Experience

• Clean Tech | Renewable Energy

• Debtor Representations

  • Philippine Airlines in its filing for chapter 11 protection in New York to implement a comprehensive restructuring, which is supported by substantially all of its lenders, lessors, and aircraft and engine suppliers, as well as its majority shareholder, that will allow the company to successfully reorganize its finances and fleet to navigate the COVID-19 crisis and emerge as a leaner and better-capitalized airline. The transaction received the Restructuring Community Impact and the Restructuring Deal of the Year (Over $5B) awards by The M&A Advisor at its 16th Annual Turnaround Awards, as well as AirFinance Journal’s Asia-Pacific Deal of the Year and Airline Economics’ Asia Pacific Restructuring Deal of the Year.
  • David’s Bridal in its successful prepackaged Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware, under which David’s Bridal cut its debt by more than $400 million while preserving its business intact and ensuring that 80,000 pending customer orders and all trade claims would be satisfied without interruption.
  • Southcross Holdings in the Chapter 11 proceedings of Southcross Energy, L.P., a master limited partnership, of which Southcross Holdings is the majority equity owner and a key contract counterparty, in the U.S. Bankruptcy Court for the District of Delaware.
  • High Ridge Brands, as special corporate, transactional and litigation counsel, in its Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, including in the sale of its business through a section 363 bankruptcy sale. Debevoise was awarded Distressed M&A Deal of the Year ($500MM to $1B) by The M&A Advisor at its 15th Annual Turnaround Awards for this representation.
  • Renfro Corporation, a leader in the design, manufacture, marketing and merchandising of legwear products, in exploring and implementing various balance sheet alternatives to address high leverage and liquidity impacts in light of COVID-19, including the closing of an incremental liquidity facility and material debt covenant amendments from existing ABL and term loan lenders.
  • CHC Group, one of the largest global commercial helicopter service companies in the world, as aircraft counsel in its Chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Texas, in which CHC successfully restructured more than $2 billion in indebtedness. Debevoise was named joint winner of “Restructuring Deal of the Year (Over $1B to $5B)” at the 12th Annual M&A Advisor Turnaround Awards for this representation.
  • La Paloma Generating Company, a California-based power producer, in its $524 million Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
  • Georgia-Pacific and Koch Industries in the Chapter 11 proceedings of Georgia-Pacific affiliate Bestwall in the U.S. Bankruptcy Court for the Western District of North Carolina.
  • Altegrity, a global, diversified risk and information services company, together with its operating businesses Kroll, HireRight and USIS, in their pre-negotiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, in which they successfully restructured more than $1.8 billion in funded indebtedness and consensually resolved significant contested claims that had been asserted by the U.S. government. This restructuring was honored by Turnarounds & Workouts as one of ten Successful Restructurings – 2015.
  • TPG, as private equity sponsor with respect to strategic alternatives for its investment in Isola, later terminated, including a pending out-of-court restructuring.
  • Kelso & Company, the private equity sponsor of Logan’s Roadhouse, in Logan’s prearranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Debevoise also represented Kelso and Logan’s in a privately negotiated exchange offer to holders of Logan’s senior secured notes resulting in the issuance of over $220 million in new senior secured notes.
  • Larchmont Resources, a vehicle for investments by a global energy and infrastructure focused private equity fund in its more than $500 million out-of-court restructuring.
  • Big Apple Circus, as a pro bono client, with its Chapter 11 filing, which also included advising in the sale of the circus’s trademarks and other assets to an affiliate of merchant bank Compass Partners in time for the relaunch of the circus and many of its community programs in New York. Debevoise was named joint winner of “Consumer Discretionary Deal of the Year ($10MM to $25MM)” at the 12th Annual M&A Advisor Turnaround Awards for this representation.
