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Administrative agent of the trade receivables securitization program in the chapter 11 case of Cyxtera Technologies, Inc., provider of data center colocation services, which resulted in a sale of substantially all of the company’s assets.
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Administrative agent to 3 prepetition facilities, DIP facility and exit facility in the chapter 11 proceedings of Washington Prime Group, owner and operator of 102 shopping centers across the United States.
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Administrative agent and revolving lender group of a $1.5 billion revolving and term loan facility in the open-market debt exchange and restructuring of $2.9 billion secured and unsecured debt of The GEO Group Inc. The Global M&A Network recognized this matter as the “Out of Court Restructuring of the Year – Large” in the 2023 Turnaround Atlas Awards.
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The Commercial Bank of Dubai (CBD) in connection with the restructuring of McDermott International, a provider of engineering and construction for the energy industry. By negotiating the inclusion of protective provisions within McDermott’s confirmed plan of reorganization, Mayer Brown ensured that the procurement guarantees that CDB had provided for projects undertaken in the Middle East and North Africa by McDermott’s affiliate would not be impaired. McDermott International’s restructuring was awarded “Restructuring Deal of the Year” at the 2021 IFLR Americas Awards.
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A major US Bank, as administrative agent, under the pre-petition and post-petition A/R securitization facility in the chapter 11 bankruptcy case of Centric Brands Inc. This financing utilized securitization technology and DIP lending in a court-approved, complex hybrid securitization/DIP facility. This restructuring was awarded “Chapter 11 Restructuring of the Year (Large)” at Global M&A Network’s 2021 Annual Turnaround Atlas Awards and at Global M&A Network’s 2021 Americas M&A Atlas Awards.
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A major international financial institution, as administrative agent, under the $1.6 billion Donlen ABS facility in the Hertz chapter 11 case and, as administrative agent, under a $400 million post-petition ABS facility with respect to the Donlen fleet leasing business. This restructuring was awarded “Turnaround of the Year (Mega)” at Global M&A Network’s 2022 Annual Turnaround Atlas Awards and “Reorganization of the Year (over $1B)” at The M&A Advisor’s 2022 Turnaround Awards.
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A major international financial institution, as facility agent, security agent and lender, in the multi-jurisdictional insolvency cases of Avianca Holdings S.A. and certain of its subsidiaries and affiliates, a multi-LATAM company and one of the world’s oldest airlines. This restructuring was awarded “Cross Border Turnaround of the Year” at Global M&A Network’s 2022 Annual Turnaround Atlas Awards.
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A major US Bank, as administrative agent, in connection with the letter of credit DIP Facility in Covia Holdings Corp.’s chapter 11 case. This innovative letter of credit facility utilized securitization technology and harmonized complex intercreditor issues with certain secured lenders. This restructuring was awarded “Materials & Resources Restructuring of the Year” at Global M&A Network’s 2021 Annual Turnaround Atlas Awards.
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A major international bank in connection with PG&E Corporation’s chapter 11 case, including advising the client as administrative agent under the $1 billion AR exit facility pursuant to the confirmed plan of reorganization for PG&E Corporation. This restructuring was awarded “Chapter 11 Restructuring of the Year (Mega)” at Global M&A Network’s 2021 Annual Turnaround Atlas Awards.
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The ad hoc steering group of senior lenders in connection with the restructuring of Sandy Creek Energy Associates, a unit coal-fired power generating plant.
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A major international financial institution, a major US bank and a regional financial institution, each as administrative agent, under three separate syndicated credit facilities under which FirstEnergy Corp. and its affiliates were borrowers and/or guarantors. We subsequently advised two major international financial institutions and a major US bank, as joint lead arrangers and administrative agents, in connection with six separate new credit facilities in the aggregate amount of $4.5 billion that replaced and refinanced the existing credit facilities.
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GLAS USA LLC and GLAS Americas LLC, as administrative agent and collateral agent, respectively, under the $1.2 billion secured exit facility in connection with the confirmed plan of reorganization of Washington Prime Group, a major owner of malls and shopping centers across more than 100 locations across the United States, and its affiliates. We also represented GLAS USA LLC and GLAS Americas LLC, as administrative agent and collateral agent, under three separate syndicated credit facilities totaling over $1 billion of prepetition secured debt, together with the $100 million DIP facility. This restructuring was awarded “Chapter 11 Restructuring of the Year (Large)” at Global M&A Network’s 2022 Annual Turnaround Atlas Awards.
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A major U.S. bank and its capital finance affiliate, as administrators, in connection with the bankruptcies of certain of the largest coal companies in the United States, including Peabody Energy Corporation, Arch Coal, Inc. and Cloud Peak Energy Inc. These restructurings included the blended use of securitization technology and DIP lending into court-approved, complex hybrid securitization/DIP facilities. These innovative financings harmonize complex intercreditor issues raised by extending a securitization facility into a chapter 11 proceeding on a side-by-side basis with DIP loans from prepetition secured lenders. Cloud Peak Energy Inc.’s restructuring was awarded “Basic Resources Restructuring of the Year (Value below $500 million)” at Global M&A Network’s 2020 Annual Turnaround Atlas Awards.
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A major financial institution, as agent, collateral agent and bilateral letter-of-credit issuer, in connection with the multi-jurisdictional chapter 11 cases of Weatherford International plc and certain of its affiliates, with respect to a rolled-up prepetition and new money post-petition cash collateralized letter of credit facility. The letter of credit facility presented complex intercreditor issues with a side-by-side term loan DIP facility and the related cross-border cash management system. This restructuring was awarded “Energy Restructuring of the Year (Large)” at Global M&A Network’s 2020 Annual Turnaround Atlas Awards.
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A major international financial institution, as agent on behalf of a syndicate of lenders, in connection with the restructuring of loans for four cancer-treatment centers across the United States. This involved novel out-of-court refinancing transactions and both consensual and disputed bankruptcy court supervised 363 sale transactions. These deals were awarded “Health Care Services Restructuring of the Year” at Global M&A Network’s 11th Annual Turnaround Atlas Awards and “Chapter 11 Reorg of the Year ($500MM to $1B)” at the 2019 M&A Advisor Turnaround Awards.
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A market leading institutional trust company and a major U.S. bank, as agents, respectively, for syndicates of lenders, in connection with the workout, restructuring and multi-jurisdictional insolvency cases of Waypoint Leasing Holdings Ltd. and its various subsidiaries. Waypoint is a helicopter leasing company that financed its operations through a series of bi-lateral credit facilities at its subsidiaries. This deal was awarded “Restructuring of the Year ($1B to $10B)” at the 2019 M&A Advisor Turnaround Awards.
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A major international financial institution, an administrative agent, in connection with a complex cross-border ABL facility to the UK Borrowers, Bristow Norway AS and Bristow Helicopters Limited, a British helicopter operator and its Norwegian subsidiary, successfully preserving a parent guaranty through a confirmed plan of reorganization of Bristow Group, Inc. in a complex chapter 11 case.
