A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
Preferred Sands Closes on Comprehensive Restructuring Transaction
- Client News
- July 31, 2014
Practices
Paul, Weiss client Preferred Sands, one of North America's largest producers of sand and resin coated proppants, closed on a comprehensive restructuring. KKR, a leading global investment firm, provided $680 million of debt and equity to fully refinance Preferred Sands' outstanding debt. KKR funded the debt through a term loan, ABL and Notes.
Paul, Weiss has advised Preferred Sands in connection with the refinancing of its debt since the summer of 2013, when Preferred Sands first entered into a forbearance agreement with its lenders. In the last year Paul, Weiss has been an integral advisor as Preferred Sands considered a number of alternative transactions and restructuring proposals. This restructuring was a tremendous outcome for our client, enabling Preferred Sands' management team to retain a controlling interest in the company and partner with KKR going forward.
The Paul, Weiss team was led by bankruptcy partner Brian Hermann and corporate partner Jeffrey Marell; corporate partner John Kennedy; bankruptcy counsel Diane Meyers; tax partners Patrick Karsnitz and Jeffrey Samuels; and environmental counsel William O'Brien.