  • Carlyle, together with its portfolio company Getty Images, in multiple capital-raising initiatives to complement and improve Getty Images’ existing debt structure and in exploring related balance sheet alternatives with respect to its approximately $3 billion in funded debt, followed by representing Carlyle in its successful exit from the investment in the form of an equity sale.
  • Ambac Assurance Corporation, a Wisconsin domiciled insurance company, in a holistic restructuring transaction that involved three exchange offers of existing debt securities and other payment obligations for approximately $2.2 billion of newly issued debt securities, as well as a new-money financing collateralized by the future proceeds of certain litigation claims against RMBS originators.
  • Syniverse, a Carlyle portfolio company, in exploring and implementing balance sheet alternatives, including closing a successful exchange offer with respect to approximately $367 million of Syniverse’s outstanding senior notes.
  • Boomerang Tube LLC in its prearranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware and successful restructuring of approximately $300 million of ABL and term loan debt obligations.
  • OSX Leasing, a member of the EBX family of companies, in the multinational cross-border restructuring of more than $2 billion of funded debt.
  • The Special Committee of the Board of Directors of Essar Steel Algoma inc. in the company’s CCAA proceedings in Canada.
  • American Seafoods, one of the largest seafood companies in North America and one of the largest harvesters of fish in the world, in the successful out-of-court refinancing and restructuring of nearly $1 billion in aggregate funded debt.
  • American Airlines and AMR, as special aircraft counsel, in their successful Chapter 11 proceedings involving the restructuring of complex financing arrangements relating to more than 400 aircraft, generating savings in excess of $1.8 billion and to the raising of more than $9 billion of new financing through various capital markets, syndicated lending and other financing transactions. This restructuring was honored by Turnarounds & Workouts as one of a dozen Successful Restructurings – 2013.
  • Culligan and its private equity sponsor in a successful out-of-court change-of-control transaction that restructured more than $600 million in funded debt in advance of approaching maturities, with a substantial new-money equity investment by the acquiror and a return of equity to the pre-restructuring sponsor.
  • MBIA, the parent company of insurer MBIA Corp., in matters associated with the restructuring of approximately $2 billion in parent-company obligations.
  • Delta Air Lines and Comair, as special aircraft counsel, in their successful Chapter 11 proceedings involving the refinancing of more than 275 aircraft via new debt or lease arrangements, the return or other disposition of more than 140 aircraft, the elimination of four aircraft types from Delta’s fleet and the litigation of substantial aircraft financing claims.
  • Wheeling-Pittsburgh Steel Corporation, one of the few steel companies to reorganize successfully on a stand-alone basis, in its Chapter 11 cases. Litigation work included a successful trial of declaratory judgment claims relating to the interpretation of a Coal Supply Agreement.
  • DecisionOne Corporation in its prepackaged Chapter 11 proceeding.
  • Dyersburg Corporation, a textile manufacturer, in its Chapter 11 liquidation.
  • Forstmann & Company, a textile manufacturer, in its Chapter 11 reorganization.
  • Homeland Stores, a supermarket chain, in its out-of-court restructuring.
  • The Gitano Group, a major apparel company, in its out-of-court restructuring and subsequent Section 363 sale to Fruit of the Loom.
  • Solutia and its affiliates in their successful New York-based Chapter 11 restructuring of more than $3 billion of funded debt and other obligations, involving complex environmental, pension, litigation and indemnification claims.
  • Tecumseh Products Company, a leading manufacturer of engines, compressors and related products, in a series of restructuring and sales transactions that resolved more than $100 million of debt obligations through an in-court restructuring in Brazil and a parallel out-of-court restructuring in the United States.
  • Globo in the restructuring of in excess of $1.3 billion of international bond and international and Brazilian bank debt.
  • Pegasus Communications Corporation in the Chapter 11 sale of Pegasus Satellite Communications.

