Represented Bank of America, as agent for $2.5 billion credit facility owed by various Adelphia entities, in Adelphia’s Chapter 11 bankruptcy case. Successfully obtained payment in cash in full for clients when cable operations were sold to Time Warner and Comcast. Continue to represent Bank in related litigation.
Representation of a national bank in its workout and collections efforts regarding agricultural loans throughout Texas and the Southwest. We work to protect our client’s interests in all possible venues and situations involving troubled debtors, including bankruptcies, out-of-court workouts and restructurings, and state court collections litigation.
Cash Collateral for Drilling and Workovers
Represented secured creditor in several evidentiary hearings concerning the use of cash collateral for drilling and workovers during bankruptcy case. Successfully obtained multiple orders precluding the use of cash collateral for risky drilling and workovers.
Chapter 11 Debtor Representation - AMRESCO, Inc.
Represented this entity in its liquidating Chapter 11 case. AMRESCO by and through its subsidiaries was a small and middle market business lending company, making loans primarily to franchisees of nationally recognized restaurant, hospitality, and service organizations, and to small business owners.
Cornerstone E&P Company - Debtor Representation
Represented an oil and gas exploration and production company and its affiliate in their Chapter 11 proceedings in the Northern District of Texas. The court has approved a unique vendor-financing program in lieu of traditional DIP financing, which allowed Cornerstone to finish completion operations on vital wells.
Cornerstone E&P Company - Lien Priority Adversary
Defended Cornerstone in a complex adversary proceeding involving challenges to the validity and priority of mineral liens and bank liens under Texas and Oklahoma law. Following a three-day trial, negotiated a successful resolution of all issues.
Creditor Committee Representation - Enron
Represented Calyon S.A. (now known as Credit Agricole Corporate and Investment Bank), the co-chair of the Official Committee of Unsecured Creditors in Enron's epic Chapter 11 bankruptcy case.
Debtor Representation - Atlas Air Worldwide Holdings, Inc.
Completed the successful restructuring of this company’s financial affairs, including restructuring more than $2.5 billion of debt in a bankruptcy case that was completed in only six months. Significant achievements in this case included restructuring the company’s enhanced equipment trust certificates (the first time this has ever been accomplished in a Chapter 11 case), restructuring all of the company’s leveraged leases and financed aircraft, effectuating the substantial buildup of cash during Chapter 11, and effectuating a rights offering of new common stock to creditors pursuant to the Chapter 11 plan. Atlas operated in Europe, the Middle East, and Asia and the reorganization involved coordination with numerous foreign jurisdictions and regulatory authorities.
Debtor Representation - Rand Energy Company
Orderly wind-down and liquidation of Rand Energy Company’s assets, including substantial bank and trade debt and numerous property damage and tort claims resulting from a well explosion catastrophe and lien disputes from mechanics and materialmen.
Franchisor / Landlord Litigation
Representation of a national franchisor in heavily contentious litigation with a bankrupt franchisee, who was also the tenant of the franchisor under multiple lease agreements. The firm fought to protect the franchisor's rights and to defeat the franchisee's attempts to use the bankruptcy proceedings to retain its franchise agreements and leases despite assertions of serious and repeated operational violations. Ultimately, the firm obtained a favorable settlement that succeeded in removing the franchisee from the franchise system.
In the Matter of Asarco L.L.C., 401 Fed. App'x 914 (5th Cir. 2010)
Persuaded the Fifth Circuit Court of Appeals to dismiss the appeal of a $3.6 billion bankruptcy plan of reorganization, which was challenged by a competing bidder and the company's union.
Pacific Gas & Electric, In re Pacific Gas & Electric
The firm was engaged by the California State Assembly in late 2000 to advise it with respect to the financial crisis facing the incumbent electric production and service providers in California including the crisis relative to availability to electricity and rolling blackouts. The firm advised the legislature with respect to the State of California taking over financial responsibility for the purchase of electric power and later advised the legislature in connection with the bankruptcy of Pacific Gas & Electric and of the workout of the financial at Southern California Edison.
Prime Succession, Inc.
Represented this major mortuary and death care provider in its successful pre-negotiated Chapter 11 case in Fort Lauderdale, Florida.
Principal Counsel - Major Financial Company
Principal counsel to a major corporate and commercial bank as administrative agent on three credit facilities with WorldCom that totaled in excess of $6 billion.
Rule 144A Offering - Asset Securitization
Successfully represented a funding company in connection with a Rule 144A offering of fixed rate mortgage backed notes secured by notes receivable from the sale of residential resort lots.
Swaps and Other Derivative Transactions
Haynes and Boone has substantial experience in assisting clients who have swaps and other derivative transactions with failed or failing counterparties. Most recently it has assisted a major petrochemical manufacturer in assessing the applicability of the bankruptcy code derivative safe harbor provisions to various long term supply contracts with financially distressed petrochemical producers. Also, Haynes and Boone has assisted more that 20 swap and derivative counterparties in unwinding their ISDA based transactions with various U.S. and foreign affiliates of Lehman Brothers Holdings, Inc.
U.S. Treasury Department
Representation of the U.S. Treasury Department in connection with the restructurings and bankruptcies of participants in the U.S. auto industry.