Representative Debtor Engagements

• Tricida, Inc. in its $157.5 million Chapter 11 auction that was recognized as the “Healthcare/Life Sciences Deal of the Year” by The M&A Advisor in 2023.
• GVS Portfolio I, LLC (Great Value Storage) in its $588 million Chapter 11 auction that resulted in all creditors being paid in full and over $80 million returned to equity in the Northern District of Texas.
• Salient Partners, L.P., a Houston-based asset manager with $4.2 billion in assets under management, in its out-of-court restructuring and sale.
• Wave Computing, Inc., an artificial intelligence IP developer, in its Chapter 11 sale to an affiliate of Tallwood Venture Capital in the Bankruptcy Court for the Northern District of California. This restructuring was recognized as the “Information Technology Deal of the Year” at The M&A Advisor’s 15th annual Turnaround Awards in 2021.
• Legacy Reserves Inc. in the restructuring of its $1.4 billion of funded debt in the Bankruptcy Court for the Southern District of Texas.
• Westinghouse Electric Company and its affiliated global debtors in the successful $4.6 billion sale of substantially all of the company’s assets in the Bankruptcy Court for the Southern District of New York. Westinghouse provides design and engineering services and other critical operations to over half of the nuclear power plants in the world.
• Pacific Drilling, S.A. in the refinancing of its $3.1 billion of funded debt and negotiation of $1 billion of exit financing and $460 million rights offering in Chapter 11. Pacific Drilling is a global enterprise that owns and operates high-specification ships designed for offshore drilling.
• American Airlines in its successful $11 billion stock swap merger with U.S. Airways Group, effectuated through its Chapter 11 cases in the District of Delaware. Upon emergence from Chapter 11, the merger made American Airlines the largest airline in the world.
• Chrysler LLP in the $6.6 billion sale of its assets to Fiat S.p.A. and the U.S. Government in its groundbreaking Chapter 11 case in the Bankruptcy Court for the Southern District of New York.
• The Brock Group, Inc. in the out-of-court restructuring of its $800 million of funded debt and takeover by American Industrial Partners. Houston, Texas-based Brock was a leading supplier of scaffolding and related construction materials.
• SemGroup LP in the Third Circuit appeal of an adversary proceeding brought by lienholders and in the master limited partnership’s Chapter 11 cases that reorganized approximately $7 billion of funded debt. SemGroup transported oil, natural gas, and other products across North America.
• Texas Rangers in the Chapter 11 auction and eventual $539 million mid-season sale of the Major League Baseball franchise in the Bankruptcy Court for the Northern District of Texas in less than 75 days.
• Dallas Stars in their Chapter 11 auction and eventual sale through a plan of reorganization in the Bankruptcy Court for the District of Delaware.
• Blockbuster LLC in its $407 million Section 363 sale in Chapter 11 in the Bankruptcy Court for the Southern District of New York to Dish Network.
• Azure Midstream Partners in the successful auction and sale of its midstream assets for $189 million, representing a 26% increase to the stalking horse bid. Process completed in its Chapter 11 cases in the Bankruptcy Court for the Southern District of Texas and ultimately provided for repayment in full to creditors and a recovery to equity holders.
• Electrical Components International (ECI) in the restructuring of approximately $370 million in funded debt through a prepacked Chapter 11 plan of reorganization in the Bankruptcy Court for the District of Delaware. St. Louis-based ECI is one of the world’s leading manufacturers of electrical wiring components for appliances.
• Golfsmith International Holdings, Inc. in its Section 363 auction and sale of its U.S. stores and inventory to Dick’s Sporting Goods, as well as the sale of its Canadian stores to a group led by Fairfax Financial Holdings.
• Halcón Resources Corp. in its $2.9 billion prepackaged financial restructuring in the Bankruptcy Court for the District of Delaware.
• Endeavour International Corp. in its pre-negotiated Chapter 11 proceedings in the Bankruptcy Court for the District of Delaware. Endeavour filed for Chapter 11 protection with more than $1.2 billion in outstanding funded debt and operations in the U.S. and North Sea.

Representative Creditor Engagements

• Mockingbird Credit Opportunities Company as minority holder of 10.5% secured notes in the $1.2 billion Chapter 11 restructuring of petrochemical processor TPC Group, Inc.
• Ares Capital Corporation as agent in its $380 million prepetition secured credit facility, and its capacity as DIP lender, plan proponent, and exit facility provider in the Bankruptcy Court for the Northern District of Texas.
• Presidio Petroleum and its sponsor Morgan Stanley Energy Partners in their successful $92 million acquisition of the assets of Templar Energy pursuant to a Section 363 auction in the Bankruptcy Court for the District of Delaware.
• New Residential Investment Corp. as stalking horse in its $574 million bid to purchase mortgage-related businesses of Ditech Holding in the Bankruptcy Court for the Southern District of New York.
• The Unsecured Creditors Committee in the $16.1 billion Chapter 11 cases of SunEdison in the Bankruptcy Court for the Southern District of New York, including negotiations surrounding the eventual formation of the SunEdison liquidation trust. At the time of its filing, SunEdison was the world’s largest renewable energy company.
• The ad hoc group of secured lenders as plan sponsor of the $1.2 billion ENXP in the Bankruptcy Court for the Northern District of Texas. The plan provided substantially all of the equity in reorganized ENXP to the ad hoc group via a rights offering and debt-for-equity swap.
• The ad hoc group of secured lenders as co-plan sponsor of the $1.1 billion Magnum Hunter in the group’s takeover of the oil and gas exploration and production company through a rights offering and debt-for-equity swap in the Bankruptcy Court for the District of Delaware.
• Certain existing unsecured bondholders in an out-of-court exchange of $715 million for secured debt and additional secured financing of $500 million. Cobalt was an offshore drilling company with its primary assets on the west coast of Africa.
• Private equity sponsor Brazos Equity Partners in the Section 363 sale of its portfolio company Golden County Foods. The successful auction and sale resulted in full repayment to secured creditors, including Brazos as a subordinated secured lender.
• EQT Infrastructure Fund as purchaser and plan sponsor in its $465 million acquisition of Synagro Technologies through a plan of reorganization. Synagro was the largest recycler of biosolids and organic residuals in the U.S. at the time of its filing.
• Macquarie Capital (USA), Inc. as largest unsecured creditor in the Reddy Ice Chapter 11 case filed in the Bankruptcy Court for the Northern District of Texas.

Matters may have been handled prior to joining Paul Hastings.

• Co-author, “Expect Scrutiny In Del. Bankruptcy-Alternative Proceedings,” Law360, July 29, 2022.
• Co-author, “Insight: Restructuring Attorneys in Uncharted Waters Amid COVID-19,” Bloomberg Law, April 15, 2020.
• Guest, “Absolute Priority Podcast: The Impact of the Sabine and Alta Mesa Decisions on Midstream Oil & Gas Providers,” Debtwire, January 2020.
• Co-author, “Trends and Opportunities in Distressed M&A Investing,” Law360, November 26, 2019.
• Author, “Drilling Down: A Deeper Look into the Distressed Oil & Gas Industry – Parts III and IV,” Pratt’s Energy Law Report, Vol. 15, No. 5, May 2015.
• Author, “Drilling Down: A Deeper Look into the Distressed Oil & Gas Industry – Part II: The Treatment of Oil & Gas Interests in Bankruptcy,” Pratt’s Energy Law Report, Vol. 15, No. 4, April 2015.
• Author, “Drilling Down: A Deeper Look into the Distressed Oil & Gas Industry – Part I,” Pratt’s Energy Law Report, Vol. 15, No. 3, March 2015.