- Uniti Group Inc. in connection with a US$7.5 billion bankruptcy litigation matter in the United States Bankruptcy Court for the Southern District of New York in connection with Windstream Holdings, Inc. and its affiliates Chapter 11 debtors.
- A global asset manager as the largest senior secured DIP lender in connection with a US$3.5 billion credit facility related to the Chapter 11 bankruptcy of Delphi Corporation.
- State Farm in connection with its US$2.5 billion insurance subrogation claim arising from the California Wildfires in the Chapter 11 bankruptcy of PG&E Corporation.
- An ad hoc group of noteholders in connection with the Chapter 11 case of Greektown Casino, a Detroit, Michigan-based gaming company.
- The outside directors of Lehman Brothers Holdings, Inc. in connection with Lehman’s Chapter 11 cases. At the time of its Chapter 11 filing, Lehman’s consolidated assets totaled approximately US$639 billion, and its consolidated liabilities totaled approximately US$613 billion.
- Macomb County Michigan, the largest customer and non-bondholder creditor of the Detroit Water and Sewerage Department (DWS), in connection with the Chapter 9 bankruptcy of the City of Detroit.
- Alden Global Capital, as the largest creditor and shareholder of Payless Holdings LLC, and certain of its affiliates in connection with the Chapter 11 bankruptcy proceeding, as well as in connection with Alden’s loan to a non-debtor subsidiary incorporated in the British Virgin Islands.
- Senior secured noteholders in connection with the out of court financial restructuring of Cleveland Unlimited, a company providing wireless communication services in Ohio and Indiana.
- 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 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.
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.
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.
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.