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)
Creditor
Paul, Weiss has a market leading practice representing key creditor constituencies (official and ad hoc groups, agents, trustees, strategic creditors, critical contract counterparties, etc.) in complex, high profile in- and out-of-court restructuring, debt refinancing and recapitalization matters. We represent a broad array of creditors and understand the needs and concerns of different creditor constituencies (operational, financial, secured, unsecured, etc.). The diversity of our creditor matters and clients distinguishes our practice and enhances our ability to represent—and secure successful outcomes for—official and unofficial groups comprised of different types of creditors.
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Chapter 11 Cases of Endo Pharmaceuticals
An ad hoc group of first lien, second lien, and unsecured lenders in the chapter 11 restructuring of Endo Pharmaceuticals, a specialty pharmaceutical company. The group comprised approximately of $3.2 billion, nearly forty percent, of the company’s funded debt.
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Rite Aid's Restructuring
An ad hoc group of second lien noteholders of Rite Aid Corporation, a full-service pharmacy company providing a broad range of services, including retail pharmacy, PBM, and mail order, across 17 states, in connection with its restructuring of $3.4 billion of total funded debt, including $1.05 billion held by the ad hoc group.
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Digicel Group's Restructuring
An ad hoc group of secured and unsecured creditors of Digicel Group, the leading provider of mobile phone networks and home entertainment services in 25 markets across the Caribbean, Central America and Asia Pacific, in its restructuring of over $5.4 billion of debt.
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Learfield's Recepitalization
An ad hoc group of lenders of Learfield, a collegiate sports marketing company representing over 200 collegiate properties, in an out-of-court recapitalization transaction allowing the company to reduce its outstanding debt by over $600 million and secured $150 million in new-money equity investments.
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Clovis Oncology's Chapter 11 Cases and Sale
An ad hoc group of convertible noteholders of Clovis Oncology, a specialty pharmaceutical company, in the company's chapter 11 cases and related sale process.
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Talen Energy Chapter 11 Cases
An ad hoc group of crossholders of Talen Energy Supply, LLC, one of the largest competitive power generation companies in North America that owns the Susquehanna Nuclear Plant, in connection with the chapter 11 cases filed by the company and its affiliates in the U.S. Bankruptcy Court for the Southern District of Texas.
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Chapter 11 Cases of Serta Simmons
An ad hoc group of first lien lenders of Serta Simmons Bedding, LLC, one of the leading producers of mattresses and bedding products in the United States and Canada, in connection with the chapter 11 cases filed by the company and its affiliates in the U.S. Bankruptcy Court for the Southern District of Texas.
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Avaya's Prepackaged Chapter 11 Plan
An ad hoc investor group of first lien lenders of Avaya Holdings Corp., a global leader in communication and collaboration solutions, in connection with the company’s prepackaged chapter 11 plan which reduced Avaya’s total debt by more than 75% from approximately $3.4 billion to approximately $800 million.
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QualTek's Prearranged Chapter 11
An ad hoc group of first lien term loan lenders of QualTek Services, a leading provider of telecommunications infrastructure services, in connection with both a prepetition financing transaction and a comprehensive restructuring effected through the company’s prearranged chapter 11 filing.
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Out-of-Court Restructuring of Rodan & Fields
Citibank, in its capacity as agent and revolving lender, in the out-of-court restructuring of Rodan & Fields.
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The Stayton
The successor bond trustee and an ad hoc group of certain holders of Tarrant County Cultural Education Facilities Financial Corporation Retirement Revenue Bonds (The Stayton at Museum Way Project), Series 2020 Bonds, in connection with safeguarding their interests in respect of Series 2020 Bonds and The Stayton, a continuing care retirement community.
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Wesco Aircraft Out-of-Court Recapitalization
An ad hoc group of unsecured noteholders of Wesco Aircraft Holdings (d/b/a Incora), a leading provider of comprehensive supply chain management services to the global aerospace and other industries, in connection with an out-of-court comprehensive recapitalization transaction, pursuant to which the members of the ad hoc group exchanged their existing unsecured bonds for new second lien bonds.
