February 02, 2018
Weil was counsel in five matters named among Turnarounds & Workouts’ Successful Restructurings of 2017, recognizing the Business Finance & Restructuring Department’s recent debtor- and creditor-side achievements.
The publication credited Weil for leading two of the year’s notable turnarounds. CHC Group, Ltd.’s chapter 11 reorganization was one the “most complex, innovative and successful restructurings” that achieved both an operational restructuring of CHC’s global aircraft fleet and a balance sheet restructuring of $1.5 billion of funded debt obligations. Weil was also recognized for spearheading J.Crew Group, Inc.’s out-of-court restructuring, a “groundbreaking” proceeding that transferred intellectual property to an unrestricted subsidiary and then used those assets as collateral for new securities issued as part of a debt exchange. The innovative approach has been hailed as a blueprint for other distressed retailers seeking to harness the value of their brand and deleverage while avoiding a bankruptcy proceeding.
Turnarounds & Workouts also honored three chapter 11 bankruptcies where Weil had a prominent creditor-side role. The Firm served as counsel to the Official Committee of Unsecured Creditors of SunEdison, Inc., in what “was, by many measures, the largest U.S. bankruptcy filing in 2016.” Weil also represented the Official Committee of Unsecured Creditors in Ultra Petroleum Corp.’s multibillion-dollar reorganization and advised Bain Capital, the equity sponsor of The Gymboree Corporation, in Gymboree’s pre-negotiated chapter 11 bankruptcy.
Turnarounds & Workouts, a monthly newsletter published by Beard Group, Inc., named the successful restructurings in a special report published in the January 2018 issue.