Gulfstream Crane, LLC Chapter 11
Representation of private equity firm in the Chapter 11 case Gulfstream Crane, LLC in the Southern District of Florida. The private equity firm, through a wholly owned subsidiary, acquired Gulfstream’s business and certain principle assets as the plan sponsor of Gulfstream’s plan of reorganization for consideration of approximately $40 million. Confirmation of the plan was difficult and complex. Gulfstream’s secured debt exceeded $80 million and was held by twelve different purchase money secured lenders that each held purchase money secured liens on specific Gulfstream cranes and other equipment. The firm assisted the private equity firm in its negotiations with Gulfstream, the twelve secured creditors, and the committee to acquire the necessary support to confirm the plan over the objections to confirmation lodged by the opposing members.
Representation of this $500 million public company which was one of the country’s largest manufacturers and distributors of building products for manufactured housing and motor homes in its Chapter 11 case.
Representation of a hedge fund that was both a major creditor and equity holder of Delphi. The fund sought to serve as a lead plan proponent with the Debtors. The fund's proposal was determined not to be the highest and best proposal. Delphi ultimately confirmed another plan of reorganization with the assistance of the U.S. government and General Motors in conjunction with the GM Chapter 11 case. Creditors received significantly less than they would have received under the original plan proposal.
JHT Holdings, Inc.
Represent pre-petition secured lenders, that are also DIP and exit financing lenders and prospective equity owners of the company to be effected in a debt-for-equity swap in this national trucking transport company.
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.
Fedders North America, Inc.
Represented Highland Capital Management, L.P. as secured lender in confirmed Chapter 11 case. Highland was a co-proponent of the plan of liquidation. Highland and the other lenders are also defendants in a lawsuit brought by the successor to the unsecured creditors' committee alleging multiple causes of action. In May 2009, the court issued a ruling, dismissing all claims against the lender defendants, including Highland, other than the aiding and abetting breach of fiduciary duty claim. We are currently defending Highland with regard to the remaining claim.
Bankruptcy Case - Retail
Represented the largest secured and unsecured creditors in the bankruptcy cases of one of North America's and Mexico's leading retail home decor companies.
Representation of Debtor - ATA Corporation
Represented this national certificated air carrier in its orderly Chapter 11 liquidation in the bankruptcy court in Indianapolis, Indiana. The case involves significant issues relating to the status of union contracts and WARN Act claims in airline liquidations.
Representation of Majority Secured Lender in Chapter 11 Case - Manufacturer of Tissue Products
Represented the majority secured lender in the Chapter 11 case, filed on Newark, New Jersey, of a leading manufacturer of tissue products with a strong presence in the Northeast.
American LaFrance Corporation
Represented American LaFrance in its Chapter 11 case in Delaware. The case involved the re-negotiation of substantial vendor and lessor relationships and resulted in American LaFrance's successful reorganization.