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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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.