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Bausch Healthcare Spin-Off
An ad hoc group of secured and unsecured creditors of Bausch Health, a multinational healthcare company, in connection with the company’s proposed spin-off of its eyecare business.
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Ongoing Chapter 11 Cases of Intelsat
An ad hoc group of holding company noteholders in the chapter 11 cases of Intelsat S.A. and its co-debtor affiliates, operator of the world’s largest and most advanced satellite fleet and connectivity infrastructure. Despite being creditors of Intelsat’s various holding companies, the ad hoc group negotiated a plan of reorganization that provided holding company creditors with approximately $400 million of value, in addition to other contingent value rights tied to Intelsat’s continued C-band spectrum clearing project.
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Recapitalization of Service King
An ad hoc group of unsecured noteholders, led by Clearlake Capital Group, in their recapitalization of Service King, a national automotive collision repair company, resulting in the infusion of $200 million of new capital into the company.
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Prepackaged Chapter 11 Cases of Carlson Travel Inc.
An ad hoc group of noteholders of Carlson Travel Inc. in connection with the prepackaged chapter 11 cases filed by the company and its affiliates in the U.S. Bankruptcy Court for the Southern District of Texas.
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Mallinckrodt's Restructuring
An ad hoc committee of noteholders of Mallinckrodt, a leading global biopharmaceutical company, in (a) Mallinckrodt’s chapter 11 cases and (b) a prior out-of-court exchange of $495 million of senior unsecured debt for new first lien senior secured notes, on a par-for-par basis.
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Grupo Aeromexico's Chapter 11 Proceedings
Co-counsel to Apollo Global Management, as DIP lender in the chapter 11 proceedings and contested confirmation process for Grupo Aeromexico, the flag carrier airline of Mexico.
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Out-of-Court Restructuring of IPC Systems
SVPGlobal in an out-of-court restructuring of IPC Systems, a leading provider and servicer of voice communication systems for financial companies, which included the refinancing or restructuring of more than $1 billion of funded debt obligations and a $125 million equity financing.
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Gulfport Energy's Chapter 11 Cases
An ad hoc committee of unsecured noteholders in the prearranged chapter 11 cases of Gulfport Energy, an independent, natural gas-weighted exploration and production company and one of the largest producers of natural gas in the contiguous United States. Gulfport’s chapter 11 plan facilitated a comprehensive operational restructuring and discharged more than $1.2 billion of debt, resulting in the ad hoc committee receiving substantially all of the equity of the reorganized company.
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Oro Negro’s Contentious Cross-Border Restructuring
An ad hoc group of senior secured creditors of Oro Negro, a Mexican offshore drilling company, in a restructuring of over $900 million of secured debt obligations issued pursuant to Norwegian law-governed documents that involves contested concurso mercantil proceedings in Mexico, a related chapter 15 proceeding in the Southern District of New York, and litigation in Singapore and Norway.
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American Achievement Corporation's Involuntary Chapter 11 Cases
Affiliates of Prudential Capital Partners and Onex Falcon as petitioning creditors in the involuntary chapter 11 cases and subsequent consensual out-of-court restructuring of American Achievement Corporation, a leading publisher of yearbooks, manufacturer and direct marketer of scholastic and graduation products, and provider of graduation commencement services.
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KKR as Agent and Lender in NPC International's Chapter 11 Cases
KKR, as agent and lender, in NPC International’s bankruptcy cases, which included the court-approved sales of the debtors’ Wendy’s and Pizza Hut businesses to Flynn Restaurant Group and a consortium of Wendy’s franchisees for a combined purchase price of approximately $801 million
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Ad Hoc Group of Frontier Communications
An ad hoc group of first lien secured lenders in the chapter 11 cases of Frontier Communications, a leading telecommunications company with approximately $17.5 billion of funded debt obligations.
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LSC Communications Chapter 11 Cases
The ad hoc group of secured noteholders of LSC Communications, a provider of traditional and digital print products, in the chapter 11 cases of LSC and 21 affiliates, including in connection with the court-approved sale of substantially all of LSC’s assets to an affiliate of Atlas Holdings LLC, for cash, a credit bid of obligations under the company’s secured term loan facility and senior secured notes, at the direction of the creditors, and the assumption of certain liabilities.