• Creditor Representations

  • Brigade Capital Management, the second largest holder of secured debt issued by Avaya, in Avaya’s pre-packaged chapter 11 bankruptcy proceeding.
  • Certain holders of second lien term loans issued by Integro Parent Inc., part of Tysers Insurance Brokers, Ltd., a leading Lloyds independent broker, in a transaction under which AUB Group Limited will acquire Tysers from Odyssey Investment Partners for $615.2 million.
  • Two Irish companies, lessors of two aircraft operating leases to Vietnam Airlines, with respect to their specific rights and obligations in the chapter 11 bankruptcies of their parent companies.
  • Brigade Capital Management, the largest creditor of Guitar Center, in the company’s recapitalization through a prepackaged Chapter 11 case, resulting in affiliates of Brigade, together with affiliates of Ares and Carlyle, controlling Guitar Center and eliminating $800 million in Guitar Center debt.
  • Ad Hoc Group of Term Lenders of Red Lobster in an amendment and refinancing management transaction involving the well-known restaurant chain Red Lobster, which has been impacted by the COVID-19 pandemic.
  • Agricultural Bank of China Limited, New York branch, as agent for a $3.55 billion term loan facility issued by subsidiaries of HNA Group, which is currently the subject of a PRC restructuring.
  • HarbourVest Partners, a significant creditor in the contentious Chapter 11 case of investment fund Highland Capital, in the U.S. Bankruptcy Court for the Northern District of Texas, in reaching and defending over objections a favorable resolution of HarbourVest’s litigation claims against the debtors.
  • Ad Hoc Group of Second Lien Noteholders of Bon Ton Department Stores, in the Chapter 11 bankruptcy proceeding of the department store chain, and in the ultimate purchase and monetization of substantially all of the assets of the U.S. department store chain.
  • Access Industries, as a 1.5 lien noteholder and shareholder of EP Energy Corporation, the Houston-based oil and gas driller, in connection with EP Energy’s Chapter 11 proceedings in U.S. Bankruptcy Court for the Southern District of Texas.
  • Syncora Holdings, as insurer of power revenue bonds issued by PREPA, Puerto Rico’s troubled electric utility, including in connection with PREPA’s forbearance agreement, with more than 60% of the holders of its $8.3 billion of outstanding bonds.
  • Ad Hoc Minority Group of PIK Term Loans of EB Holdings II in the Chapter 11 bankruptcy proceedings of the owner of Eco-Bat Technologies, the world’s biggest recycler and producer of lead, in the United States Bankruptcy Court for the District of Nevada.
  • Canada Pension Plan Investment Board as co-sponsor and second lien lender to discount retailer 99 Cents Only Stores in a debt-for-equity recapitalization plan that reduced 99 Cents’ debt by more than $300 million.
  • Gramercy Funds Management, as debtor-in-possession lender and one of the largest shareholders and creditors of Banro Corporation, a Canadian mining company with operations in the Democratic Republic of Congo, which successfully restructured under CCAA proceedings in Canada.
  • Standard General, as a significant creditor and equity holder in the currently pending Chapter 11 case of General Wireless, which is the successor-in-interest to RadioShack. The firm previously represented Standard General, as debtor-in-possession lender and successful stalking horse bidder, in the 2015 Chapter 11 case of RadioShack Corporation in the U.S. Bankruptcy Court for the District of Delaware.
  • Standard General in its highly publicized distressed investment in clothing manufacturer and distributor American Apparel. Debevoise also represented Standard General in American Apparel’s prearranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, and in its second Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware and its insolvency proceedings in the United Kingdom.
  • Crescent Capital Group, KKR Credit Advisors and GoldPoint Partners, as prepetition noteholders and debtor-in-possession lenders to The Rockport Company and its subsidiaries, in the company’s Chapter 11 proceedings.
  • Crescent Capital Group and GoldPoint Partners, as Holdco PIK noteholders of Catalina Marketing Corporation in the company’s Chapter 11 proceedings.
  • The Prudential Insurance Company of America and certain other ceding insurers in the rehabilitation proceeding of Scottish Re pending in the Delaware Court of Chancery.
  • Berkshire Hathaway, as secondary insurer under special revenue water and sewer bond obligations of the City of Detroit totaling $800 million, in Detroit's Chapter 9 bankruptcy case in the U.S. Bankruptcy Court for the Eastern District of Michigan.
  • Oaktree Capital Management in the Chapter 11 proceedings of Energy Future Holdings and its subsidiaries. With over $49 billion in debt, EFH is the largest leveraged buyout ever to file for bankruptcy. Oaktree was one of the largest creditors in the case, holding over $2.9 billion of first lien debt.
  • The U.S. Department of Energy, as senior secured lender in its $529 million loan awarded to green car manufacturer Fisker Automotive under the DOE’s Advanced Technology Vehicles Manufacturing Loan Program.
  • Syncora Guarantee in the complex restructuring of financial guaranty policies related to approximately $500 million of Jefferson County, Alabama, Sewer Revenue Refunding Warrants.
  • Oaktree Capital Management, as mezzanine lender, in the out-of-court restructuring of over $200 million of debt of Provo Craft & Novelty.
  • Trustees of the 1983 Sea Containers Pension Scheme, the largest single creditor of Sea Containers Limited, in its concurrent U.S. Chapter 11 and Bermuda bankruptcy proceedings.

