KTBS represents creditors, including DIP Lenders, prepetition lenders, and official and unofficial creditors’ committees, in large national chapter 11 cases. The following is a representative list of its creditor and committee engagements.
Served as special counsel to the official unsecured creditors’ committee in the case of this U.S. cable TV distribution conglomerate, with approximately $13 billion in secured and unsecured debt.
American Suzuki Motor Corporation
Represented Suzuki Motor Corporation (SMC), the Japanese corporate parent, largest lender and major supplier of debtor-subsidiary American Suzuki Motor Corporation (ASMC), which completed a successful restructuring under chapter 11 of the United States Bankruptcy Code. KTBS worked closely with the debtor’s counsel to design and implement a reorganization strategy that (i) enabled ASMC to discontinue the sale of automobiles in the United States, maintain its automobile service and parts business, effectuate settlements with over 200 automobile dealers and other parties in interest, maintain the remaining business lines (automobile, ATV, and marine), and obtain complete releases of all claims against it; and (ii) enabled SMC's newly formed subsidiary to purchase ASMC’s motorcycle, ATV and marine divisions.
Represented one of the largest unsecured creditors in the chapter 11 case of this large food distribution concern.
Represented ad hoc committee of noteholders in connection with the chapter 11 case of the Black Hawk Casino in Colorado. KTBS coordinated the sale of the debtor's assets with the ad hoc committee's investment banker and negotiated a consensual plan of reorganization pursuant to which noteholders received a 100% recovery (plus professional fees).
Represented and currently represents the interests of CBS and its affiliates in connection with numerous chapter 11 cases throughout the country, including Communications Corporation of America, Inc./White Knight Holdings, Inc., Freedom Communications, Las Vegas TV Partners, LLC, Roberts Broadcasting Company, NV Broadcasting, LLC and WDRL-TV, Inc.
Cerberus Business Finance
Represented and currently represent this entity and its affiliates as an agent, a prepetition lender, and a debtor in possession lender in numerous chapter 11 cases, including Bluestem Brands, Inc., Apex Parks Group, Garden Fresh, International Industrial Services, Inc. (Cooperheat), The Ground Round, Inc. (American Hospitality Group), Allied Holdings, Inc., Deb Shops, Inc., Global Aviation Holdings Inc., and Fox and Hound.
Represented one of the largest unsecured creditors of Chevy's in connection with its chapter 11 Case in Oakland California. Negotiated, as vice chair of the official committee of unsecured creditors, a consensual plan of reorganization providing for a significant distribution to unsecured creditors.
Classic Party Rentals
Served as bankruptcy counsel to Cerberus Capital Management, agent under a syndicated secured loan facility in excess of $175 million in the chapter 11 cases of Event Rentals, Inc. and its affiliates, known commonly as Classic Party Rentals, one of the nation's largest providers of event rental products and services.
CORE Media et al.
KTBS served as bankruptcy counsel to an ad hoc group of first lien lenders owed over $200 million in the AOG Entertainment chapter 11 cases pending in the Southern District of New York. AOG and its affiliates (commonly known as CORE Media and 19 Entertainment) are the producers of the American Idol and So You Think You Can Dance television franchises as well as other scripted and unscripted reality TV programs. KTBS worked with its clients and other major constituencies in these cases in negotiating the terms of a restructuring support agreement - signed by 100% of the debtors' first lien and second lien lenders - and a chapter 11 plan of reorganization that was confirmed in September 2016, resulting in the substantial delevering of the debtors and the first lien lenders acquiring 100% of the equity of the reorganized company.
First Alliance Mortgage Company
Represented the official committee of unsecured creditors in the chapter 11 case of a major sub-prime residential real estate lender. A plan was confirmed and unsecured creditors received in excess of 60% dividend.
Fremont General Corporation
Represented the official unsecured creditors' committee in the chapter 11 case of the holding company of Fremont Investment & Loan. KTBS was instrumental in the negotiation and confirmation of a consensual chapter 11 plan under which senior creditors and trade creditors received payment in full, and subordinated debt was restructured.
Heartland Automotive Holdings, Inc. et al.
Represented Dymas Funding Company, LLC, as agent and lender, and certain other lenders in connection with the chapter 11 cases of Heartland Automotive in Texas. The secured indebtedness of the lenders (approximately $189 million) was restructured pursuant to a consensual plan.
ICO Global Communications
Represented the bondholder group in the ICO Global Communications chapter 11 case, successfully obtaining favorable concessions to a proposed debtor in possession financing arrangement.
Latshaw Drilling Company, LLC
Represented a major secured creditor in the chapter 11 case of a land-based oil and gas drilling rig manufacturer and operator. KTBS worked closely with the debtor to develop, and obtain confirmation, of a chapter 11 plan of reorganization under which the debtor's secured debt was consensually restructured.
Represented the noteholders of this media enterprise, the largest privately held Spanish-language broadcaster in the United States, in an out-of-court restructuring.
Mahalo Energy (USA)
Represented the largest creditor (holding junior secured claims) in the chapter 11 case of this Oklahoma-based natural gas exploration and development company. The firm was retained post-filing following an unsuccessful sale effort. KTBS quickly developed a comprehensive restructuring strategy, formulated a plan of reorganization and engaged in extensive plan-related and lien-priority litigation with competing secured creditors and other parties. The company successfully emerged from chapter 11 in a short period of time, with the firm's client acquiring ownership of the reorganized debtor.
Represented the official committee of unsecured creditors in chapter 11 case of major health maintenance organization; successfully negotiated plan with debtor and state conservator that established an expedited claims adjudication process and provided a substantial recovery to unsecured creditors.