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Out-of-Court Recapitalization Transaction of Spanish Broadcasting System
The ad hoc committee of bondholders of Spanish Broadcasting System, one of the largest owners and operators of radio stations in the U.S., in the company’s out-of-court recapitalization transaction.
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Successful Out-of-Court Restructuring of Ligado Networks
An ad hoc group of second lien lenders of telecom company Ligado Networks in Ligado’s successful out-of-court restructuring of approximately $14 billion of liabilities and issuance of $2.85 billion of 15.5% PIK Senior Secured First Lien Notes due 2023 and $1 billion of 17.5% PIK Senior Secured Notes due 2024.
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Out-of-Court Restructuring of Chief Power
An ad hoc group of term loan lenders in the out-of-court restructuring of Chief Power, the largest owner of undivided interests in two power generating stations in Western Pennsylvania. The restructuring, which was supported by 100% of the company’s term loan lenders, provided for the conversion of over $330 million in debt into 97% of the equity of the company, and the raising of a backstopped new money debt facility
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Oasis Petroleum's Prepackaged Chapter 11 Cases
An ad hoc group of senior noteholders in the prepackaged chapter 11 cases of Oasis Petroleum, a Houston, Texas-based independent exploration and production company with a focus on unconventional crude oil and natural gas development. The prepackaged plan provided for the restructuring of about $2.23 billion of debt, including the extension and modification of its RBL facility, the conversion of the senior notes into all of the equity of the reorganized company, and the settlement of significant litigation claims.
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Covia Holdings Chapter 11 Case
An ad hoc group of term loan lenders in the prearranged chapter 11 case of Covia Holdings Corporation, a leading provider of diversified mineral-based and material solutions for the global energy and industrial markets.
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Country Fresh's Chapter 11 Cases
An ad hoc group of prepetition and postpetition lenders in the chapter 11 cases of Country Fresh and its affiliates, a provider of fresh-cut fruit, vegetable and snack foods, involving approximately $132 million in secured debt.
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OmniMax International's Out-of-Court Restructuring
An ad hoc group of noteholders in the out-of-court restructuring and sale of OmniMax International, a leading manufacturer of building and transportation products.
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Associated Materials Out-of-Court Recapitalization
An ad hoc group of noteholders and preferred stockholders in an out-of-court recapitalization of Associated Materials, a North American manufacturer and distributor of exterior building products with over $800 million of debt. The recapitalization transactions included the exchange of 99% of Associated Materials’ senior secured notes for new common equity, the purchase of $250 million of new first lien notes by the participating noteholders, and the distribution of new common equity to preferred stockholders.
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Windstream’s Chapter 11 Case
An ad hoc group of first lien lenders in (a) the chapter 11 restructuring of Windstream, a leading provider of advanced network communications and technology solutions for businesses across the U.S., with over $5 billion in funded debt obligations, and (b) the recharacterization litigation against, and $1.2 billion settlement with, Uniti, the REIT that owns most of Windstream’s network. The transaction provided for the equitization of a substantial portion of Windstream’s $3 billion in outstanding first lien indebtedness, as well as access to approximately $2 billion in new capital, and a new long term lease structure between Windstream and Uniti.
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Mood Media Corporation's Prepackaged Chapter 11
The ad hoc group of second lien noteholders and equity sponsors in the prepackaged chapter 11 restructuring of Mood Media Corporation, a global provider of in-store audio, visual and other forms of media and marketing solutions, which was confirmed and became effective one day after the company filed for chapter 11 protection, setting a new record for the fastest chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas.
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Denbury Resources's Prepackaged Chapter 11
An ad hoc group of secured noteholders in the prepackaged chapter 11 restructuring of Denbury Inc., a Plano, Texas-based hydrocarbon exploration company and the only U.S.-based public company of scale with a primary focus on carbon dioxide enhanced oil recovery. The company’s plan provided for the restructuring of nearly $2.4 billion of debt, including the extension and modification of its RBL facility and equitization of the secured notes.
