2021年1月08日
Mayer Brown advises on two winning transactions recognized by Global M&A Network
Mayer Brown advised on two transactions that were named winners in the “Energy Restructuring of the Year” and “Basic Resources Restructuring of the Year” categories at Global M&A Network’s 2020 Turnaround Atlas Awards, which honors the best value-creating transactions, outstanding firms, professionals and legendary leaders from the international restructuring, investing, distressed M&A, and turnaround communities for successfully closing transactions. The winning transactions are:
Weatherford International: Energy Restructuring of the Year
Mayer Brown represented Deutsche Bank AG, 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. The Mayer Brown team was led by New York-based Restructuring partner Brian Trust and included: Banking & Finance – partner George Miller (New York) and counsel Jennifer Bruni (Chicago); and Restructuring – associate Youmi Kim (New York).
Cloud Peak: Basic Resources Restructuring of the Year
Mayer Brown represented PNC Bank, National Association, as administrative agent, in connection with financing the Chapter 11 case of Cloud Peak Energy Inc., one of the largest coal producers in the United States. The unique financing blended securitization technology and DIP lending into court-approved, complex hybrid securitization/DIP facility. The innovative financing harmonized complex intercreditor issues raised by extending a securitization facility into a Chapter 11 proceeding (utilizing a non-bankrupt SPV) on a side-by-side basis with DIP loans provided by prepetition secured lenders. The Mayer Brown team was led by New York-based Restructuring partner Brian Trust and included: Banking & Finance – partner Zachary Carrier (Chicago), counsel Evan DeCresce and associate David Kobray; and Restructuring – associate Christine Walsh (all New York).
Global M&A Network is a diversified information, digital media and professionals connecting company, exclusively serving the mergers, acquisitions, alternative investing, restructuring and turnaround communities worldwide.
Weatherford International: Energy Restructuring of the Year
Mayer Brown represented Deutsche Bank AG, 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. The Mayer Brown team was led by New York-based Restructuring partner Brian Trust and included: Banking & Finance – partner George Miller (New York) and counsel Jennifer Bruni (Chicago); and Restructuring – associate Youmi Kim (New York).
Cloud Peak: Basic Resources Restructuring of the Year
Mayer Brown represented PNC Bank, National Association, as administrative agent, in connection with financing the Chapter 11 case of Cloud Peak Energy Inc., one of the largest coal producers in the United States. The unique financing blended securitization technology and DIP lending into court-approved, complex hybrid securitization/DIP facility. The innovative financing harmonized complex intercreditor issues raised by extending a securitization facility into a Chapter 11 proceeding (utilizing a non-bankrupt SPV) on a side-by-side basis with DIP loans provided by prepetition secured lenders. The Mayer Brown team was led by New York-based Restructuring partner Brian Trust and included: Banking & Finance – partner Zachary Carrier (Chicago), counsel Evan DeCresce and associate David Kobray; and Restructuring – associate Christine Walsh (all New York).
Global M&A Network is a diversified information, digital media and professionals connecting company, exclusively serving the mergers, acquisitions, alternative investing, restructuring and turnaround communities worldwide.
