Paul Hastings Advised Ad Hoc Crossholder Group in $8.8 Billion Restructuring of Diamond Sports Group

Paul Hastings LLP advised an ad hoc group of crossholder lenders and noteholders, holding a majority of the company’s pre-petition debt and DIP loans, in the $8.8 billion Chapter 11 restructuring and reorganization of Diamond Sports Group. Diamond, which has rebranded upon emergence as Main Street Sports Group, is the nation’s largest owner of regional sports networks and operates as the FanDuel Sports Network through its naming rights agreement with FanDuel. Upon emergence from Chapter 11, the members of the ad hoc group are expected to own a majority of the equity and exit first lien term loans of the reorganized debtors.

Financial Restructuring Co-Chair Jayme Goldstein and partner Sayan Bhattacharyya led the team, which also included partners Matthew Schwartz, Chris Guhin, Seth Chandler, Max Kirchner, Of Counsel Matt Garofalo, Emily Kuznick, Joanne Lau, Gary Silber, and associates Caroline Diaz, Izzy Muncan, Jillian McMillan, Tess Sadler and Maria Heagy.

More details on the transaction can be found here.

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