ProfessionalsAndrew M. Parlen
Tel: +1-212-373-3141
Fax: +1-212-492-0141
aparlen@paulweiss.com
aparlen@paulweiss.com
1285 Avenue of the Americas
New York,
NY
10019-6064
Fax: +1-212-492-0141
A partner in the Restructuring Department, Andrew Parlen represents public and private companies, ad hoc groups of creditors and investors in a variety of distressed situations, including out-of-court restructurings, prepackaged and prearranged chapter 11 reorganizations, debtor-in-possession financings, and acquisitions of distressed companies. Andrew’s debtor representations include Diamond Sports Group, Madison Square Boys & Girls Club, Inc., Revlon, Hexion, the Government Development Bank of Puerto Rico, Verso Corporation, Cal Dive, Olson Urban Housing, New Century Financial and Verdugo Mental Health. Noteworthy creditor matters include ad hoc groups in Endo Pharmaceuticals, Mood Media Corporation, Covia Holdings Corporation, FirstEnergy Solutions, Remington Outdoor, Homer City and Coso Geothermal, and individual creditor representations in GenOn, Movie Gallery, Sharper Image and Think Film. Andrew has played a variety of leading roles in high-profile restructurings in diverse industries, including pharmaceuticals, industrials, power, exploration and production services, retail, financial services, healthcare and homebuilding, among others.
Awards and Recognitions
Andrew has been recognized for his achievements by several legal and restructuring publications. He is ranked in Chambers USA, where he is described as a “very talented” lawyer who “understands the dynamics of complicated situations” and he was named in Lawdragon’s “500 Leading US Bankruptcy & Restructuring Lawyers.” Andrew has been consistently recognized for his restructuring work since 2013, when he was named a “Rising Star” by Law360, and honored as one of the National LGBT Bar Association’s Best LGBT Lawyers under 40. Most recently, Andrew was named a “Next Generation Lawyer” by The Legal 500 for corporate finance restructuring, and a “Rising Star” by IFLR1000. Andrew has also been recognized as a “Rising Star” by New York Law Journal and an “Outstanding Young Restructuring Lawyer” by Turnarounds & Workouts.
Andrew participates in the NextGen Leadership Program of the International Insolvency Institute, an organization that focuses on promoting international cooperation and coordination through improvements in restructuring-related law and transactional regimes.
COMPANY EXPERIENCE
- Diamond Sports Group, the nation’s largest owner of regional sports networks, in its chapter 11 cases filed in the Bankruptcy Court for the Southern District of Texas. In connection with its filing, Diamond entered into a restructuring support agreement with the company’s creditors that would eliminate over $8 billion of its outstanding debt
- Madison Square Boys & Girls Club, a not-for-profit organization, in its chapter 11 case filed in the Southern District of New York to address claims arising under the New York Child Victims Act
- Revlon, a leading global beauty company, in its subsidiary’s successful out-of-court exchange offer
- Hexion, a leading global chemical company, in its prearranged chapter 11 case
- Government Development Bank of Puerto Rico in its restructuring under Title VI of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)
- Verso/NewPage Corporation, the leading North American producer of printing and specialty papers, in its prearranged chapter 11 case;
- Cal Dive, an E&P marine contractor, in its chapter 11 case
- New Century Financial, one of the largest subprime mortgage lenders, in its landmark chapter 11 case
- Olson Urban Housing, a homebuilder, in its out-of-court restructuring
- Falcon Products, a leading manufacturer of commercial furniture, in its chapter 11 reorganization
- Verdugo Mental Health, a nonprofit mental health clinic, in its sale through chapter 11
CREDITOR-SIDE EXPERIENCE
- The Lower Colorado River Authority (LCRA) in the chapter 11 case of Brazos Electric Power Cooperative, Texas’s largest generation and transmission cooperative, commenced in the wake of Winter Storm Uri which caused charges in excess of $55 billion in the Texas wholesale energy market
- 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
- 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
- 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
- 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
- The ad hoc group of Mansfield certificate holders in the restructuring of FirstEnergy Solutions, a fossil and nuclear power generation company
- A leveraged lease owner participant in the restructuring of GenOn subsidiary NRG REMA
- An ad hoc group of lenders in the restructuring of Remington Outdoor, a leading firearms manufacturer, in its prepackaged chapter 11
- An ad hoc group of noteholders in the restructuring of Homer City, a coal-fired power plant, in a prepackaged chapter 11
- The ad hoc group of certificate holders in equitizing their debt through an out-of-court restructuring of Coso Geothermal, a geothermal power facility
- The first lien lenders in the chapter 11 case of Movie Gallery, a leading movie and game rental company
- The largest licensee of Sharper Image, a national retailer of specialty consumer products, through the retailer’s chapter 11 case
- A leading movie studio in obtaining dismissal with prejudice of a fraudulent transfer suit brought by Think Film, an independent film production studio
SPONSOR & EQUITY HOLDER EXPERIENCE
- The private equity sponsor in the chapter 11 case of Station Casinos
- The equity committee in the chapter 11 case of USA Capital Mortgage Company, a real estate lending and loan servicing investment company
PURCHASER/ACQUIRER EXPERIENCE
- Brookfield Asset Management and Simon Property Group, the sponsors of Copper Retail JV LLC, a newly formed joint venture, in connection with the purchase of the operating assets of J.C. Penney under section 363 of the Bankruptcy Code
- The investors in film entertainment company MGM Studios, via a prepackaged chapter 11 plan
- The stalking horse in its winning bid for the assets of deCode Genetics, a leading human genetics biotech company
- The purchaser of the assets of home products manufacturer Jancor Companies
- The purchaser of the assets of clean-burning diesel fuel producer O2 Diesel in a prearranged bankruptcy