• Special Situations Representations

  • A global asset management firm in the purchase of 8% Exchangeable Senior Secured Notes issued by Avaya, a global leader in digital communications products, solutions and services.
  • Certain holders of second lien term loans issued by Integro Parent Inc., part of Tysers Insurance Brokers, Ltd., a leading Lloyds independent broker, in a transaction under which AUB Group Limited will acquire Tysers from Odyssey Investment Partners for $615.2 million.
  • Gogo, the leading inflight Internet company, in the successful sale of its commercial aviation business to Intelsat, which was in Chapter 11 at the time of the transaction.
  • Brigade Capital Management, as debtor-in-possession lender in providing a $95 million DIP facility and a $100 million exit facility to Alpha Media in its Chapter 11 bankruptcy case.
  • EIG Global Energy Partners and The Carlyle Group, together with their joint-venture affiliate Hamilton Holdings, in the joint venture’s acquisition of power producers Panda Patriot and Panda Liberty through the fully consensual out-of-court restructuring and conversion of the Panda borrowers’ debt to equity, in a complex workout transaction that also required the consensual refinancing of over $1 billion in the Panda borrowers’ funded senior debt with the proceeds of a new senior secured term loan, mezzanine debt and equity investments.
  • TPG Growth in its takeover of the existing assets of the Abraaj Group’s $1 billion Global Healthcare Fund. The deal saw Debevoise win the Specialist Deal Legal Advisor category at the Private Equity Africa Awards.
  • Brigade Capital Management and B. Riley Financial Inc., as debtor-in-possession lenders who provided a $257 million DIP facility to Barneys New York in the company’s Chapter 11 proceedings.
  • Standard General as debtor-in-possession lender and successful stalking horse bidder, in the 2015 Chapter 11 case of RadioShack Corporation in the U.S. Bankruptcy Court for the District of Delaware.
  • Standard General in its highly publicized distressed investment in clothing manufacturer and distributor American Apparel. Debevoise also represented Standard General in American Apparel’s pre-arranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, and in its subsequent case filed in 2017.
  • Petroleum Equity in acquiring the operating assets of ATP’s non-debtor UK subsidiary, gaining sale approval in the U.S. Chapter 11 cases of ATP's U.S. parent and the follow-on successful CVA proceedings of ATP UK.
  • Grant Forest Products in the sale of assets to Georgia-Pacific for $400 million through simultaneous CCAA proceedings in Canada and Chapter 15 proceedings in the United States.
  • Crown Resorts, one of Australia’s largest gaming and resort operators, and Elan Holdings in the distressed acquisition of a controlling interest in a 34.6-acre site formerly occupied by the New Frontier casino on Las Vegas Boulevard.
  • Beijing Galloping Horse Film and Galloping Horse America in their acquisition of the visual effects and other assets of Digital Domain Productions in a Section 363 sale under the U.S. Bankruptcy Code.
  • Galderma as the stalking horse in a Section 363 sale by Graceway Pharmaceuticals.
  • A group of investors, including Oaktree Capital Management and Avenue Capital, in the acquisition of the assets of the Sea Island Resort through its Chapter 11 case.
  • Najafi Companies in its $435 million bid to acquire the assets of Borders Group in a Section 363 sale. (Terminated)
  • Oaktree Capital Management with TPG and JH Investments in their $955 million acquisition of the North American businesses of Taylor Wimpey.
  • Oaktree Capital Management in its investment in LNR Property Corp. in connection with the comprehensive recapitalization of LNR involving the restructuring of more than $1.3 billion of debt.
  • Oaktree Capital Management and Franklin Mutual in their distressed investment in Eurotunnel debt and their participation in the resulting £6.45 billion restructuring of Eurotunnel’s obligations.

