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Acquisition of A123 Systems’ Assets
Navitas Systems
Representation of Navitas Systems LLC in connection with the acquisition out of bankruptcy of substantially all of the assets of A123 Systems’ former Ann Arbor, Michigan-based government business, including U.S. military contracts.
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Dorrmitory Authority of the State of New York
Dormitory Authority of The State of New
Representation of the Dormitory Authority of the State of New York in the Chapter 11 bankruptcy of North General Hospital in providing postpetition (DIP) financing to this Harlem based hospital, obtaining a dismissal after a trial of an action to recharacterize $225 million of DASNY's prepetition loans, and sponsoring a Chapter 11 plan to allow for over $300 million in construction of a new state-of-the-art primary and urgent health care center to be operated by the Institute for Family Health and a long-term acute care hospital and a skilled nursing facility to be operated by the New York City Health and Hospitals Corporation.
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Wells Fargo DIP Loan to Indianapolis Downs Racino
Wells Fargo Bank
Representation of client Wells Fargo Bank, N.A. as DIP Agent for a group of prepetition secured lenders led by another Wells affiliate, The Foothill Group, Inc. A Winston team obtained a Delaware Bankruptcy Court order approving an interim $5 million postpetition DIP loan to Chapter 11 debtor Indianapolis Downs, a racing track and casino. A hearing is scheduled for an order approving a final rollup DIP loan of an additional $98 million to replace lenders' prepetition credit facility.
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Alliance Communications
Representation of a major diversified financial institution as agent in connection with the pre-packaged Chapter 11 case of this television cable system company.
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American Business Financial Services
Representation of a major diversified financial institution as lender and securitization trustee in connection with the Chapter 11 cases of this subprime lender.
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Ames Department Stores
Representation of a major diversified financial institution in connection with its DIP loan in the Chapter 11 case of this retailer with more than 700 stores.
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Baby Care Products Manufacturer
Representation of lenders and a major diversified financial institution as agent in connection with the out-of-court restructuring and recapitalization of a major U.S. manufacturer of high-quality baby care and juvenile products.
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Best Manufacturing Group, LLC
Representation of a major diversified financial institution as prepetition and DIP agent in connection with DIP financing in the Chapter 11 case of this manufacturer of linen, uniforms, and other textile products.
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Bugle Boy Industries, Inc.
Representation of a major diversified lender as co-agent for prepetition and DIP lenders in connection with the Chapter 11 case of this clothing manufacturer.
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Comdisco Ventures, Inc.
Representation of this diversified financial institution in connection with the wind-down of its $2 billion venture debt, venture leasing, and equity portfolios. Negotiated and documented a series of large portfolio sales, in numerous out-of-court restructurings, Chapter 11 cases, liquidations, and assignments for the benefit of creditors involving portfolio companies in a diverse array of industries, including technology, manufacturing, telecommunications, and e-commerce.
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Consolidated Freightways
Representation of a major diversified financial institution as agent for prepetition and DIP lenders in connection with the Chapter 11 case of this national freight hauler.
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Cooper-Standard Holdings
Representation of a major diversified financial institution in connection with the exit financing in the Chapter 11 case of this automotive parts manufacturer.
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Dow Corning
Representation of a major diversified financial institution as agent in connection with the Chapter 11 case of this manufacturer of breast implants.
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Dura Automotive Systems, Inc.
Representation of a major diversified financial institution in connection with its DIP and exit financing in the Chapter 11 cases filed by this (the world’s largest) independent designer and manufacturer of driver control systems.
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Dynegy
Representation of a major diversified financial institution in connection with the restructuring of its loans and provision of liquidity financing to this diversified energy company.
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Enron
Representation of a major diversified financial institution as agent in this Chapter 11 case in connection with certain power plant and gas turbine financings.
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Ethanol Producer
Representation of a major diversified financial institution in connection with the Chapter 11 case of a leading producer of ethanol.
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Evans Products Company
Representation of the agent bank in connection with confirming the first-lien creditors’ plan of reorganization for this New York Stock Exchange-traded company.
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Farm Credit System
Representation of the lenders of the Federal Farm Credit System in connection with numerous agricultural bankruptcies over more than two decades. The matters involved orchards, vineyards, wineries, and processing facilities, as well as supply and marketing cooperative associations.
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Foothills Resources
Representation of the secured lender hedge fund that held a second lien on the assets of this oil and gas company in a Chapter 11 case culminating in the lender’s full ownership of the debtor’s assets under a confirmed plan.
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Fruit of the Loom
Representation of a major diversified financial institution as agent for the synthetic lease lenders in connection with the Chapter 11 case of this clothing manufacturer.
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GMAC — Residential Funding Corporation
Representation of GMAC’s Residential Funding Corporation, LLC subsidiary, one of the nation’s largest lenders to subprime mortgage companies, in connection with the workout of certain of its distressed warehousing loans to subprime mortgage lenders.
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Greektown Casino
Representation of a major diversified financial institution as agent for the lenders to this casino resort located in Michigan in its Chapter 11 case, which culminated in the payment in full to the lenders under a confirmed plan.
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HHL Financial
Representation of a major diversified financial institution in connection with the Chapter 11 liquidation of this financial services company.
