Haynes and Boone Team:
, Hook, Jonathan
, Kattner, Kenric D.
, Parkins, Lenard M.
Services: Bankruptcy and Business Restructuring
, Bankruptcy and Insolvency Litigation
, Restructuring, Workouts, and Recapitalizations
, Energy and Petrochemical Industry
, Indenture Trustees, Successor Trustees and Secured Creditors
, Investment Funds and Private Equity
Represented The Bank of New York as agent for the first lien lenders in this Chapter 11 case in the Southern District of New York. Successfully defeated efforts by the Debtor and junior lienholders to effect a cramdown valuation of the agent’s collateral at $70 million. After a hotly contested evidentiary trial, the efforts by Wellman and the junior lienholders failed and the court found the value of the agent’s collateral to be $140 million - two times the amount proposed by the debtor and junior lienholders.