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Bankruptcy & Restructuring

Our nationally recognized Tier 1 team of insolvency and restructuring practitioners operates at the forefront of the largest and most complex multinational restructurings and insolvencies. In what would otherwise be unknown territory for clients, we serve as their GPS in any market situation. Our real-time responsiveness, geographic reach and global understanding of the intricacies of the bankruptcy, restructuring and credit trading & investing landscape provide clients across sectors and around the world with a surer route to achieving the best possible outcome for their unique situation.

In the Market

The Numbers: Our Accomplishments

  • $1.2 billion Value of structured construction loan receivables facility that was repaid in full to our clients.
  • 30+ Years of experience advising clients in the Bankruptcy & Restructuring arena.
  • 40+ Lawyers dedicated solely to restructuring and insolvency work

Capabilities: How We Do It

  • Unparalleled creditor- and debtor-side experience: longstanding relationships with some of the world’s leading lenders, investors, managers, institutions, equity sponsors, portfolio companies and indenture trustees.
  • Multidisciplinary approach that offers one-stop shop for the full range of insolvency, restructuring, special situations and distressed investing activities.
    • Creditors’ rights enforcement
    • Debt restructurings
    • Derivative Transactions
    • Structured Vehicles
    • M&A (in/out of court)
    • Loan workouts
    • DIP Financings
    • Complex, cross-border insolvencies
    • Foreign jurisdiction
    • Portfolio transfers
    • Pre-trade analysis
    • Expedited settlement
  • Broad experience in key economic sectors: airline, including automotive, cable/telecommunications, consumer products, energy/infrastructure, food services, health care, insurance, manufacturing, media, pharmaceutical, real estate, retail, shipping, steel, textile and transportation.

Arch Coal Inc.
Represented an ad hoc group of term loan lenders to Arch Coal, Inc. in connection with the extensions of credit under a US$1.9 billion term loan credit agreement and a prepared exchange offer of certain bond issuances. Kaye Scholer is actively defending the ad hoc group in litigation pursued by junior creditors.

Paragon Offshore LLC
Represented an ad hoc group of term lenders and Cortland Capital Markets, LLC, as successor agent, under Paragon Offshore LLC’s Senior Secured Term Loan Agreement dated as of July 18, 2014. Paragon is a global provider of offshore drilling services and commenced a Chapter 11 proceeding in January 2016. Paragon had entered bankruptcy with a plan support agreement among its major creditors other than the Term Lenders; it is anticipated that the Term Lenders will be contesting Paragon proposed treatment of the Term Lenders under the plan of reorganization.

Represented the administrative agent for the ABL lenders in the RadioShack Chapter 11 case involving the sale of the collateral, payment in full, to the ABL lenders and ensuing intercreditor litigation.

Ideal Standard
Represented ad hoc committee of noteholders in restructuring €275 million of Ideal Standard’s indebtedness, which involves the intricate application of Luxembourg, English and New York law.

Preferred Proppants LLC
Represented Barclays Bank PLC and KeyBank National Association in their capacities as co-administrative agents, under a US$555 million first lien Amended and Restated Credit Agreement extended to Preferred Proppants LLC. The restructuring efforts on behalf of the agents and the first lien steering committee included complex negotiations with Preferred, the equity, potential asset purchasers and the second lien debt holder. Preferred is a supplier of frac sand in the United States and Canada which is used in hydraulic fracking at oil and natural gas wells.

Global Outsourcing and Data Management Company
Represented the steering committee of senior lenders and Barclays Bank PLC, in its capacity as administrative agent, under a US$795 million First Lien Credit Agreement extended to a global outsourcing and data management company. Represented the agent and the first lien steering committee in restructuring negotiations implementing a sale of a significant division of the borrower and a priority financing sub-facility to facilitate the sale. The borrower is an international provider of business process outsourcing solutions, primarily focused on accounts receivable management and customer relationship management.

Energy Future Holdings Corp.; Caesars Entertainment
Represented a family of funds with significant debt positions in the Chapter 11 bankruptcy proceedings of Energy Future Holdings Corp. and Caesars Entertainment.

IAP Worldwide Services
Represented the steering committee of senior lenders and Deutsche Bank Trust Company Americas, in its capacity as administrative agent under a US$375 million First Lien Credit Agreement extended to IAP Worldwide Services, Inc. (IAP). Represented the agent and first lien steering committee (Eaton Vance, Invesco, Oppenheimer and Credit Suisse Asset Management) in ongoing restructuring negotiations with the borrower, the equity sponsor, Cerberus Capital Management, and lenders under a US$137 million second lien facility. IAP is a provider of services to the US government in the defense industry.