Experience

• • Elara Caring in its successful out-of-court restructuring, which included $210 million in new money revolving and term loan financings and $900 million in uptier debt exchanges.
  • 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.
  • 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.
  • 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.
  • 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.
  • Drive Devilbiss Healthcare, a portfolio company of Clayton, Dubilier & Rice, in the opportunistic amendment of its 1L credit facility and conversion all of its $200+ million 1.5L credit facility to preferred equity.
  • McKinsey & Company in multiple bankruptcy proceedings relating to its disclosures as debtor advisor.
  • 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.
  • Funds managed by Oaktree Capital Management in their investment in a Quid Capital venture, which will offer liquidity benefits to shareholders of high-growth private technology companies.
  • Evercore, Rothschild & Co, Miller Buckfire, Houlihan and Lazard in numerous bankruptcy retention and fee application matters, including litigation, across the country.
  • 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.
  • Funds managed by Oaktree Capital Management in the launch of Encina Lender Finance, a new independent lender finance platform targeting commercial and consumer specialty finance companies in the United States and Canada.
  • ACP Re, National General Management and AmTrust North America in the negotiation and implementation of a conservation and liquidation plan for CastlePoint National Insurance Company, the remaining insurance company member of the Tower Group after the consolidation of 10 Tower Group insurance companies from six states to facilitate the conservation and liquidation of such companies for the benefit of policyholders.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Clayton, Dubilier & Rice in its acquisition of PharMEDium, a leading provider of sterile compounding services to hospital pharmacies.
  • Wilsonart, a Clayton, Dubilier & Rice portfolio company, in the financing aspects of its acquisition of Durcon, a manufacturer of laboratory-grade work surfaces.