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Corporate Restructuring & Bankruptcy
Our nationally ranked Restructuring & Reorganization practice has played a critical role in some of the largest, most complex chapter 11 cases and out-of-court restructurings across the U.S. in recent years.
Our balanced practice allows us to leverage our experience representing parties across capital structures. We represent private and public company debtors, private equity sponsors, institutional lenders, alternative lenders, distressed purchasers, and other key stakeholders navigate legal complexities, anticipate obstacles, negotiate creative solutions, and create efficiencies for our clients.
“The team’s primary strength is their combination of technical bankruptcy skill and experience running complex cases.” (Chambers USA, 2021)
“The lawyers are very user-friendly, commercial and solid strategic thinkers.” (Chambers USA, 2021)
Our team works effectively in distressed situations, providing experience and depth to our clients by capitalizing on the firm’s talented bench of attorneys and subject matter professionals, including corporate, capital markets, litigation, tax, environmental, real estate, and compensation and benefits.
We are active across the industry spectrum, including energy, mining/minerals, retail, maritime, power, health care, technology, manufacturing, and infrastructure sectors and are specifically known in the market for:
Company & Debtor Representations Our team represents companies in all aspects of complex corporate restructurings, including out-of-court exchange offers and restructurings, bespoke financings, special situation investments, distressed sales, and in-court proceedings. Wherever possible, we seek out-of-court solutions. When a chapter 11 filing is necessary, “pre-packs” and expedited in-court proceedings with broad stakeholder consensus represent the bulk of outcomes for our clients.
Lender & Creditor Representations We are known for our skillful representation of syndicated bank groups, administrative agents, secured and unsecured noteholders, and alternative lenders in complex and high-profile matters across the country. Our clients – some of the biggest name banks, alternative lenders, asset managers, and hedge funds in the world – rely on us to help maximize returns, structure and optimally protect their investments, and, when necessary, steer them through workouts and chapter 11 cases.
Equity Sponsor Representations Our team counsels and is a trusted advisor to some of the biggest name private equity funds in the world across the industry spectrum. We place an emphasis on good governance, creating an optimal process, and maximizing downside protection when a portfolio company is in distress, while also assisting our sponsor clients in identifying areas of opportunity and related strategies and tactics when facing portfolio company financial stress or other challenges.
Distressed M&A Representations Our team routinely combines with our Mergers & Acquisitions team to advise companies, prospective strategic and financial purchasers, and investors in distressed asset acquisitions, mergers and other business combinations, as well as section 363 sales. We also regularly advise clients regarding bankruptcy-related risks that may affect prospective investments, divestitures, and purchases.
Cross-Border and International Insolvency Representations Our team also has experience with bankruptcy matters involving chapter 15 of the Bankruptcy Code and out-of-court restructurings implicating foreign laws.
Experience Highlights
Jonah Energy in an out-of-court restructuring involving a deleveraging of the company’s balance sheet by approximately $580 million through a rights offering, tender offer, and redemption of non-tendered notes, together with an amended and restated credit agreement of Jonah’s $750 million credit facility
Taco Bueno Restaurants in a prepetition debt sale transaction followed by an in-court restructuring in the U.S. Bankruptcy Court for the Northern District of Texas that involved equitizing $140 million in senior secured debt, transitioning ownership to an affiliate of Sun Holdings, Inc., renegotiating a substantial portion of the company’s lease portfolio, and reaching a global settlement with unsecured creditors in fewer than 45 days
Unit Corporation in its prearranged chapter 11 cases involving the deleveraging of more than $650 million via a debt-for-equity transaction with the company’s subordinated noteholders
Wells Fargo Bank as Administrative Agent, DIP Agent, and Exit Facility Agent in Oasis Petroleum’s restructuring and prepackaged chapter 11 bankruptcy cases, including a $450 million DIP financing and $575 million exit financing
JP Morgan Chase as Administrative Agent, DIP Agent, and Exit Facility Agent of a $615 million credit facility in Denbury Resources’ restructuring and prepackaged chapter 11 bankruptcy
Riverstone Holdings as sponsor in the prepackaged chapter 11 cases of its portfolio company UTEX Industries, a leading sealant manufacturer
TPG and Providence Equity Partners in connection with the restructuring of portfolio company Rentpath, Inc.
Bonanza Creek Energy in a merger to acquire HighPoint Resources Corporation that was valued at approximately $376 million, and included a registered exchange offer, consent solicitation, and simultaneous registered solicitation of a prepackaged plan of reorganization under chapter 11, which was followed by two subsequent out-of-court mergers and acquisitions by the combined company, resulting in a company with total expected enterprise value of $4.5 billion
Sanjel Corporation, an oilfield services company headquartered in Canada, in connection with a chapter 15 case and the sale of substantially all of the debtor’s U.S. assets