Out-of-Court & Prepackaged Restructurings

Weil’s experience extends to out-of-court restructurings as well as prepackaged or prearranged chapter 11 cases, which Weil pioneered. Weil’s approach is to achieve an expeditious and economical restructuring that maximizes value for all stakeholders with minimal dislocation to business operations, employees, and customer and vendor relationships.
Weil is consistently at the forefront of innovative out-of-court restructurings as well as prepackaged or prenegotiated chapter 11 cases. Weil’s significant experience counseling financially-distressed entities as well as creditors and other parties in interest has enabled Weil to achieve consensus among disparate groups of parties to achieve value-maximizing outcomes. Restructuring attorneys work closely with PE, M&A, tax, finance, regulatory, and other attorneys at Weil, all of whom have extensive experience in this area.

Out-of-Court Restructurings

Weil provides superior support and skill in negotiations between a financially-distressed entity and its lenders, bondholders, major suppliers, and other major parties in interest, including governmental agencies. Weil works closely with financial advisors, investment banks, and investors to develop various restructuring proposals as well as negotiate and implement restructured loan documentation, exchange offers, tender offers, and/or consent solicitations.

Prepackaged and Prearranged Chapter 11 Cases

Weil has pioneered the use of prepackaged and prearranged chapter 11 cases, which is a hybrid of an out-of-court restructuring and a traditional chapter 11 case. Under both structures, debt refinancing terms are worked out prior to the filing of a chapter 11 petition, thus significantly shortening the time a debtor spends in chapter 11 as well as the impact of the bankruptcy on the business. Weil has significant experience advising entities on the advantages and disadvantages of these hybrid models and implementing the restructuring in a cost-efficient manner, including counseling and guiding debtors through the initial negotiations and out-of-court restructuring through the solicitation of votes, the filing of the chapter 11 petition, and the confirmation process.

Selected Representations

Out-of-Court Restructurings

American Capital Ltd.

AIG

Mashantucket Pequot Tribal Nation

Ontario Teachers Pension Plan Trust (Aquilex Holdings LLC)

Pyramid Management Group

Security Capital Assurance

Prepackaged or Prearranged Chapter 11 Cases

Basic Energy

Chassix Holdings, Inc.

Dallas Stars, L.P.

Electrical Components International, Inc.

Endeavour International Corp.

Express Energy Services Operating, L.P.

Fairway Group Holdings, Inc.

Halcón Resources

Hawkeye Renewables, LLC

Key Plastics

LodgeNet Interactive Corporation

Nortek, Inc.

PRC, LLC

Reader’s Digest Association, Inc.

Recycled Paper Greetings, Inc.

Regal Cinemas

Simmons Bedding Company

Texas Rangers Baseball Partners

U.S. Shipping Partners L.P.

Vantage Drilling

Vertis Holdings, Inc.

Shortcut Links

The Weil Bankruptcy Blog contains developments on the restructuring world from our Business Finance & Restructuring team. The European Restructuring Watch presents views from Weil's European teams.