Metro-Goldwyn-Mayer Studios Inc. and Affiliates
Represented Metro-Goldwyn-Mayer Studios Inc. and its affiliates, following their own chapter 11 restructuring, as a creditor in other bankruptcy matters.
Momentive Performance Materials
Represented the official committee of unsecured creditors for MPM Silicones, LLC and its affiliated debtors, which together comprise one of the world's largest producers of silicones and silicone derivatives, and a global leader in the development and manufacture of products derived from quartz and specialty ceramics, including in negotiating terms of a confirmed chapter 11 plan that resulted in full repayment of all allowed general unsecured claims (including with postpetition interest).
MSD Performance, Inc. et al.
Represented a substantial creditor in the case of this developer and manufacturer of ignition, engine management and data acquisition products and assisted the client in acquiring the assets of the company through a bankruptcy sale.
National Century Financial Enterprises
Served as special counsel to the official subcommittee of NPF XII noteholders concerning notes totaling over $2 billion, with respect to causes of action for recovery against related entities in excess of $300 million; liquidating debtors formerly engaged in the business of financing of health care industry receivables. Achieved substantial settlements.
Nortel Networks, Inc.
Represented one of the largest creditors in the chapter 11 cases of one of the world's largest telecommunications companies.
Served as counsel to the senior lender in the chapter 11 cases for the largest privately held television station group in the country.
Represented and currently represents the interests of Paramount, Viacom and their affiliates in numerous chapter 11 cases throughout the country, including Blockbuster, Inc., Carmike Cinemas, Charter Communications, Inc., Circuit City, Edwards Cinemas, Heritage Networks, LLC, K-Mart, Tower Records, LodgeNet Interactive Corporation, TWA, Valley Media, TW, Inc. f/k/a Cablevision Electronics Investments, Inc., and Wherehouse Entertainment.
PG&E National Energy Group, Inc.
Represented the ad hoc group of noteholders in out-of-court negotiations concerning notes totaling $1 billion in principal; also represented official noteholders committee appointed by the court pursuant to contested motion; successfully negotiated chapter 11 plan that resulted in a substantial recovery for noteholders.
Physiotherapy Holdings Inc. and Affiliates
Represented bondholder group in the pre-packaged chapter 11 cases of these national providers of outpatient rehabilitation therapy; plan under which bondholders acquired the debtors was successfully confirmed within 35 days following case commencement.
Represented an ad hoc committee of $250 million second lien debt holders in opposing Pliant’s chapter 11 plan; negotiated favorable settlement of committee's objections pursuant to a modified plan.
Represented an informal group of bondholders holding a majority of approximately $120 million in outstanding bonds in connection with pre-packaged chapter 11 restructuring; company engaged in the operation of restaurants in the full-service and fast-casual industry segments.
Quokka Sports, Inc.
Represented the unofficial committee of the 7% Convertible Promissory Notes in this chapter 11 case and successfully settled, under a plan of reorganization, preference and other potential claims against the holders of the notes totaling at least $12 million; settlement provided for full release of claims without any payment by noteholders, plus reimbursement of substantial portion of fees incurred by the firm.
Represented secured creditor holding claims exceeding $25 million; facilitated payment in full within 45 days of case commencement.
Real Mex Restaurants, Inc.
Represented a substantial noteholder in a successful credit bid for and restructuring of the assets of the largest owners of full-service Mexican restaurants in the United States.
Represented secured creditors in chapter 11 case of Southern California real estate owner. Negotiated significant distributions to clients, following which the case was consensually dismissed.
Strouds Acquisition Corporation
Represented the junior secured creditor and collateral agent in connection with chapter 11 case of Strouds Acquisition Corporation. Negotiated to obtain payment in full, plus interest and professional fees, during the first two months of the case in connection with a court-approved liquidation sale.
Represented a large secured creditor of the Sydran companies (one of the largest Burger King franchisees) in connection with the Sydran companies' chapter 11 cases in Oakland, California. Negotiated consensual plan of reorganization providing for a significant recovery for client.
Represented an informal group of secured bondholders holding approximately $157 million of $280 million in outstanding bonds in connection with a prepackaged chapter 11 restructuring; company designs, manufactures and markets semiconductor micro devices.
KTBS in the News | Jul 2021
Case Alert – In re Paragon Offshore, PLC: Delaware Bankruptcy Court Rejects U.S. Trustee Fees on Distributions from Post-Confirmation Trust
KTBS Law Case Alert by Sasha M. Gurvitz: In re Paragon Offshore, PLC, Case No.: 16-10386 (Bankr. D. Del. June 28, 2021) On June 28, 2021 Chief Judge Christopher S. Sontchi of the Delaware Bankruptcy Court issued a decision rejecting the imposition of U.S. Trustee fees in connection with distributions…Read More
Publications | Mar 2021
Case Alert – GLM v. Windstream: Second Circuit Issues Expansive Equitable Mootness Opinion in Denying Critical Vendor Appeal
This case alert by KTBS partner Jonathan Weiss addresses an important recent decision by the United States Court of Appeals for the Second Circuit in the Windstream Holdings bankruptcy cases in which the Second Circuit dismissed a creditor’s appeal of an order approving critical vendor payments on the basis that…Read More
- Debtor Representations
- Creditor and Committee Representations
- Bankruptcy-Related Acquisitions / Investments
- Bankruptcy Litigation
- Insolvency-Related Commercial Litigation
- Out of Court Representations
- Corporate Finance
- Mergers & Acquisitions
- Trustee & Examiner Representations
- Expert Witness Engagements and Mediations