Prior to joining Weil, Alex was a senior associate in a tier-1 restructuring practice at a full- service commercial law firm in Sydney, Australia, where he advised financial institutions, administrators, receivers, liquidators, creditors, and companies on domestic and cross-border restructuring, insolvency, and distressed asset sale and M&A matters.
- Healogics, Inc., the nation’s leading wound-care center operations provider, on a comprehensive restructuring of over $860 million in funded debt through an out-of-court debt-for-equity exchange, resulting in a $450m deleveraging that obtained 100% participation from its lenders and provided Healogics with $240 million in new equity financing. As part of the transaction, the Company also secured a new $30M revolving credit facility, in addition to a new $370 million first lien term loan.
- Mortgage Contracting Services, a company providing inspection services and property preservation for investors of defaulted mortgages, on its out-of-court debt-for-equity exchange, resulting in a $400 million deleveraging that obtained 100% participation from its debtholders and provided MCS with renewed incremental liquidity through a new revolving credit facility.
- Serta Simmons Bedding, one of the largest manufacturers and distributors of mattresses in North America, in their new money priority term loan and exchange transaction, which included $200 million of new capital and the exchange of approximately $1 billion in first lien debt and $300 million in second lien debt, and reduced debt held by participating lenders by over $400 million.
- Ditech Holding Corporation, one of the nation’s largest mortgage servicers, and certain of its affiliated debtors in their pre-arranged chapter 11 cases. Ditech and its subsidiaries had approximately $15-17 billion in debt and mortgage-related liabilities, including residential mortgage securities funding obligations. At the time of filing, Ditech filed a restructuring support agreement (“RSA”) backed by holders of more than 75% of its first lien term loan debt. Ditech’s RSA provided for a dual-track restructuring strategy that allows the debtors to evaluate various strategic alternatives with a backstopped emergence plan as they continue to provide customers with home financing solutions and high-quality service.
- Claire’s Stores, Inc., one of the nation’s largest retailers with more than 4,000 owned and franchised locations globally, in its prearranged restructuring efforts related to more than $2 billion in funded debt.
- Walter Investment Management, Inc., the fifth-largest mortgage servicer in the United States, in its prepackaged restructuring efforts related to more than $2 billion in funded parent-level debt and more than $13 billion in other funded debt obligations. This one-of-a-kind restructuring plan allowed this highly regulated enterprise to avoid filing its operating companies for chapter 11 while simultaneously discharging the operating companies’ guarantees of funded debt at the holding company. The restructuring plan also provided a recovery of 50% of the recognized company’s common stock to existing shareholders while simultaneously reducing the company’s funded debt by more than $600 million.
- China Fishery Group, an investment holding company that sources, harvests, onboard processes, and delivers fish worldwide, in its chapter 11 and cross-border restructuring of its approximately $2B in debt.
- Paragon Offshore plc, an offshore drilling company, in its contested chapter 11 cases.
- Basic Energy Services, Inc., one of the nation’s largest oilfield services companies, in their prepackaged restructuring cases involving more than $1.1 billion in funded debt obligations.
Creditor/Sponsor-side/Financial Institution Experience
- Talen Energy Marketing, LLC and Talen Energy Supply, LLC as second lien lenders in the chapter 11 cases of NorthEast Gas Generation, an owner and operator of electricity generation plants.
- DIP lender, first lien lender, and successful stalking horse bidder in the chapter 11 cases of Tamarac 10200, LLC and Unipharma, LLC, manufacturer of OTC and nutraceutical products.
- An ad hoc group of first lien creditors of Jason Industries, the North American industrials company.
- An ad hoc group of holders of $500 million of first lien notes who achieved approximately 114% recovery in the chapter 11 case of Cobalt International Energy.
- Ambac Assurance Corporation in the state court rehabilitation of its Segregated Account.
- Brookfield Asset Management, as one of the largest first lien creditors in the chapter 11 cases of Texas Competitive Electric Holdings Company LLC and its debtor affiliates.
- General Electric Company and its affiliates, as sponsor, in the prepackaged chapter 11 case of Homer City Generation L.P., a coal-fired, independent power production plant with $600 million in secured debt prior to its filing.