Corporate

Committees and Other Significant Parties

Niche experience representing creditors’ committees 

Dechert is known for its experience representing ad hoc and official creditors’ committees and other critical stakeholders in large-scale and complex U.S. and cross-border bankruptcy and insolvency proceedings and out-of-court restructurings.

Experience
  • Ad Hoc Group in connection with a potential restructuring of Samarco Mineração S.A., a Brazil-based mining company, and its indebtedness.
  • Ad Hoc Committee of TerraForm Power Noteholders in connection with the structuring, negotiation, and documentation of a consent solicitation by TerraForm Power to the holders of its 5.875% Senior Notes due 2023 and 6.125% Senior Notes due 2025.
  • Ad Hoc Noteholder Group in connection with the Chapter 11 restructuring of Modular Space Corporation.
  • Ad Hoc Noteholders Group in the highly contested cross-border restructuring of $1.6 billion in defaulted notes issued by Vitro S.A.B. de C.V., Mexico's largest glass manufacturer. Dechert was counsel to the noteholders in connection with Vitro’s concurso filing in Mexico, related cases in Dallas, Texas, and litigation in the New York Supreme Court. The Financial Times in 2013 chose Dechert as one of the “top U.S. innovative law firms” for its “standout” work as lead counsel for the noteholders group in this matter.
  • Ad Hoc Noteholders Group in connection with the US$19 billion restructuring (Brazil’s largest-ever bankruptcy filing) of Oi S.A., Brazil’s leading telecommunications service provider formerly known as Brasil Telecom S.A
  • Peaje Investments LLC, a special purpose vehicle managed by a prominent hedge fund and the largest holder of “unwrapped” special revenue bonds issued by the Puerto Rico Highways & Transportation Authority (PRHTA), in connection with all aspects of the Commonwealth of Puerto Rico’s debt restructuring
  • Aurelius Capital Management, LP, and Alden Global Capital LLC, the largest noteholders of OAS, S.A., one of the largest Brazilian engineering and construction companies, and its affiliates, in connection with a Chapter 15 case in the Southern District of New York, currently in insolvency proceedings in Brazil and the British Virgin Islands.
  • Carl Marks Management Company, LLC, Marblegate Asset Management, LLC, and BOKF, NA, in connection with the Chapter 11 restructuring of Logan’s Roadhouse and its affiliates.
Ad hoc committees

Dechert acts as counsel for ad hoc committees of stakeholders who share the same or similar interests. Our lawyers understand the power of collective action and have significant experience organizing and advising committees to achieve their goals.

Our lawyers have represented ad hoc committees of noteholders, investors (including private equity and hedge funds), bank lenders and other financial institutions. They serve as a unified voice for committee members and advocate common interests so members obtain the desired outcome. Many of our ad hoc committee representations originate in cross-border matters.

Official committees

Our lawyers have represented many official unsecured creditors’ committees. They coordinate the competing interests of all creditors to maximize their constituencies’ recovery and achieve resolution.

Other significant parties

Our lawyers act for a wide range of significant parties in matters ranging from Chapter 11 bankruptcies and debt restructurings to pre-packaged plans of reorganization and management buyouts. Parties include senior and junior noteholders, agents of term loan lenders, indenture trustees, lead investors, equity holders, CMBS servicers and others. We represent significant parties in both U.S. and cross-border transactions.

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