• Bankruptcy Litigation

  • Blackstone Tactical Opportunities, as co-sponsor of TriMark, with respect to TriMark’s 2020 “uptiering” transaction. Our team obtained dismissal of the nonparticipating lenders’ claims against Blackstone in New York state court litigation.
  • Founder of global financial services firm in U.S. subsidiary’s Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.
  • Ernst & Young, as joint administrators of Nortel Networks (UK) and various other Nortel EMEA companies in all litigious aspects of the worldwide Nortel insolvency, including claims against the Canadian and U.S. Nortel entities in respect of the ownership of $7.5 billion business sales and proceeds and defense of claims by the UK Pension Regulatory seeking to impose FSDs and/or contribution notices in respect of the alleged £2.1 billion pension scheme deficit, including the trial-court victory. The matter saw Debevoise named Litigation Team of the Year at the Transatlantic Legal Awards, as well as being named the Grand Prize Winner in the disputes category of the Global Legal Awards, both schemes run by The American Lawyer.
  • ACP Re, AmTrust Financial Services, National General Holdings, Tower Group Insurance and others in defending claims asserted by holders of trust preferred securities relating to ACP Re’s acquisition of Tower Group Insurance.
  • Notz, Stucki et Cie, its directors and related entities in litigation related to substantial investments with Bernard L. Madoff Investment Securities, in obtaining dismissal of investor class-action litigation purporting to assert claims for fraud and breach of common law duties relating to one of the firm's managed funds, and in adversary proceedings brought by the Trustee of the BLMIS estate in the bankruptcy proceeding.
  • McKinsey & Company in multiple bankruptcy proceedings and a civil RICO action relating to its disclosures as debtor advisor.
  • The Mortimer Sackler family group, former directors and shareholders of Purdue Pharma, Inc. and related entities, in prescription opioid litigation in various fora across the country and in the bankruptcy of Purdue Pharma, Inc., filed in the Southern District of New York Bankruptcy Court.
  • La Paloma Generating Company, a California-based power producer, in its $524 million Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, a plan for which was successfully confirmed following a disputed confirmation hearing.
  • Big Apple Circus, as pro bono client, in litigation arising during the course of its Chapter 11 proceedings.
  • Various funds sued in “clawback” lawsuits following the leveraged buyout of Tribune Company.
  • D. E. Shaw and Madison Dearborn Partners, as holders of exchangeable notes and other claims against SunEdison in SunEdison’s Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York, and in obtaining dismissal of a $300 million avoidance action seeking to claw back transfers made as part of a complex transaction related to the $2.4 billion sale of a renewable energy company.
  • Standard General in American Apparel’s Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
  • Syncora Holdings, as insurer of power revenue bonds issued by PREPA, Puerto Rico’s troubled electric utility, including in connection with PREPA’s forbearance agreement, with more than 60% of the holders of its $8.3 billion of outstanding bonds.
  • JC Flowers in an adversary proceeding in the MF Global bankruptcy regarding dividends paid in connection with its preferred stock.
  • Lazard in the development and defense of its valuation opinions in numerous recent Chapter 11 cases.
  • Thema International Fund, Hermes Asset Management, Lagoon Investment Ltd., and related entities, in litigation related to substantial investments with Bernard L. Madoff Investment Securities, and in adversary proceedings brought by the Trustee of the BLMIS estate in the bankruptcy proceeding.
  • American Airlines, as special aircraft counsel, in winning approval in bankruptcy court and the United States Court of Appeals for the Second Circuit to repay $1.3 billion in debt without payment of a make-whole premium, over the objection of the indenture trustees.
  • Delta Air Lines, as special aircraft counsel, in its Chapter 11 case in New York litigating issues relating to Section 1110 of the Bankruptcy Code, lease rejections and related aircraft motions.
  • Wheeling-Pittsburgh Steel Corporation, the nation’s ninth-largest integrated steel company, and a number of its affiliates in Chapter 11 cases filed in Youngstown, Ohio. Recent litigation work has included a successful trial in April 2005 of declaratory judgment claims relating to interpretation of a Coal Supply Agreement.

