebtedness.
• Quad/Graphics Inc., the world's second largest commercial printer in cross-border restructuring, obtaining confirmation of a stand-alone plan of reorganization in the US and Canada.
• Successful Investors and Continental Airlines regarding confirmation of its Chapter 11 plan of reorganization and post-confirmation proceedings.
• Large non-US banks with respect to derivatives contract claims, guarantee claims and related issues in Lehman Brothers bankruptcy proceedings.
• Real Estate Lenders in providing bankruptcy risk analysis and structuring advice regarding the financing and refinancing of real property-related debt and associated equity interests.
• The Davidson Family Trust, as the debtor-owner of luxury hotel in Chapter 11 proceedings based in Hawaii. In re M Waikiki LLC
• Multiple Creditors with environmental interests impacted by the General Motors bankruptcy.
• Swap Counterparties in the Lehman Brothers Chapter 11 cases.
• Cortland Capital and Term Lenders in Paragon Offshore Chapter 11 proceeding involving total term, revolver and noteholder claims of approximately $2.4 billion.
• Cumulus Media, as counsel to ad hoc group of first lien lenders that were owed more than $1.6 billion.
• Lessor of six facilities in Marathon Healthcare bankruptcy in the District of Connecticut and subsequent receivership proceeding.
• Major Investors in governance-related litigation against certain directors and former directors of Zetta Jet.
• Ad Hoc Group of Toys "R" Us B-2 and B-3 Term Lenders in the iconic toy retailer's Chapter 11 filing in the Eastern District of Virginia.
• US Airways in its second restructuring under Chapter 11, addressing, among other things, complex labor litigation and aircraft finance issues, and culminating in a merger with America West Airlines.
• Counsel to Aircraft Lessors in obtaining Second Circuit victory in the Delta Airlines Chapter 11 case that upheld tax indemnity claims of leveraged lease owner participants.
• Ad Hoc Committee of Noteholders on restructuring €275 million of a European manufacturer's indebtedness, which involved the intricate application of Luxembourg, English and New York law.
• Real Estate Developers in bankruptcy risk analysis and structuring advice regarding financing of real estate projects.
• 530 Holdings LLC, acquirer of a Fifth Avenue office building, in negotiating the termination of debtor's retail lease on an emergency basis to facilitate closing of the acquisition. In re Syms Corp.
• ASARCO Creditor in the ASARCO Chapter 11 case.
• Large US Bank regarding claims in FDIC receivership and Chapter 11 bankruptcy cases of Washington Mutual.
• Portigon AG, New York Branch (formerly known as WestLB AG, New York Branch) in defense of claims asserted by bondholders in an action commenced in the Supreme Court of the State of New York. Portigon acted as syndication agent and lender under a $200 million secured credit facility, including $65 million in bonds allegedly held by the plaintiffs, OppenheimerFunds, Inc.
• Welltower Inc. in the Chapter 11 bankruptcy cases of Passage Midland Meadows Operations LLC, et al., in the United States Bankruptcy Court for the Southern District of West Virginia, and in a receivership proceeding in the United States District Court for the Northern District of Ohio.
• Lessor and Senior Secured Lender in bankruptcy of several long-term acute care (LTAC) hospitals and in related litigation.
• Madhu Vuppuluri (Former CEO of debtor Essar Steel Minnesota LLC) in defense against a 32-count complaint seeking damages in excess of $1 billion.
• Controlling Class of Noteholders of Zohar III Corp. in the Zohar III bankruptcy cases and other litigation.
• 4Kids Entertainment, an entertainment and media company that managed licensing, broadcast and merchandising rights to popular children's titles, in its successful Chapter 11 (SDNY), which was recognized as one of T&W's "Most Successful Restructurings of the Year" in 2012.
• Private Equity Fund regarding potential DIP financing and equity investment in Frontier Airlines.
• MAXX Corp. in its cross-border restructuring of a combined $535 million in secured and unsecured debt. MAAX sold its assets to Tricap Partners Ltd, a private equity fund managed by Brookfield Asset Management.
• Underwriter in providing bankruptcy risk analysis and legal opinions regarding mortgage-backed structured financing transactions.
• Professional Golfers Association in the enforcement of its trademark license agreement with resort owner. In re MSR (Bankr. SDNY)
• Murray Pacific Corp., a timber company with substantial environmental claims, in the ASARCO bankruptcy.
• South American Bank regarding substantial debt claims, guarantee claims and derivatives contract claims in Lehman Brothers Chapter 11 cases and Lehman Brothers International (Europe).
• Group of Lenders in defeating the efforts of another lender to impose, by court order, a restructuring of Arch Coal Inc.'s multibillion dollar debt over their objection.
• New England Confectionery Company, as counsel to ACAS LLC and affiliates in District of Massachusetts bankruptcy case and in related bankruptcy court and district court litigation.
• Major Secured Lender in the Doctors Community Healthcare Corporation Chapter 11 case.
• American Capital Ltd. and Various Directors against claims for breach of fiduciary duty and other business torts brought by bankruptcy trustee of failed portfolio company.
• Ad Hoc Group of Term Lenders to Arch Coal in the restructuring of a $1.9 billion credit facility extended to Arch, which successfully emerged from Chapter 11 with the term lenders receiving more than 90% of the post-reorganization equity and achieved a more than par recovery following emergence.
