Chapter 11

Liz has represented debtors, creditors, special committees, trustees, and other parties-in-interest in complex chapter 11 cases and related litigation for many years.

• Debtor Representation
• Representative Matters
• Represented a debtor and its affiliates in their Chapter 11 cases. The debtor operates seven “safety net” hospitals, three health clinics and three medical group centers across California, Texas and Illinois. The debtor came into the Chapter 11 proceedings with a plan of reorganization seeking to restructure over $600 million of financing obligations.
• Represented a debtor and 104 of its debtor affiliates in their chapter 11 cases. The parent company is the second-largest cinema chain in the world, operating over 9,100 screens at nearly 750 cinemas in 10 countries worldwide. The debtor commenced its chapter 11 cases with approximately $5.1 billion in funded debt and commitments from an ad hoc group of prepetition lenders to provide nearly $2 billion in debtor-in-possession financing.
• Represented a debtor in its Chapter 11 case filed in the United States Bankruptcy Court for the Southern District of Texas. The debtor filed its Chapter 11 case with the goal of establishing and funding a trust under section 524(g) of the Bankruptcy Code to resolve and pay all valid current and future asbestos-related claims asserted against the debtor.
• Counsel to a massive publicly-traded life insurance portfolio company in its chapter 11 reorganization efforts.
• Represented a debtor and 37 of its affiliates in the fastest cross-border prepackaged restructuring transaction to date. On November 12, 2021, the U.S. Bankruptcy Court for the Southern District of Texas entered an order confirming the debtor's prepackaged Chapter 11 plan of reorganization, just 18 hours after commencing bankruptcy proceedings. As a result of the restructuring, they eliminated almost $900 million of its $1.6 billion of debt, secured access to $775 million of exit facilities and a $350 million equity investment, and preserved the entirety of its worldwide employee base.
• Represented a debtor and 88 of its affiliates in their prearranged chapter 11 cases. As of the petition date, the debtor had approximately $3.9 billion of funded debt.
• Represented a debtor in obtaining approval of a prepackaged reorganization plan within 24 hours of filing its Chapter 11 cases, setting a national record for the fastest-ever prepackaged case from filing to emergence.
• Represented a debtor and five of its affiliates in their prearranged chapter 11 cases. The debtor owns and operates the only U.S.-based power plant that sells all of its 526MW/year power production to the Mexican wholesale market. The restructuring enabled the debtor to obtain $70 million of new liquidity through a DIP-to-exit facility, slash more than $850 million of its $944 million debt load, and pay its trade claims in full.
• Represented an energy company, which filed a prepackaged Chapter 11 case to pursue a sale of its assets as a going-concern. The sale restructured more than $1 billion in funded indebtedness and addressed over $500 million of plugging and abandonment liabilities.
• Represented a debtor and 89 of its subsidiaries in their prearranged Chapter 11 cases. The company is the world’s largest offshore driller by fleet size, owning 67 drilling rigs and operating in every major offshore hydrocarbon basin throughout the globe. The company filed Chapter 11 with agreements to fully equitize all $7.1 billion of its prepetition funded debt.
• Lead debtors counsel to a large pediatric dental services organization in successfully achieving a sale of the business and confirmed plan.
• Represented a debtor and its affiliates in their successful prearranged chapter 11 cases resulting in the elimination of $686 million in liabilities and $870 million in new financing.
• Represented a restaurant chain and its affiliates in their prearranged chapter 11 restructuring. The plan received near unanimous approval from all voting classes and allowed the company to emerge from chapter 11 in November 2020, reducing its debt obligations by over $225 million.
• Represented a debtor and its subsidiaries in connection with their prepackaged Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. The company is an exploration and production company headquartered in Houston, Texas. We eliminated over $840 million in funded debt obligations through their chapter 11 case.
• Represented a petroleum company and its affiliates in their comprehensive deleveraging and balance-sheet restructuring, accomplished through prepackaged Chapter 11 cases and a parallel Canadian recognition proceeding.
• Represented a debtor, and certain affiliates in their prepackaged chapter 11 restructuring. The company's prepackaged restructuring addressed over $1.1 billion of funded debt obligations through an equitization which had near universal creditor support and left general unsecured creditors unimpaired.
• Represented company and Chief Restructuring Officer of an oil company and assisted in obtaining global settlement and confirmation of chapter 11 plan of reorganization at a time when oil was trading at -$45/barrel.
• Represented a debtor, an E&P company, in its complex Chapter 11 case involving the sale of substantially all of its assets through nine separate asset sales and the settlement of significant P&A liability with the State of Texas and State of Louisiana.
• Represented a debtor and certain of its affiliates in connection with their prearranged Chapter 11 restructuring. The company is a leading international provider of contract drilling and drilling-related services and rental tools. The company, together with its non-debtor affiliates, has operations in approximately 19 countries worldwide and employs over 2,400 employees. The company’s prearranged plan of reorganization reduced the funded-debt obligations by approximately $375 million and provided them with $95 million in fully-committed new equity capital upon emergence from Chapter 11.
• Represented a debtor and certain subsidiaries, one of the world’s leading global multi-platform media, entertainment, and data companies, in their Chapter 11 restructuring. iHeart is the largest radio broadcaster in the United States and specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local and national communities. The Company restructured over $16 billion of debt. The comprehensive balance sheet restructuring reduced the company's debt by more than $10 billion.
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