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Practice Area
Bankruptcy Litigation & Investigations
Large corporate bankruptcies and companies in financial distress often spawn a complex web of claims by lenders, trustees, debtors, creditors, creditors’ committees, investors, shareholders, and other constituents. Attorneys in Winston & Strawn’s complex commercial litigation group and special situations and restructuring group serve as trusted advisors and resolute advocates to protect clients’ business interests and assets in multifaceted Chapter 11 cases and bankruptcy-related disputes.
Practice Area
Winston is a global powerhouse in the financial restructuring space. We offer a fully integrated team of attorneys across a global platform to guide clients through any distressed situation, whether the client is a savvy and interested investor, a creditor seeking to maximize its recovery, or a company aiming to proceed through a successful yet complex restructuring. We have advised stakeholders in some of the highest-profile restructurings and bankruptcy cases in the United States and beyond, including Caesars Entertainment, ResCap, the Los Angeles Dodgers, Enron, Lehman Brothers, Pacific Gas & Electric, LATAM Airlines, and the Commonwealth of Puerto Rico, among others.
Insights & News 5 results
Client Alert
|July 5, 2023
|8 Min Read
As we previously reported,[1]in 2020 during the COVID-19 pandemic, Serta Simmons Bedding, LLC (“Serta”) sought additional funding, and certain of its existing lenders (the “Uptier Lenders”) provided $200 million of new first-out superpriority debt and exchanged their existing first- and second-lien debt for $875 million in senior and second-out superpriority debt (the “Uptier Transaction”). As a result of the Uptier Transaction, the debt held by the excluded lenders (the “Excluded Lenders”) who had not been invited to participate became subordinated.
Client Alert
|April 19, 2023
|7 Min Read
In Landmark Ruling, Bankruptcy Court Upholds “Uptier” Transaction in Serta Simmons Bedding Case
In 2020, Serta Simmons Bedding, LLC (“Serta”) launched one of the first of the now common uptiering transactions, resulting in some – but not all – of Serta’s existing lenders (the “Uptier Lenders”) providing new priming loans and exchanging some of their existing loans for new priority debt (the “Uptier Transaction”). When the excluded lenders (the “Excluded Lenders”) who were never invited to participate found themselves being subordinated by the Uptier Transaction, litigation ensued. One group of Excluded Lenders sued in the U.S. District Court for the Southern District of New York (the “SDNY”), and another group of Excluded Lenders sued in New York state court. The litigation continued for three years before Serta and its affiliates determined to file chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). Serta immediately filed an adversary proceeding against the Excluded Lenders, alleging that no cause of action existed against Serta and the Uptier Lenders and seeking a declaratory judgment that the Uptier Transaction was permitted.
Client Alert
|October 24, 2022
|8 Min Read
Boardriders: In Important Uptiering Case, Minority Lender Claims Survive Another Day
On October 17, 2022, a significant decision on liability management and uptiering transactions was issued in a decision and order (the “Opinion”)[1] coming out of the ICG Global Loan Fund 1 DAC v. Boardriders, Inc., No. 655175/2020 (N.Y. Sup. Ct. filed Oct. 9, 2020) (“Boardriders”) litigation. Pursuant to the Opinion the court (the “Court”) ruled on the defendant’s various motions to dismiss.
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Location
Winston & Strawn’s New York office opened in 1989 and has since grown to become the firm’s second-largest location, with 225+ lawyers distributed across 16 practice areas. Based in the iconic MetLife Building above Grand Central Station in Midtown Manhattan, our New York lawyers represent 80+ Fortune 500 companies from the city’s business epicenter. Our New York attorneys are tenacious and insightful, and they reflect the rich tapestry of New York City, with lawyers from all backgrounds, experiences, and perspectives working closely to support each other's success and achieve their clients' goals. Several of our firmwide employee networks are chaired by New York attorneys. Our New York office’s welcoming and collaborative atmosphere can be seen through numerous office-wide events, including volunteer opportunities, gatherings to connect over food and drinks, wellness event pop-ups, and annual entry in the NYC Lawyers Basketball League. Creating a connected and supportive setting for attorneys and business professionals fosters camaraderie and encourages all of us to work harder for one another and our clients.
Location
Since opening in 2011, Winston & Strawn’s Houston office has grown to nearly 60 lawyers and is home to many long-standing leaders of the Houston legal and business communities. Our Houston office hosts a comprehensive transactional team specializing in private equity, capital markets, and public companies, as well as extensive commercial litigation and intellectual property practices—with nearly all Houston IP attorneys possessing technical degrees. We are also home to a leading energy and infrastructure group that focuses on oil and gas projects and infrastructure litigation, and an international arbitration practice. Our robust offerings demonstrate our commitment to the continued growth of the city’s global, economic, and cultural footprint.