We represent Boy Scouts of America (BSA) in its chapter 11 proceedings pending in the US Bankruptcy Court for the District of Delaware. The BSA filed chapter 11 to equitably compensate survivors of historical sexual abuse and preserve its mission of delivering scouting to boys and girls nationwide. Through extensive mediation, our Financial Restructuring and Insolvency (FRI) team negotiated critical settlements with every major constituency in the chapter 11 cases, including numerous insurance companies that issued policies to the BSA. These settlements form the backbone of the BSA’s plan of reorganization. The plan received overwhelming support from survivors of past abuse in scouting—more than 85 percent voted to approve it—and provides for the establishment of a trust to benefit abuse survivors of at least US$2.46 billion in cash and property plus significant unliquidated assets, including valuable insurance rights. Our FRI and Commercial Litigation teams led a 22-day trial before the Bankruptcy Court, which resulted in confirmation of the plan of reorganization. The plan’s effective date is conditioned upon affirmation of the confirmation order by the Delaware District Court, which is currently considering the plan on appeal.

We advised the agent and existing term loan lenders on an English scheme of arrangement proposed by Petroserv Marine Inc., which was sanctioned by the High Court of England and Wales in June 2022. We also documented the amended facilities agreement and related financing arrangements facilitated by the scheme.

We advised Barclays and Angelo Gordon as lenders on the refinancing of Technicolor’s (renamed Vantiva) existing debt through a €250 million senior financing and a €125 million second lien financing. We also advised Angelo Gordon on its subscription to Technicolor’s issue of €299,999,999 in convertible bonds.

We advised Strike, LLC, a full-service pipeline, facilities and energy infrastructure solutions provider, on the successful sale of substantially all its assets to an affiliate of American Industrial Partners for more than US$115 million plus the assumption of certain liabilities.

We advised on multiple representations in the chapter 11 cases of LATAM Airlines Group S.A., the largest Latin American–based airline, including the representation of the ad hoc group of bondholders composed of 60-plus institutions that from time to time held more than US$1 billion of unsecured bonds and, separately, Oaktree Capital Management as principal lender for LATAM’s US$3.2 billion debtor-in-possession (DIP) loan.

We represented Deutsche Bank AG, New York Branch, as administrative agent and collateral agent, regarding a US$900 million first lien revolving credit facility and US$1.9 billion first lien term loan facilities in the chapter 11 cases of Mallinckrodt plc and its affiliated debtors. We also represented Deutsche Bank and certain other banks holding US$900 million of revolving loans. We negotiated an order for the consensual use of cash collateral and an agreement on treatment under the chapter 11 plan pursuant to which revolving lenders were paid in cash in full, including default interest.