Represented Walter Energy and 22 of its subsidiaries in Chapter 11 bankruptcy cases filed in July 2015. Walter was one of the largest metallurgical coal mining companies in the world, with revenues in excess of $1.4 billion in 2014. Walter’s Chapter 11 bankruptcy case was the largest in the history of the State of Alabama, with liabilities in excess of $5 billion. Prior to the bankruptcy filing, the firm led ongoing, complex restructuring negotiations involving Walter and its first lien lenders regarding the terms under which the debtors would emerge substantially debt-free from bankruptcy, either pursuant to a Chapter 11 plan or an asset sale. With the commencement of the Chapter 11 proceedings, we successfully advocated for numerous motions in bankruptcy court on the debtors’ behalf and negotiated with secured creditors and other constituencies regarding the terms of a Chapter 11 plan or asset sale involving all the debtors’ assets.
J.A. Jones Construction Company
Represented J.A. Jones Construction Company, an international construction firm, and 57 of its subsidiaries in their chapter 11 cases filed in North Carolina. Within 11 months of the bankruptcy filing, obtained confirmation of two chapter 11 plans that ratified a dozen major asset transactions and numerous smaller sales. The process netted over $1 billion in total consideration, eliminated another $1 billion in contingent liabilities under the firm’s surety bonds, and saved the jobs of over 97 percent of the firm’s 7,000 employees.
Birmingham Steel Corporation
Represented publicly-traded Birmingham Steel Corporation and several of its affiliates in chapter 11 in Delaware. Creditor claims totaled more than $1 billion. Confirmation of a contested chapter 11 plan occurred approximately 120 days after the bankruptcy filing. The sale of the debtors’ assets to Nucor Steel for over $615 million pursuant to the plan provided a significant return to shareholders despite the company’s insolvency.
Represented Oreck Corporation, a leading manufacturer of vacuum cleaners, and several of its affiliates in their chapter 11 proceedings filed in Tennessee. Successfully obtained a going-concern sale of all the debtors’ assets within three months after the case was filed.
Represented Globe Manufacturing, the largest independent producer of spandex, with operations in Alabama, New York and Massachusetts. Obtained confirmation of a chapter 11 plan that provided for the sale of the business to an Italian manufacturer and resolved over $400 million in creditor claims.
Represented Key Rehabilitation, a physical therapy company with operations throughout the South and Midwest, in its chapter 11 bankruptcy proceedings.
Carraway Methodist Health Systems
Represented the nonprofit hospital Carraway Methodist Health Systems and several of its affiliates in chapter 11 bankruptcy proceedings. Creditor claims totaled over $140 million. Approximately seven weeks after the filing date, obtained court approval of the sale of substantially all the debtors’ assets, which preserved more than 1,000 local jobs. Within approximately eight months of the bankruptcy filing, obtained confirmation of a chapter 11 plan of liquidation.
Represented the buyer of nonprofit hospital Carraway Methodist in winding down the hospital’s operation under bankruptcy court supervision and liquidating its assets in a chapter 11 proceeding.
GTM Energy Partners, LLC
Represented secured lenders/equity holders in the chapter 11 case of coal mining company GTM Energy Partners, LLC. Obtained court approval of a 363 sale of assets and confirmation of a chapter 11 plan of liquidation that paid creditors in full with interest and provided a return to equity.
Represented Dixie Pellets, a manufacturer and exporter of wood-based biofuel products, in its chapter 11 case. Case involved claims exceeding $100 million, as well as complex issues of maritime law and lien priority disputes. Obtained approval of sales of substantially all assets of the debtor pursuant to 363 sales and confirmation of a chapter 11 plan of liquidation.
Represented Moore-Handley, Inc., one of the country’s largest wholesale hardware distributors, in its chapter 11 proceedings, in which a sale of substantially all of the company’s assets was approved by the bankruptcy court over the objections of the unsecured creditors committee and a labor union, among others.
As debtor’s counsel, obtained court approval of a contested chapter 11 plan that resulted in the sale of a tile manufacturing plant to an Italian buyer and preserved over 400 jobs locally.
Represented the predecessor of the current Alabama Symphony, pro bono, in a chapter 11 case that included the rejection of the Symphony’s collective bargaining agreement.
Represented Martin Industries, a publicly-traded manufacturer, in its bankruptcy proceedings and obtained confirmation of a contested chapter 11 plan less than seven months after filing.
Served as corporate and health care counsel to Carecorps Management, which owned and operated 13 affiliated skilled nursing and assisted living facilities, in its Mississippi bankruptcy proceedings.
Represented a manufacturing client (majority-owned by a private equity client of the firm) in a complicated, recapitalization transaction. As part of the recapitalization, the manufacturing client refinanced its existing senior facility with a new $60 million senior asset-based facility, restructured $42 million in subordinated mezzanine debt, and issued a new $2.5 million round of preferred equity. The new senior loan is secured by real and personal property located at seven manufacturing facilities in four states.
Represented a comprehensive care retirement community in out-of-court financial restructuring negotiations and in successful defense of a secondary lender’s efforts to have a receiver appointed over the borrower’s and primary lender’s objection.
Represented a financially distressed medical imaging business in a negotiated, friendly foreclosure sale of imaging facilities to a publicly-traded healthcare company.
Represented electric cooperative in the out-of-court restructuring of a multi-million dollar secured financing facility.
Represented a closely-held telecommunications company in an out-of-court restructuring of multiple secured credit facilities.
Represented various bank and non-bank lenders in workouts and the restructuring of real estate and commercial loans.
Represented letter of credit issuer in restructuring $102,000,000 in bonds issued by nonprofit entity and secured by letter of credit.
Represented lender in restructuring $90,000,000 construction loan and related liability under interest rate SWAP.
Represented lender in restructuring of $50,000,000 loan secured by medical office buildings.
Represented lender in restructuring of $56,000,000 loan secured by hotels.