Bankruptcy Matters

Davis Polk has played a prominent role in the following bankruptcy cases, representing either the debtor, agent to the lenders, or another significant party-in-interest:

  • Tribune. We advised the administrative agent for the prepetition senior lenders owed more than $8.5 billion in the successful Chapter 11 restructuring of the Tribune Company, which emerged from bankruptcy in 2012. Tribune is one of the country’s multimedia companies, operating businesses in publishing, digital and broadcasting.
  • Lehman. We advised Lehman Brothers International (Europe) and its U.K. Lehman affiliates in connection with a complex settlement to resolve tens of billions of dollars in claims among more than 80 Lehman entities. The settlement agreement was approved by the bankruptcy court in the Chapter 11 cases in connection with the debtors' Chapter 11 plan.
  • Kodak. We advised Citicorp North America, Inc. as administrative agent and collateral agent, and Citigroup Global Markets Inc., as sole lead arranger and bookrunner, for the $950 million debtor-in-possession credit facility for Eastman Kodak Company.
  • Sbarro’s. We advised Cantor Fitzgerald Securities as the agent for Sbarro’s prepetition lenders, post-petition debtor-in-possession lenders and exit lenders in connection with Sbarro’s restructuring pursuant to a Chapter 11 plan of reorganization in the U.S. Bankruptcy Court for the Southern District of New York.
  • Delta. We represented Delta Air Lines in connection with its $2.5 billion first- and second-lien credit facilities as part of its bankruptcy exit financing.
  • Adelphia. We represented Comcast Corporation in connection with its acquisition, together with Time-Warner Communications of the cable television assets of Adelphia Corporation, which were sold in connection with Adelphia’s Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.
  • REFCO. We represented Bank of America in connection with the Chapter 11 bankruptcy proceedings of Refco, a New York-based provider of trade execution, clearing and foreign exchange brokerage services, as agent for the secured lender group that owed approximately $700 million. The lenders ultimately were repaid in full with interest.
  • Federal Mogul. We represented Citibank as lead arranger of the $1.105 billion amended and restated, debtor-in-possession and exit financing credit facility for Federal Mogul, a Michigan-based manufacturer of automotive components, in connection with its Chapter 11 proceedings in the District of Delaware.
  • Polaroid. We advised JPMorgan Chase as agent for a syndicate of lenders in connection with Polaroid’s Chapter 11 bankruptcy.
  • Meridian Automotive Systems. We advised JPMorgan Chase as agent in connection with a $375 million DIP financing for Meridian Automotive Systems.
  • Dow Corning. We represented Dow Corning's Official Committee of Unsecured Creditors on appeals in connection with Dow Corning's Chapter 11 plan of reorganization.
  • Drexel Burnham Lambert. We advised the Creditors Committee in connection with the Chapter 11 bankruptcy of Drexel Burnham Lambert.
  • Enron. We advised JPMorgan Chase in connection with the emergence of Enron Corp. from Chapter 11 bankruptcy protection, including as co-agent for Enron’s debtor-in-possession (DIP) facility.
  • Delphi. We represented JPMorgan Chase as agent in connection with the $4.5 billion debtor-in-possession financing it provided to Delphi Corporation in connection with its Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.
  • Conseco. We advised Bank of America as agent bank and major creditor in connection with approximately $2 billion of syndicated loan facilities in the Chapter 11 reorganization proceedings of Conseco, and devised a preferred stock instrument with a delayed conversion feature that facilitated Conseco’s exit from Chapter 11 and offered an exit strategy for lenders to realize full recoveries on their claims.
  • Loral. We advised Bank of America as agent for two lender groups in connection with the Chapter 11 bankruptcy of Loral Space & Communications, a New York-based satellite maker.
  • Collins & Aikman. We advised the board of directors in connection with the Chapter 11 bankruptcy of Collins & Aikman, which was a global supplier of automotive interior systems.
  • Bethlehem Steel. We advised JPMorgan Chase as agent for a syndicate of receivables purchasers and as agent for a syndicate of lenders in connection with Bethlehem Steel’s Chapter 11 bankruptcy. Both groups were repaid in full.
  • Owens Corning. We advised the Official Committee of Unsecured Creditors of Owens Corning, an Ohio-based manufacturer of fiberglass and composite materials. Owens Corning’s Chapter 11 bankruptcy proceeding was precipitated by tens of thousands of asbestos claims.
  • LTV. We advised LTV, an Ohio-based steel company, on the restructuring of its 50% owned steel galvanizing joint venture with Bethlehem Steel, Columbus Coatings, and on its acquisition of a non-controlling interest in another.
  • Crown Paper. We represented JPMorgan Chase as agent for the pre- and post-bankruptcy lenders to Crown Paper in its Chapter 11 proceedings in the Northern District of California.
  • Frontier Airlines. We served as lead bankruptcy counsel to Frontier Airlines Holdings, Inc. and its subsidiaries Frontier Airlines and Lynx Aviation in connection with their Chapter 11 reorganization proceeding.