Transactional

Business Restructuring and Reorganization

Overview
Experience
People
Accolades
News & Insights
Related Capabilities

Overview

Gibson Dunn’s Business Restructuring and Reorganization (BRR) Practice Group specializes in representing creditor and stakeholder groups in the nation’s largest and most complex restructurings and is a pioneering leader in the liability management space.

Time and again the world’s leading credit investors and businesses turn to our practice to lead them through complex restructurings and devise innovative, market-moving financing solutions with peerless acumen, judgment, and credibility that will withstand scrutiny in all manner of judicial forums.

We have specific expertise as a market-leader in bespoke and innovative transaction structures, including liability management and position enhancement transactions. Gibson Dunn devised, executed, and successfully defended a market-transforming transaction for the lenders to Serta Simmons Bedding, which has been widely replicated in the distressed finance market, and has significantly impacted the credit world, including with respect to new issuance credits and how market participants fundamentally think about restructuring opportunities. We have subsequently been involved in almost every significant liability management or position enhancement transaction since, often as lead counsel to the key creditor group.

Accordingly, our practice stands squarely at the crossroads of the credit markets, the commercial world, and the federal courts. We focus on the representation of the world’s largest and most active debt investors, notable financial institutions, and fund clients, which include Blackstone, BlackRock, Carlyle, CSAM, Eaton Vance, Silverport, SVP, and others as lenders and creditors in various matters.

Gibson Dunn’s global restructuring experience, while focused on building consensus, can be supplemented by our extraordinary bankruptcy litigators when a negotiated resolution cannot be reached. Armed with a deep lineup of perennial industry-leading litigators, Gibson Dunn’s BRR practice is well-equipped to tackle any dispute in the restructuring space, including challenges to liability management or position enhancement transactions, whether in state court or federal district, appellate or bankruptcy court. From the defense of innovative financing transactions to disputes over existing indebtedness and security issues, we have repeatedly prevailed in the most notable restructuring disputes in recent memory.

“They offer a solid bench of experienced attorneys that demonstrate strength across its global office network in cross-border restructurings, both in and out of court...”
Chambers USA

Experience

Creditor

Recent representations include:

Endo International plc: Advised an ad hoc group of first-lien creditors related to $6 billion of secured obligations of Endo International plc, a specialty pharmaceutical company, in connection with the group’s credit bid to acquire Endo’s assets in Chapter 11 and subsequent chapter 11 plan process and several landmark settlements with the DOJ, states attorney generals, Canadian provinces, and several other opioid claimants and creditors’ committee, which resolved a multiyear effort to resolve significant opioid, financial, and other tort liabilities.
Diamond Sports Group: Represented the ad hoc group of secured creditors in connection with Diamond Sports Group, a subsidiary of Sinclair Broadcast Group, Inc., filing for Chapter 11 protection to curt more than $8 billion in debt.
Intrado Corporation: Represented an ad hoc group of term lenders to Intrado in connection with an amend-and-extend transaction that provided a substantial paydown to our clients and a significant de-leveraging of the company.
Tailored Brands Inc.: Represented an ad hoc group of secured lenders in the $2.48 billion Chapter 11 of Tailored Brands Inc., cutting $630 million in funded debt.
Envision Healthcare: Advised the ad hoc group of first lien lenders in the Chapter 11 filing of Envision Healthcare, a national medical group and KKR portfolio company.
National CineMedia: Advised an ad hoc group of secured lenders in the $1.2 billion Chapter 11 restructuring of National CineMedia, North America’s largest cinema advertising network.
Cyxtera Technologies: Advised an ad hoc group of term lenders in connection with the $1.15 billion Chapter 11 filing of data center colocation and interconnection services provider, Cyxtera Technologies.
Jo-Ann Stores: Represented an ad hoc group of first lien lenders in the $946 million debt restructuring of Jo-Ann Stores.