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Hotel and Hospitality Industry
Representation of a leading non-bank lender as the largest holder in a syndicate that agreed to a restructuring of a large portion of debt owed by a company in the hospitality industry.
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Huntsman Corporation
Representation of a major diversified financial institution as agent in connection with the restructuring of a senior secured loan facility to this global chemical manufacturer and marketer.
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Indiana Downs
Representation of a major diversified financial institution as agent in connection with the Chapter 11 case of Indiana Down, a racetrack and gaming casino in Indianapolis.
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Jernberg Industries, Inc.
Representation of a major diversified financial institution in connection with both DIP financing and exit financing for this large, independent, privately held forging company and tier 2 automotive parts manufacturer.
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Kodiak Funding LP
Representation of Kodiak Funding LP in connection with Chapter 11 subprime mortgage lender cases, including the bankruptcy cases of New Century TRS Holdings, Inc. and affiliates, the largest subprime lender to file for bankruptcy protection.
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Mercury Stainless
Representation of a major diversified financial institution in connection with the successful prepackaged bankruptcy restructuring of the holding company of this manufacturer of stainless steel.
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Midas
Representation of a major diversified financial institution as agent in connection with the restructuring of this public company franchisor of automotive repair and services outlets.
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MoneyGram International
Representation of a major diversified financial institution as agent in connection with the restructuring of this public company money transmitter.
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Musicland
Representation of a major diversified financial institution as agent in connection with a synthetic lease financing for the warehouse and distribution center of this retailer.
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Pacific Lumber Company/Scotia Pacific Company
Representation of the prepetition and DIP Agent. The debtors owned and managed 210,000 acres of commercial timberlands, a town (one of the last company-owned towns in the United States), sawmills, a cogeneration plant, and other commercial properties. Exclusivity was terminated and five competing plans were filed. Following a lengthy trial, we were able to confirm the plan of reorganization proposed by our client. The bankruptcy court, the district court, and the Fifth Circuit Court of Appeals each denied requests by other parties to stay implementation of the plan pending appeal and we were able to close this transaction.
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Phillips & Temro Industries
Representation of a major diversified financial institution as agent in connection with the restructuring of this truck and automotive parts supplier.
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Plastech Engineered Products
Representation of a major diversified financial institution as equipment lessor in connection with the Chapter 11 case of this automotive parts supplier.
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Qimonda AG
Representation of a major diversified financial institution as equipment lessor in connection with the Chapter 11 case of this computer memory chip manufacturer.
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Saint Vincent Catholic Medical Centers
Representation of a major diversified financial institution in connection with its DIP financing and exit financing in the Chapter 11 case of this integrated health care delivery system.
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Select Comfort
Representation of a major diversified financial institution as agent in connection with the restructuring of this public company bed manufacturer.
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Spa Chakra, Inc.
Representation of a private equity and specialty finance company in connection with its successful credit bid and acquisition of the assets of this luxury spa chain operator.
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Stormcat Energy
Representation of the second-lien lender holding the largest claim against this oil and gas company.
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Sportsman’s Warehouse
Representation of a major diversified financial institution as agent and DIP lender in connection with the reorganization of this sports, firearms, and ammunition retailer.
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TXCO Resources
Representation of a group of funds and banks holding a majority of the second-lien debt in the Chapter 11 case of this oil and gas exploration and production company.
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Vertis Communications
Representation of the agent in connection with restructuring a prepetition loan and providing DIP financing, exit financing and subsequent notes offering, and support for a distressed merger of two major integrated commercial printing businesses through two simultaneous prepackaged bankruptcy cases.
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Wellman, Inc.
Representation of a major diversified financial institution as agent in connection with the DIP secured credit facility for this manufacturer of polyester chips, engineering resins, fiber, and filament.
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Restructuring and Insolvency Practice – Selected Representations: Debtors and Borrowers
Our attorneys are experienced with all facets of debtor and borrower representation. We handle out-of-court restructuring, complex Chapter 11 cases, and a variety of corporate restructuring transactions. Our clients range in size from closely-held, middle market companies, to upper middle-market and large publicly traded companies, and span most major industries.
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Restructuring and Insolvency Practice – Selected Representations: Committees and Creditors
Winston & Strawn's restructuring and insolvency practice has considerable experience representing creditors’ and other committees. We have a significant and long-term committee practice and have represented committees in the mortgage financing and services, manufacturing, airline, steel, automotive and financial and service industries.
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Restructuring and Insolvency Practice – Selected Representations: Distressed Mergers and Acquisitions
We have extensive experience in the identification of strategic alternatives for companies in distress, requiring restructuring or in bankruptcies. Our clients include the investor groups seeking to purchase distressed assets or companies, the companies themselves, and the companies' creditors. We are well known for the creative, effective solutions we derive for our clients.
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Restructuring and Insolvency Practice – Selected Representations: Trustees, Receivers, and Fiduciary Assignments
Our attorneys serve as trustees, receivers, and fiduciaries in several unique capital markets and hedge fund cases, including cases involving the Securities and Exchange Commission and other regulatory bodies. We have handled cases involving fraud and mismanagement, along with a variety of other matters of this type.
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