Recent Transactions

11-Dec-12
$51.6 billion
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Target: 

American International Group (AIG)

Advised the United States Department of the Treasury (“UST”) on the full reduction of its 92% ownership stake in the insurer through numerous Secondary Public Offering Transactions

04-Oct-16
$32.0 billion
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Target: 

Texas Competitive Electric Holdings and its subsidiaries

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Advised  Texas Competitive Electric Holdings,  Texas’ largest power generator and competitive retail electricity provider, and its subsidiaries at the direction of its independent director in connection with its and Energy Future Holdings’ Chapter 11 proceedings 

09-Nov-10
$27.0 billion
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Target: 

General Growth Properties Inc.

Advised the 2006 Credit Facility Lenders, the largest class of unsecured debt with claims in excess of $2.8 billion, in connection with the Chapter 11 proceedings of mall REIT GGP, which resulted in cash payoff of the facilities in full

01-Jul-20
$22 billion
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Target: 

PG&E Corporation

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Acquiror: 
N / A

Advised Pension Benefit Guaranty Corporation (“PBGC”) in connection with PG&E’s in-court restructuring 

25-Apr-03
$20.8 billion
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Target: 

AMR Corporation

Advised AMR, parent of American Airlines, on strategic alternatives and implementation of a historic out-of-court restructuring through which a variety of stakeholder concessions were achieved, averting bankruptcy

06-Oct-17
$18.4 billion
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Target: 

Caesars Entertainment

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Advised selected Second Lien Noteholders, including Canyon Capital Advisors, Mason Capital, Paulson & Co. and Soros Fund Management regarding Caesars Entertainment Operating Company’s Chapter 11 proceedings

09-Aug-02
$17.6 billion
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Target: 

Adelphia Communications

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Acquiror: 
Time Warner Inc. and Comcast Corp.

Advised the Unsecured Creditors of Adelphia Communications representing $14.5 billion of value in Adelphia’s Chapter 11 proceedings. Advised on the sale of Adelphia’s assets to Time Warner and Comcast for $17.6 billion

17-Oct-05
$16.8 billion
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Target: 

Refco

Acted as the exclusive financial advisor to Refco Inc. in connection with its Chapter 11 proceedings which included the sale of substantially all of the assets of Refco's regulated commodities futures business to Man Financial for $1.2 billion

19-May-05
$7.2 billion
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Target: 

America West Holdings

Advised America West Holdings in connection with its merger with US Airways Group, which emerged from Chapter 11 as part of the transaction

04-Apr-03
$6.1 billion
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Target: 

Dynegy Inc.

Advised Dynegy Inc., a leading integrated energy company involved in power generation, gas marketing and processing and regulated energy delivery, on restructuring alternatives during a period of significant pending debt maturities and liquidity constraints. The assignment culminated in a successful renegotiation and extension of Dynegy’s credit facilities

21-Mar-03
$6.1 billion
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Target: 

Conseco, Inc.

Advised the Official Committee of Unsecured Creditors of Conseco, Inc., a life insurance and annuities company, on the financial restructuring of the Company’s $6 billion of externally held financial indebtedness

15-Dec-17
$6.0 billion
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Target: 

Avaya

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Advised The Bank of New York Mellon in its role as the Indenture Trustee to selected First Lien Notes throughout Avaya’s Chapter 11 proceedings

14-Oct-01
$4.5 billion (Liabilities)
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Target: 

Bethlehem Steel Corporation

Advised Bethlehem Steel Corp., the United States third largest steel producer, in connection with its Chapter 11 proceedings and eventual sale to International Steel

21-Dec-12
$3.7 billion
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Target: 

NewPage Corp.

Advised Stora Enso Oyj, a global paper, packaging and wood products producer headquartered in Helsinki, Finland, in connection with the Chapter 11 proceeding of NewPage, the largest North American coated-paper manufacturer

02-May-18
$3.7 billion
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Target: 

Concordia International Corp.

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Advised an Ad Hoc Group of Cross-over Debtholders on Concordia International’s cross-border Canadian restructuring and recapitalization, including a US$586.5mm common equity private placement, the equitization of ~US$1.7bn of unsecured debt and the partial paydown and exchange of ~US$2.2bn of secured debt

09-Sep-03
$3.6 billion
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Target: 

AboveNet, Inc. (Metromedia Fiber Network, Inc.)

Advised Metromedia Fiber Network (now renamed AboveNet), a leading telecommunications company, in connection with its chapter 11 proceedings, including its ultimate standalone financial restructuring

03-Mar-14
$3.6 billion
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Target: 

hibu plc (formerly Yell Group plc)

Advised hibu, a full service provider of digital and print marketing services for SMEs and owner of print directory brands Yellow Pages (UK), Yellowbook (US) and Paginas Amarillas (Spain), on the comprehensive restructuring of its £2.2 billion balance sheet debt

15-Oct-02
$3.2 billion
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Target: 

AT&T Canada

Advised AT&T Canada on a stand-alone financial restructuring

21-Jul-09
$2.8 billion
U.S.A., Canada flags
Target: 

Quebecor World Inc

Acted as financial advisor to Quebecor World on its CCAA / Chapter 11 restructuring

19-Sep-03
$2.8 billion
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Target: 

Loral Space and Communications Ltd.

Advised Loral with its Chapter 11 proceedings. Advised on the sale of its North American Fixed Satellite Services assets to Intelsat for $1.1 billion

17-Oct-19
$2.2 billion
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Target: 

American Energy – Permian Basin

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Advised the independent Restructuring Committee of American Energy – Permian Basin (formerly known as Sable Permian Resources) in connection with its $2.2bn out-of-court recapitalization transaction

07-Mar-08
$1.5 billion
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Target: 

Ambac Financial Group, Inc.

Advised a consortium of leading global financial institutions and investors, including but not limited to Banc of America Securities LLC; Citigroup Global Markets Inc.; Dresdner Kleinwort Securities LLC; Keefe, Bruyette & Woods, Inc.; and UBS Securities LLC, on its participation in a recapitalization of Ambac Financial Group, Inc.

11-Oct-01
$1.3 billion
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Target: 

Regal Cinemas, Inc.

Advised Regal Cinemas, the largest theatre chain in the United States, on its prepackaged bankruptcy plan and acquisition by The Anschutz Corporation

21-Sep-01
$1.1 billion
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Target: 

RCN Corporation

Advised RCN, the nation’s largest cable overbuilder, in a tender offer for up to $1.1 billion in face value of public indebtedness

05-Mar-01
$1.1 billion (liabilities)
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Target: 

U.S. Office Products Company

Advised the Official Committee of Unsecured Creditors in connection with the Chapter 11 proceedings of U.S. Office Products Company

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