Debtor/Company Side

Recent representations include:

Casino Guichard Perrachon SA: Advised Casino Guichard Perrachon SA, a Euronext-listed French mass-market retail group, on the conclusion of a lock-up agreement relating to its financial restructuring, providing an equity injection and a reduction in their net debt of €6.1 billion.
Latecoere: Advised Latecoere, a leading supplier to major international aircraft manufacturers, in the finalization of its restructuring, including a renegotiation of its financial debt, a debt waiver of around €183 million and a capital increase of around €125 million.
F45 Training Holdings Inc.: Advised F45 Training Holdings Inc., a fitness franchisor, on its out of court restructuring.
Liberty Hall Capital Partners: Advised Liberty Hall Capital Partners, in connection with the out of court restructuring of AeroCision Parent, LLC and its subsidiaries.
Briggs & Stratton: Represented an ad hoc group of unsecured noteholders in the $700 million out-of-court restructuring of , a small engine producer.
Stimwave Technologies: Advised Stimwave Technologies, a venture-capital backed medical device maker, in its Chapter 11 Bankruptcy.
Enjoy S.A.: Represented international hotel and casino operator Enjoy S.A. in its $836 million Chapter 15 proceeding in the United States.
Klein Hersh LLC: Represented Klein Hersh LLC, an executive search firm focused on delivering strategic leadership placement solutions for the life sciences and healthcare industry, and certain affiliates in restructuring of its credit agreement debt.

Litigation

Recent representations include:

Serta Simmons: Obtained a sweeping victory for an ad hoc group of priority term lenders to Serta Simmons in their Chapter 11 bankruptcy filing in the Southern District of Texas, upholding the liability management transaction that combined a new money priming facility with non-pro rata open market purchases to facilitate liquidity enhancement and material de-leveraging.
BlueMountain Capital Management: Secured a U.S. Supreme Court affirmance for BlueMountain Capital Management in its closely watched challenge to Puerto Rico’s debt-restructuring law for municipal entities following the Commonwealth’s establishment of the Puerto Rico Public Corporation Debt Enforcement and Recovery Act.
Vistra Corp. and Luminant Energy Company: Advised Vistra Corp. and its subsidiary, Luminant Energy Company, as plaintiff-intervenor in related adversary proceeding, in connection with financial and strategic interests at stake in In re Just Energy chapter 15 proceeding in the S.D. Texas.
Harbinger Defendants: Represented Harbinger Capital Partners, Boston Harbor Power, Power Management Financing, Harbert Distressed Investment Master Fund, and Harbinger Capital Partners Master Fund I, (Harbinger Defendants) in an adversary proceeding brought by the litigation trustee, Mark Holliday, for Boston Generating LLC and EBG Holdings, LLC in the U. S. Bankruptcy Court for the Southern District of New York.
Macquarie Bank: Represented Macquarie Bank in the Chapter 11 case of Relativity Media, including litigation over enforcement of its secured claim and terms of the Chapter 11 plan as well as in providing exit financing.

Cross-border

Recent representations include:

Lumen Technologies: Represented an ad hoc group of secured lenders in connection with the $20 billion restructuring of Lumen Technologies, an international facilities-based technology and communications company.
Mallinckrodt plc: Advised an ad hoc group of secured lenders to Mallinckrodt plc in both is pre-arranged Chapter 11 reorganization and a second prepackaged Chapter 11 case involving a balance sheet restructuring and a revised settlement construct with the master opioid trust established in the first reorganization.
Provisional Liquidator: Advised Provisional Liquidator of Agritrade Resources Limited, an energy group with coal mines and power plants in India and Indonesia whose shares are listed on the Stock Exchange of Hong Kong, in the US$2 billion restructuring of the Agritrade group, involving cross-border litigation in Hong Kong, Singapore, India and Bermuda.
Sritex Group: Represented the Sritex Group, one of the largest vertically integrated textile manufacturers in Southeast Asia, in the restructuring of its more than US$1.3 billion of debt in Indonesia, Singapore and United States.
Venator Materials PLC: Advised the ad hoc cross-holder group of term loan lenders and noteholders on the comprehensive cross-border $915 million recapitalization of Venator Materials PLC, a global manufacturer and marketer of chemical products, through a prepackaged Chapter 11 process.
Grupo Aeroméxico SAB de CV: Represented the ad hoc group of unsecured claimholders in the Grupo Aeroméxico SAB de CV Chapter 11 bankruptcy, due to the Covid-19 pandemic.
Farallon Capital Europe LP: Advised Farallon Capital Europe LP as an institutional shareholder in the € 170 million out-of-court debt restructuring of Technicolor Creative Studios.