• Preferred Fragrance Inc., a national distributor of perfumes and fragrances, and its equity sponsor, in its ongoing workout and refinancing of revolver, term and mezzanine indebtedness.
• Successful investors in the Chapter 11 reorganization of America West Airlines.
• Liquidators of Univest Multi-Strategy Fund II Ltd. in complex litigation before the Supreme Court of the State of New York and related proceedings before the United States Bankruptcy Court for the Southern District of New York, concerning proceeds from a Cash Settled Equity Barrier Call Option.
• Japanese Corporation in potential restructuring alternatives for a US subsidiary.
• Commercial Real Estate Firm in retail tenant workouts at shopping centers and mixed-use properties.
• Manufacturer with substantial environmental claims in the Lyondell Chemical bankruptcy.
• Investment Bank and Wholly Owned Industrial Loan Company regarding rights in borrower collateral upon bankruptcy in connection with development of secured loan program.
• Health Care REIT Inc. in obtaining the expedited return of $137 million of it's funds trapped by the LandAmerica bankruptcy proceeding.
• Cortland Capital and Term Lenders in Paragon Offshore Inc. Chapter 11 proceeding involving total term, revolver and noteholder claims of approximately $2.4 billion.
• Westchester County, New York in the restructuring of a $90-million credit facility involving the Westchester County Medical Center.
• Ares, ACAS and Various Directors in bankruptcy and restructuring matters and in related litigation throughout the United States including, most recently, in governance-related litigation arising from New England Confectionary Company bankruptcy case.
• Cortland Capital, as syndicate agent, and term lenders in Paragon's Chapter 11 proceeding involving total term, revolver and noteholder claims of approximately $2.4 billion.
• Downey Regional Medical Center-Hospital Inc. in its restructuring under Chapter 11 in the Central District of California.
• TPG as the stalking horse investor in the first US Airways bankruptcy case and as the purchaser of world's second largest airline caterer, Gate Gourmet, from the Swiss Air insolvency proceedings.
• Global Financial Institution in the Bear Stearns Cayman Islands hedge fund matters.
• Media & Entertainment Company in bankruptcy risk analysis and bankruptcy protective measures regarding the sale of businesses.
• Major Developers in structuring and securitizing mortgage financing and mezzanine financing related to commercial, residential and mixed-use real estate projects.
• Railroad Company with environmental claims in Delphi bankruptcy.
• One of the Largest Securities Customers in the Refco Chapter 11 reorganization.
• Chapter 7 Trustee for Buttonwood Group Trading, which was engaged in the proprietary trading of various securities on the Chicago Mercantile Exchange before Buttonwood's collapse in 2012.
• Arch Coal Inc., as counsel to ad hoc group of term lenders, in the restructuring of a $1.9 billion credit facility extended to Arch Coal, Inc. Arch successfully emerged from Chapter 11 as the term lenders received more than 90% of the post-reorganization equity and achieved a more than par recovery following emergence.
• Major University in connection with the receivership and bankruptcy of a hospital.
• Directors regarding breach of duty claims filed in the Delaware Bankruptcy Court in the Allied Systems Holdings, Inc. Chapter 11 proceedings.
• Cantor Fitzgerald, as administrative agent for a $585 million senior secured asset-based uni-tranche loan facility extended to RadioShack and as DIP agent for a $285 million debtor-in-possession facility in connection with RadioShack"s Chapter 11 bankruptcy.
• G-1 Holdings, as special environmental/bankruptcy counsel, on substantial environmental claims asserted by the US government.
• Gate Gourmet, as a significant supplier and creditor, in the United Airlines and Delta Airlines bankruptcy cases.
• KeyBank National Association and the Senior Lenders to Asyst Technologies, a manufacturing concern, in cross-border bankruptcy proceedings filed jointly in Japan and California.
• Bank of America Merrill Lynch in Extended Stay Hotels' multibillion bankruptcy and restructuring involving approximately 700 properties in 44 states, along with related guaranty actions.
• Owner of an Office Building in Phoenix, AZ in the restructuring of CMBS debt.
• Real Estate Developer with substantial environmental issues impacted by the W.R. Grace bankruptcy.
• Creditors' Committee in a successful Chapter 11 reorganization of CRIIMI MAE Inc., the country's largest acquirer of subordinated tranches of commercial mortgage-backed securities.
• Successor General Partner of Limited Partnership of ESG Capital Partners I and II, a limited partnership formed to purchase shares of Facebook stock prior to Facebook's IPO, in litigation pending before Delaware Chancery Court with respect to claims for breach of partnership agreement, conversion and unjust enrichment. Chancery Court has denied defendants' motions to dismiss.
• US Airways, as lead restructuring counsel, in the company's second Chapter 11 reorganization and its merger with America West Airlines.
• Lessor of continuing-care facilities in Chapter 11 bankruptcy cases in Northern California and Florida.
• Investment Funds and Their Principals in defense against breach of duty, equitable subordination and recharacterization claims asserted in the Steve & Barry's bankruptcy case in the Southern District of New York.
• Wilmington Trust, as agent for the term lenders to NYDJ, a women's denim and apparel company, regarding the company's senior secured debt restructured in 2017 and in resolving related litigation filed in New York state court.