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California Resources Corporation's Chapter 11 Case
An ad hoc group of creditors of California Resources Corporation, an independent, publicly traded oil and natural gas exploration and production company with the largest oil and natural gas production operations in California, in its chapter 11 cases. The company’s plan provided for the restructuring of over $5.8 billion of debt and preferred equity interests.
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Hi-Crush's Chapter 11 Case
An ad hoc group of senior noteholders in the prearranged chapter 11 restructuring of Hi-Crush, a fully-integrated provider of proppant and logistics services used in the hydraulic fracturing of oil and gas wells. The company’s plan provided for the restructuring of over $600 million of debt, including an approximate $50 million new money capital raise and the equitization of its senior unsecured notes.
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The Medicines Company Chapter 11
The Medicines Company, a leading biopharmaceutical company, as one of the largest unsecured creditors in the chapter 11 cases of Melinta Therapeutics, a pharmaceutical company focused on antibiotic medicines.
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Prearranged Chapter 11 of Extraction Oil & Gas
An ad hoc group of unsecured noteholders in the prearranged chapter 11 restructuring of Extraction Oil & Gas, one of the largest oil and gas exploration and production companies in the Rocky Mountain region, with approximately $1.7 billion of funded debt obligations.
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GNC Holdings' Prearranged Chapter 11
An ad hoc group of FILO term loan lenders in the prearranged chapter 11 cases of GNC Holdings, a leading global specialty retailer of health and wellness products.
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Neiman Marcus’ Restructuring
An ad hoc committee of noteholders of Neiman Marcus, one of the world’s largest omni-channel luxury fashion retailers, in (a) a recapitalization transaction involving the exchange of unsecured notes into a new series of third lien notes and preferred equity in MyTheresa, a German luxury online retailer, and the issuance of new second lien notes and (b) the company’s subsequent prearranged chapter 11 case.
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Frontier Communications 363 Sale
Northwest Fiber LLC, the purchaser, in connection with the sale under section 363 of the Bankruptcy Code of equity interests in certain of Frontier Communication’s subsidiaries that conduct Frontier’s business in Washington, Oregon, Idaho, and Montana for an aggregate purchase price of approximately $1.4 billion.
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Whiting Petroleum Corporation Chapter 11
An ad hoc committee of noteholders in the chapter 11 restructuring of Whiting Petroleum Corporation, one of the largest independent exploration and production companies in the U.S. with over $3.4 billion in funded debt obligations.
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One Call Medical's Out-of-Court Restructuring
Chatham Asset Management in an out-of-court restructuring of One Call Corporation, a leader in ancillary services for the workers’ compensation industry and ancillary services for Medicare and Medicad, that eliminated nearly $1 billion of the company’s outstanding debt.
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TOMS Shoes Out-of-Court Restructuring
The term loan lenders of TOMS Shoes, a maker of casual footwear with a unique gifting mission, in the company’s out-of-court restructuring which resulted in the term loan lenders owning 100 percent of the equity of TOMS on account of (a) the conversion of $300 million of secured term debt into equity and takeback debt in TOMS and (b) a new money investment.
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Dean Foods Company Chapter 11 Case
An ad hoc group of unsecured noteholders in connection with the chapter 11 cases of Dean Foods Company, the largest processor and direct-to-store distributor of fresh fluid milk and other dairy products in the U.S., involving approximately $1.1 billion in secured and unsecured debt.
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Seadrill Limited Chapter 11 Case
A group of new money in lenders in the purchase new secured notes issued by Seadrill Limited in connection with its exit financing implemented through a chapter 11 plan.
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PDVSA's Restructuring
The ad hoc group of 2020 secured PDVSA noteholders in a potential restructuring of the senior secured notes issued by Petróleos de Venezuela, S.A., an oil and gas company that is wholly owned by the government of Venezuela.
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Puerto Rico’s Constitutional Debt Restructuring
An ad hoc group of Puerto Rico general obligation bondholders in restructuring the $18 billion of Constitutional debt issued or guaranteed by the Commonwealth of Puerto Rico, including in the Title III cases commenced under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) to restructure the debts of the Commonwealth and certain of its instrumentalities and public corporations.
