(December 31, 2009, Weil Gotshal News)
Weil Gotshal clients Pilgrim's Pride Corp. and Nortek, Inc. have successfully restructured and emerged from Chapter 11 bankruptcy. This follows Weil client SemGroup® Corporation's exit from Chapter 11 as a newly reorganized public company in late November.
Pilgrim's Pride and six of its subsidiaries emerged from Chapter 11 effective December 28, 2009. The amended reorganization plan was filed in September and approved earlier this month, closing out a 13-month restructuring process involving the sale of a 64% stake in the company to JBS U.S.A. Holdings, a subsidiary of Brazilian beef producer JBS SA, for $800 million and the arrangement of a $1.75 billion exit facility. Pilgrim's Pride is a major poultry processor and distributor.
The Weil Gotshal team representing Pilgrim's Pride was led by Bankruptcy partners Gary Holtzer and Stephen Youngman, with partners Angela Fontana, Kelly Dybala, Vance Beagles, Scott Cohen, William Horton and Michael Kam; counsel Paul Asofsky and Larry Baer; and associates Abigail Zigman, Victoria Vron, Jennifer Ganesh, Erica Coleman, Brandy Treadway, Liani Kotcher, Barry Jacobs, Daniel Venditti, Jennifer Wolff, Kristina Coffee, Richard White and Monty Ward. The bankruptcy, corporate, employment and tax attorneys are from the firm's New York, Dallas and Houston offices.
Nortek, Inc. and its affiliated domestic companies emerged from bankruptcy effective December 17, 2009, only 57 days after the filing of a prepackaged plan of reorganization and subsequent confirmation of the plan on December 4, 2009. The restructuring eliminates approximately $1.3 billion of debt, and together with a new $250 million asset-based credit facility, makes Nortek financially stronger and well positioned for the future. Nortek is a private-equity backed manufacturer of residential and commercial ventilation, HVAC and home technology convenience and security products.
The Weil Gotshal team representing Nortek was led by Bankruptcy partners Gary Holtzer and Stephen Youngman, with partners Angela Fontana, James Westra, Joseph Basile, Simeon Gold, Matthew Bloch, Annemargaret Connolly, Anthony Albanese, Stuart Goldring, Larry Gelbfish and Michael Kam, and associates MJ Walsh, Sara Coelho, Jessica Liou, Rahul Sharma, Hayward Majors, Alejondra Almonte, Ramon Mercedes, Rose Constance, Kimberly Perdue, Lucas Spivey, Max Goodman, Arlene Hahn, Jennifer Wolff, Virginia Johnson, Graham O'Donoghue, Andrew Woodworth and Kevin Yung. The cross-disciplinary team included bankruptcy, corporate, regulatory and tax attorneys from the firm's New York, Dallas, Boston and Washington, DC offices.