EXPERIENCE

Sung regularly advises alternative asset managers on a broad range of financings, including direct lending transactions, bespoke debt trades or debt portfolio transactions, liability management transactions, debtor-in-possession financings and exit financings. He also has significant experience in syndicated loan facilities, high-yield bond issuances, public equity offerings, private placements, mezzanine financings, exchange offers and other out-of-court restructurings.

Since joining Paul, Weiss, Sung's recent experience includes:

• A consortium of Investors in connection with a superpriority bridge financing for Locus Solutions, a leading provider of computer processing and data preparation services
• Avenue Capital and Marathon in connection with a priming structured financing for certain aircraft of Bridger Aerospace
• A consortium of Investors of Enerkem, a clean technology company based in Montreal, in connection with a priming liquidity facility and uptiering of convertible notes
• Madison Dearborn Capital Partners as sponsor and DIP lender in the chapter 11 cases of Benefytt Technologies, a technology-driven distributor of insurance products. Upon consummation of the chapter 11 plan, Benefytt will receive new money financing, including a DIP facility, to fund a new operating company with investors owning 92.5%
• An ad hoc group of convertible noteholders of Clovis Oncology, a specialty pharmaceutical company, in connection with the company’s chapter 11 cases and related sale process
• Avenue Capital Group, Energy Impact Partners and Aegon in their term loan to Rubicon Technologies, a publicly traded provider of software-based waste, recycling and fleet operations for business and governments worldwide
• 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 liquidity facility and non-pro rate uptiering and a comprehensive restructuring effected through the company’s prearranged chapter 11 filing
• An ad hoc group of unsecured noteholders of Werner, the world leader in the manufacturing and distribution of ladders, climbing equipment, fall protection, and ladder accessories, in connection with an exchange offer and consent solicitation with respect to its outstanding notes
• Westmoreland Mining in its restructuring, which resulted in the reduction of its aggregate outstanding funded debt by over $300 million and the separation of WestMET, its ESG-focused platform, into a standalone company, WestMET Group Holdings

Prior to joining Paul, Weiss, Sung’s recent experience has included:

• A consortium of investors in the DIP and exit financings for 24 Hour Fitness
• A consortium of investors in connection with the recapitalization of Belk
• Verso Corporation in its DIP and exit financings
• A consortium of investors in the DIP and exit financings for Remington Arms Company, Inc.
• An ad hoc group of noteholders in the chapter 11 bankruptcy of oil producer Bruin E&P Partners
• A group of direct lenders in connection with the out-of-court restructuring of K&N Automotive
• A group of opportunistic investors in a series of senior secured and hybrid preferred financings for Signal Energy
• A major commercial bank in connection with the restructuring of its financing for Zillow’s home purchase business unit
• A consortium of investors in FILO facilities for, and out of court restructuring of, GNC
• DealerTrack Technologies Inc. in its sale to Cox Automotive Inc.
• DL Chemical on the financing for its acquisition of Kraton Corp., a producer of specialty polymers, for $2.5 billion
• Oaktree Capital Management in connection with direct lending transactions for a number of private equity sponsors
• Nexus Capital in connection with the acquisition financing for various portfolio companies
• Lucid Motors on a $1 billion investment from the Saudi Arabian Public Investment Fund (PIF)
• A consortium of private equity sponsors in connection with the bank financing for the leveraged buyout of a leading car rental company, at the time the third-largest U.S. LBO ever
• A major private equity sponsor in connection with the acquisition of a $6 billion debt portfolio at a discount from a leading commercial bank, utilizing a complex hybrid structure involving a total return swap and a CLO-type vehicle
• Various distressed debt funds in connection with investments in high yield bonds and Term B loans of distressed issuers

Sung has been selected as one of Lawdragon’s 2024 “Leading Dealmakers in America.”