Leonard Klingbaum
Partner | New York
Leonard Klingbaum

Leonard Klingbaum serves as head of the firm’s Capital Solutions group, leading a cross‑disciplinary platform that draws upon a single multidisciplinary team of lawyers aligned to serve clients throughout an investment’s lifecycle.

Mr. Klingbaum provides strategic and results‑oriented advice to clients in complex private credit and special situations finance, event‑driven and opportunistic transactions, and liability management exercises. He advises credit funds and other asset managers, direct lenders, alternative capital sources, borrowers (including private and public companies), and sponsors across the full spectrum of financing and capital structure solutions.

His work spans the capital stack and ranges from lower middle‑market transactions to large‑cap financings.

A trusted adviser in high‑stakes and time‑sensitive situations, Mr. Klingbaum counsels clients on both out‑of‑court and in‑court financing matters. His experience frequently involves new‑money investments, debt equitizations, and creative structuring solutions designed to address challenged or shifting capital structures and evolving market conditions.

Mr. Klingbaum’s practice is distinguished by its cross‑disciplinary approach, enabling him to guide clients seamlessly from financing strategy and execution through distressed M&A and restructuring outcomes. His breadth of experience across market cycles allows him to deliver commercially grounded, legally precise advice in some of the most complex transactions in the market. He is widely recognized for his leadership in credit opportunities and special situations finance and for his ability to develop practical solutions to sophisticated investment challenges.

Key Matters

  • The Wheel Group, Empire Today! and Premier Dental, in their comprehensive out‑of‑court debt-for-equity recapitalization transactions.
  • HG Vora Capital Management and Nantahala Capital, as noteholders of Fossil Group, in the negotiation and implementation of an innovative exchange offer for new first‑out and second‑out senior secured notes due 2029, together with incremental funding, warrants, and equity consideration, implemented through a single‑class English Part 26A restructuring plan.
  • A direct lender in connection with a term loan to Gotham Greens, an indoor farming company and fresh food brand.
  • Thrive Pet Healthcare in a liability management and financing transaction that generated more than US$350 million of enhanced liquidity and extended the maturities of over US$1.7 billion of existing debt.
  • Empire Today!, a flooring company, in a liability management and financing transaction supported by more than 99% of its lenders, providing significant incremental liquidity and extending existing debt maturities.
  • Aquiline Capital Partners in connection with a loan to Cornerstone Financing, an insurance and investment funding company.
  • An ad hoc group of first lien lenders to American Rock Salt, the largest operating salt mine in the United States, in connection with a US$110 million super‑priority first‑out term loan facility.

Includes matters handled at Dechert or prior to joining the firm.

  • A manufacturer of specialty paper solutions in a liability management transaction involving a new capital infusion and amendments to its loan obligations.
  • A dental services organization in a comprehensive liability management transaction addressing approximately US$1 billion of indebtedness, including maturity extensions, interest rate relief, US$175 million of new capital, and a novel Dutch auction structure implemented through a non‑guarantor restricted subsidiary.
  • Marathon Asset Management in connection with a second lien credit facility extended to Quantix, a supply chain services provider to the global chemical industry.
  • Blue Torch Capital in several bespoke term loans, a debtor-in-possession financing, and a debt-for-equity recapitalization transaction.
  • Trinseo and certain of its affiliates in a US$1.1 billion financing transaction addressing its 2024 senior secured term loans and US$385 million of 2025 unsecured bonds, with financing provided by funds managed by Oaktree, Angelo Gordon and Apollo.
  • Tronox Holdings in multiple refinancings of its capital structure, including a US$1.3 billion term loan and revolving credit facility and US$1 billion of senior unsecured notes.
  • A group of existing securitization bondholders in connection with the refinancing and exchange of Centerline Logistics’ secured bonds, replacing a securitization structure with a new multi‑tranche secured bond.
  • Aquiline Credit Opportunities and Energy Impact Partners in connection with a US$40 million senior secured term loan to a provider of end‑to‑end technology transformation solutions.
  • Juice Plus+ in an out‑of‑court restructuring transaction completed with unanimous lender participation, reducing debt and preferred equity obligations by over US$300 million, extending maturities, and raising US$30 million of new equity capital.
  • Term loan lenders in connection with a highly structured US$375 million senior secured term loan to the managed care business of Prospect Medical Holdings, and the resulting workout and repayment of the loan.
  • Marathon Asset Management in connection with a US$100 million senior secured term loan and US$10 million revolving facility provided to Family Entertainment Group.
  • A leading global investment management firm in connection with a US$80 million senior secured term loan and warrant package provided to a technology company serving the key duplication and locksmith markets.
  • LSB Industries in multiple financing transactions, including a consent solicitation amending its 7.75% senior secured notes following the US$364 million sale of its climate control business.
  • Funds managed by Cyrus Capital Partners and Keyframe Capital Partners as lead investors in a US$150 million second lien convertible note financing issued by Redaptive, an energy‑as‑a‑service provider.
  • Funds managed by Keyframe Capital Partners in connection with a US$30 million delayed draw term loan facility supporting the growth of a luxury vehicle fleet operator.
  • Reliant Business Services and its affiliated SPVs in connection with a US$75 million senior secured revolving credit facility provided by affiliates of Ares Management.
  • A leading global investment management firm in connection with a US$300 million loan and warrant financing to a real estate mortgage trust.
  • Cyrus Capital Partners, Keyframe Capital and another global investment manager in connection with up to US$100 million of financing for commercial solar loans.
  • Hilco / ReStore in connection several bespoke loan facilities including term loans and FILO facilities.
  • Revel Resort and Casino in Chapter 11 financing matters.
  • Innkeepers USA Trust in complex pre‑ and post‑petition financing arrangements across multiple debt tranches.
  • The Great Atlantic & Pacific Tea Company (A&P) in a US$800 million Chapter 11 financing.
  • MSR Resort Golf Course in junior Chapter 11 financing arrangements.
  • The Reader’s Digest Association in Chapter 11 financing matters.
  • Lear Corporation in a US$500 million Chapter 11 financing with an embedded exit feature.
  • Tropicana Resort and Casino in Chapter 11 financing matters.
  • TOUSA in Chapter 11 financing matters.
  • JPMorgan Chase, as arranger and lender, in multiple major Chapter 11 financings, including United Airlines, Kmart and others.
  • Macquarie Bank in prepetition, Chapter 11 and exit financing for Reddy Ice.

Includes matters handled at Dechert or prior to joining the firm.

  • Forbes, “America’s Top 200 Lawyers,” 2024–2025
  • Chambers Global, The World’s Leading Lawyers for Business, 2022–2025
  • Chambers USA, America’s Leading Lawyers for Business, 2021–2025
  • The Legal 500 US, Recommended, 2020–2025
  • IFLR1000, Highly Regarded, 2022–2024/2025
  • Turnaround Management Association, Transaction of the Year
  • New York Super Lawyers, 2021–2024
Services
    • University of Toronto, B.A.
    • Pace University School of Law, J.D., magna cum laude, Executive Editor, Pace Law Review
    • New York

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