• Sponsor and Equity Representations

  • Clayton, Dubilier & Rice in its investment in Vialto Partners as part of a recapitalization transaction that delivered a $225 million equity capital investment in Vialto and an approximately $550 million reduction in Vialto’s outstanding debt.
  • Southcross Holdings in the Chapter 11 proceedings of Southcross Energy, L.P., a master limited partnership, of which Southcross Holdings is the majority equity owner and a key contract counterparty, in the U.S. Bankruptcy Court for the District of Delaware.
  • Georgia-Pacific and Koch Industries in the Chapter 11 proceedings of Georgia-Pacific affiliate Bestwall in the U.S. Bankruptcy Court for the Western District of North Carolina.
  • Clayton, Dubilier & Rice, as private equity sponsor and significant holder of 2L debt for Healogics, in a successful out-of-court debt-for-equity restructuring that was stapled to a prepackaged bankruptcy filing.
  • Clayton, Dubilier & Rice in the out-of-court recapitalization of its portfolio company, Drive Devilbiss Healthcare, including a new-money sponsor investment.
  • MBIA, the parent company of insurer MBIA Corp., in matters associated with the restructuring of approximately $2 billion in parent-company obligations.
  • HarbourVest Partners, the largest co-investor in portfolio funds managed by Arcapita Bank B.S.C. and certain subsidiaries, in Arcapita’s complex cross-border insolvency cases in New York and the Cayman Islands. HarbourVest ultimately reached a consensual resolution related to the parties’ complex contractual co-investment arrangements and the appropriate Chapter 11 treatment and post-confirmation structure of the investment assets.
  • Canada Pension Plan Investment Board, as co-sponsor with Ares Management of luxury retailer Neiman Marcus, in its heavily contested comprehensive out-of-court debt restructuring involving the issuance of $550 million in new second lien notes. and in Neiman’s successful Chapter 11 reorganization from which it recently emerged, slashing approximately $4 billion of its $5.5 billion debt. Debevoise was named Chapter 11 Reorganization of the Year (over $1B) by The M&A Advisor at its 15th Annual Turnaround Awards for this representation.
  • Capital International, as minority shareholder of QGOG Constellation, Brazil’s leading offshore drilling company, in the company’s debt restructuring to be implemented through a recuperação judicial proceeding in Brazil and a Chapter 15 proceeding.
  • TPG, as private equity sponsor with respect to strategic alternatives for its investment in Isola, later terminated, including a pending out-of-court restructuring.
  • EIG Global Energy Partners, as sponsor, equity provider and DIP lender, in the Chapter 11 proceedings of midstream O&G company Southcross Holding LP in the U.S. Bankruptcy Court for the Southern District of Texas that reduced over $610 million of funded debt by nearly 80% and provided $170 million of new money investments to ensure the long-term viability of the debtors’ enterprise, including their publicly traded master-limited partnership left outside of the filing.
  • Kelso & Company, the private equity sponsor of Logan’s Roadhouse, in Logan’s prearranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Debevoise also represented Kelso and Logan’s in a privately negotiated exchange offer to holders of Logan’s senior secured notes resulting in the issuance of over $220 million in new senior secured notes.
  • Carlyle, together with its portfolio company Getty Images, in multiple capital-raising initiatives to complement and improve Getty Images’ existing debt structure and in exploring related balance sheet alternatives with respect to its approximately $3 billion in funded debt, followed by representing Carlyle in its successful exit from the investment in the form of an equity sale.