Business Restructuring + Insolvency

(Bankr. S.D. N.Y.) Counsel to the official committee of unsecured creditors of Windstream Holdings, Inc., and its affiliated debtors in their chapter 11 case. Windstream is a leading provider of advanced network communications, technology, broadband, security, entertainment, and core-transport solutions to both consumer and business customers across the United States. Windstream had approximately $5.6 billion in prepetition obligations at the time of its filing.

(Bankr. D. Del.) Counsel to the official committee of unsecured creditors of Cloud Peak Energy, one of the largest coal producers and suppliers in the U.S., and certain of its subsidiaries, in its filing for chapter 11 bankruptcy protection.

(Bankr. S.D. Tex.) Counsel to the official committee of unsecured creditors of Westmoreland Coal Company and affiliated debtors. Westmoreland is the sixth largest coal-mining enterprise in North America. After conducting an exhaustive investigation to reveal unencumbered assets and following weeks of negotiations with the company and the company’s secured lenders, the Committee supported independent plan processes for two distinct debtor groups that kept the company operating, preserved jobs and pensions, and provided value for unsecured creditors.

Counsel to the ad hoc group of constitutional bondholders of the Commonwealth of Puerto Rico in connection with the first restructuring proceeding under the newly enacted Puerto Rico Oversight, Management, and Economic Stability Act. Working in coordination with other holders of constitutional debt, the ad hoc group has engaged in targeted litigation and efforts to negotiate a plan for the Commonwealth’s restructuring, while simultaneously defending attempts to invalidate more than $6 billion of the Commonwealth’s $18 billion of outstanding constitutional debt.

Counsel to various creditors in the ongoing chapter 11 bankruptcy cases of Sears and its affiliated debtors (collectively, “Sears”). At the time of its chapter 11 filing, Sears was operating over 680 retail stores in 49 states, as well as in Guam, Puerto Rico, and the U.S. Virgin Islands under the Sears® and Kmart® brands. Sears entered chapter 11 in the Southern District of New York after struggling with liquidity issues that limited its ability to invest in and grow its business. We also acted as counsel to non-debtor affiliates of Sears Holding Company that held 130 prime real estate properties that served as collateral for approximately $600 million in secured loans. These properties were transferred to Transform Holdco LLC as the successful bidder on the Sears assets in a court-approved sale of substantially all of the assets of Sears Holding Company.

(Bankr. D. Del.) Counsel to the ad hoc group of secured and unsecured noteholders in connection with the chapter 11 prepackaged plan of Southeastern Grocers LLC – one of the largest conventional supermarkets in the United States operating under the Winn-Dixie, Bi-Lo, Harveys, and Fresco y Más banners – successfully rationalizing its 704-store footprint and restructuring more than $1.5 billion of debt and other obligations, paying unsecured trade creditors in full.

(Bankr. D. Del.) Counsel to the official committee of unsecured creditors of aerospace manufacturer, the NORDAM Group, Inc. and affiliated debtors. At the time of filing, NORDAM had approximately $286 million in funded debt and was engaged in a five-year dispute with Pratt & Whitney Canada Corporation over a long-term agreement for the manufacturing of nacelle systems used in Gulfstream Aerospace Corp. aircraft. The Committee supported NORDAM’s decision to sell its interest in the program to Gulfstream and thereafter negotiated a plan of reorganization that provided for an equity investment and payment of all unsecured claims in full with interest.

Counsel to the ad hoc group of senior secured noteholders for both Sanchez Energy Corporation and EP Energy.

(Bankr. S.D.N.Y.) Counsel to the official committee of unsecured creditors of supermarket retailer Tops Holding II Corporation and affiliates in their chapter 11 cases. The company filed for chapter 11 in February 2018 with over $748 million in funded indebtedness and substantial pension liabilities.

(Bankr. S.D.N.Y.) Counsel to the official committee of unsecured creditors for international telecom company Avaya Inc. and its affiliated debtors. Avaya had more than $6 billion of secured debt at the time of its filing and was saddled with significant pension underfunding liabilities for its domestic and certain foreign affiliates.