Madlyn Gleich Primoff has 25 years experience representing lending groups, global financial institutions, creditors’ committees, private equity funds and hedge funds in out-of-court bankruptcies, workouts and restructurings, pre-arranged Chapter 11 cases, contentious Chapter 11 cases and related litigation matters.
MEHRShe has substantial cross-border bankruptcy experience (including Chapter 15 cases and parallel proceedings) and regularly handles the accompanying litigation. In real estate-related bankruptcy and insolvency matters, Madlyn has represented secured lenders, mezzanine lenders, preferred equity holders, developers and funders of Chapter 11 plans.
Madlyn watches evolving trends closely and stays abreast of new structures to provide clients with innovative solutions to complex challenges. For example, in the $605 million U.S. Shipping Chapter 11 cases, where she represented the Administrative Agent on the behalf of the syndicate of senior secured lenders, Madlyn implemented a complex warrant structure to address regulatory concerns regarding the lenders’ take-back of equity. This resolved previously untested issues concerning the intersection of the Bankruptcy Code, the UCC and the Jones Act.
Madlyn’s vast experience working with complex structures, combined with a deep understanding of the regulatory issues that industries such as transportation, energy, infrastructure and financial services face, offers clients numerous benefits.
Top Matters
Restructuring
- Representing global financial institution as Administrative Agent, Arranger and Lender in Chapter 11 restructuring involving $13B of indebtedness incurred by major publication and broadcasting conglomerate
- Represented Administrative Agent and Lender in proposing and confirming contested Chapter 11 reorganization of $300M in debt to ethanol manufacturer, related debt-for-equity conversion and entry into new financing facilities
- In Chapter 11 cases involving pharmaceutical services company, represented the Administrative Agent and Lender in defending against lien challenges and fraudulent conveyance claims and in proposing and confirming contested bankruptcy plan
Distressed Structured Products
- Represented several global financial institutions in the restructurings of the Axon, Orion and Victoria SIVs (structured investment vehicles) and related restructurings of various CLOs (collateralized loan obligations) and CDOs (collateralized debt obligations)
- Advised several global financial institutions on swaps and repurchase agreements with Lehman Brothers and Bear Stearns; represented a global financial institution in the Bear Stearns Cayman Islands hedge fund matters
- Represented money center bank in providing $500M of “rescue financing” to distressed asset-based lender
Litigation
- Defending global financial institution against intercreditor claims brought in action pending before the Supreme Court of the State of New York relating to the distribution of proceeds under a prepetition credit agreement, an exit facility and various equity documents
- Defending Syndication Agent and Lender with respect to fraud and other claims asserted by bondholders under an intercreditor agreement in an action commenced in the Supreme Court of the State of New York
- Defended setoff effected by a global financial institution under a swap agreement in an action brought by UK court-appointed administrators of TXU Europe in New York for bad faith and breach of contract
- Pursued action in New York involving proceeds of cash settled equity barrier call option and structured settlements that were approved by courts in New York, the Cayman Islands, Canada, Barbados and the Bahamas
