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
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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.
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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.
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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.
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Counsel to a massive publicly-traded life insurance portfolio
company in its chapter 11 reorganization efforts.
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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.
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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.
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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.
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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.
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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.
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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.
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Lead debtors counsel to a large pediatric dental services
organization in successfully achieving a sale of the business
and confirmed plan.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
- UCC Representation
- Creditor Representation
- Subchapter 5
- Litigation
- Stay Violations and Contempt Actions
- Confirmation Enforcement
- Discharge Violations
- Chapter 5 Causes of Action