Davis Polk has also played a prominent role in a wide variety of pre-packaged bankruptcy cases and out-of-court restructurings. Those that are public include:
- Xerox - We advised Bank One, JPMorganChase and Citigroup as co-agents in connection with the 2002 restructuring of Xerox’s $7 billion revolving credit facility, which included a $3.5 billion paydown and taking liens on substantially all of Xerox’s assets.
- Citation - We advised JPMorgan Chase as the agent for Citation's secured lenders, who are owed approximately $240 million.
- Visteon - We advised Ford on the restructuring of its relationship with Visteon, a Michigan-based automotive components manufacturer and Ford’s largest supplier. Visteon was spun off from Ford in 2000.
- McLeodUSA - We advised JPMorgan Chase Bank, N.A. in its capacity as administrative agent under two prepetition credit facilities in connection with the Chapter 11 bankruptcy proceedings of McLeodUSA Incorporated, a facilities-based competitive local-exchange carrier.
- Qwest - We advised Bank of America as administrative agent in connection with the amendment, restatement and collateralization of Qwest’s $3.4 billion revolving credit facility and a $750 million secured bridge loan.
- Telecom Argentina - We acted as US counsel to Telecom Argentina, an Argentine provider of local, long distance and cellular services, and its subsidiaries in connection with its innovative and extremely successful cross-border restructuring of approximately $3.4 billion principal amount of indebtedness.
- Jacuzzi Brands - We advised U.S. Industries, a New Jersey-based manufacturer of Jacuzzi brand bath equipment, hardware and tools, on a balance sheet restructuring.
- Nortel - We advised JPMorganChase and J.P. Morgan Chase Bank of Canada as administrative agents in connection with the $1.5 billion amendment and restatement of revolving credit facilities for Nortel Networks Inc. and Nortel Networks Limited, including the incorporation of a springing lien on certain collateral.
- Tekni-Plex - We advised Tekni-Plex, a global, diversified manufacturer of packaging, packaging products and materials, as well as tubing products that primarily serves the food, healthcare and consumer markets, in connection with a complete recapitalization of its balance sheet.
- Castle HoldCo 4 - We advised Castle HoldCo 4, Ltd. (Castle), the parent company of Countrywide plc, the leading U.K. residential real estate agency, on a restructuring of certain of its debt obligations under schemes of arrangement implemented under English law, Cayman law and Chapter 15 of the U.S. Bankruptcy Code.
- Thomson - We are advising Thomson, a French media and entertainment company, in its effort to improve its balance sheet and implement its strategic framework.
- SCA (f/k/a Syncora) - We are advising a group of financial institutions that are counterparties to credit default swap agreements with monoline insurer affiliates of Security Capital Assurance Ltd. (SCA) in connection with the recently announced commutation of certain guarantees and reinsurance arrangements with XL Capital, Ltd.
- Thornburg Mortgage - We represented Citigroup, Bear Stearns, The Royal Bank of Scotland Group, Credit Suisse and UBS AG as counterparties of Thornburg Mortgage, a New Mexico-based mortgage lender, in connection with Thornburg’s $5.8 billion override agreement and its reverse repurchase, securities lending and auction swap agreements.
- C-Bass - We advised JPMorgan Chase as agent on a $1.855 billion amended and restated multi-tranche credit facility for Credit-Based Asset Servicing and Securitization LLC (C-BASS) in connection with an out-of-court restructuring of the company.