Thad W. Davis, P.C.

GoTo Group, Inc. — Represented GoTo Group, Inc., an IT management, support, and business communications provider, in a liability management transaction that significantly enhanced the company’s liquidity, deleveraged its balance sheet, and reduced debt interest expenses. The transactions included a $100 million new money investment into a super senior debt tranche and an uptier exchange of the company’s first lien term loans and notes into super senior debt tranches, capturing nearly $500 million in debt discount. The transactions also extended the maturities of the company’s debt, including an extension on the company’s $250 million revolving credit facility by over two years.

IPC Systems, Inc — Represented IPC Systems, Inc, a leading global provider of secure, compliant communications and networking solutions for the global financial markets, in a comprehensive out-of-court restructuring. The transaction reduced IPC’s leverage by over $400 million, extended its debt maturity schedule by 5 years, and provided $125 million of new capital. 

APC Automotive Technologies Intermediate Holdings, LLC — Representing APC Automotive Technologies Intermediate Holdings, LLC and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. APC is a leading supplier of undercar replacement parts in the automotive aftermarket and the only true full-line underbody supplier for brake, chassis, and exhaust replacement parts. Following entry into a restructuring support agreement with its key stakeholders, APC commenced its Chapter 11 cases with a prepackaged plan of reorganization that will reduce its more than $430 million in indebtedness by $290 million by exchanging its term loan debt for equity.

American Energy – Permian Basin, LLC — Represented the private equity sponsors and Sable Permian Resources, LLC (as operator of the oil and gas assets) in the successful completion of AEPB’s $2.1 billion out-of-court recapitalization. The transaction reduced AEPB’s debt obligations by approximately $1.4 billion and reduced upcoming debt maturities over the next four years to approximately $36 million from approximately $2.1 billion. In addition, the transaction eliminated approximately $94 million of annual cash interest expense and simplified AEPB's organizational structure.

FastMed Holdings I, LLC — Represented FastMed Holdings I, LLC and certain of its affiliates (“FastMed”) in their deleveraging transaction. FastMed is a privately owned operator of over 100 urgent care clinics in Arizona, North Carolina, and Texas. The transaction resulted in the consensual equitization of approximately $80 million in funded debt and the paydown of approximately $148 million in secured debt.

Sungard AS Capital, Inc. — Represented Sungard AS Capital, Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of New York, in the fastest Chapter 11 case in history. Sungard AS obtained confirmation in less than 19 hours on May 2, 2019. In addition, Sungard AS emerged from Chapter 11 faster than any company in history—staying in Chapter 11 for less than 48 hours. Sungard AS, a provider of availability and recovery services, had approximately $1.26 billion in funded debt at the commencement of its Chapter 11 cases and deleveraged by over $900 million upon emergence.

Toys“R”Us, Inc. ― Representing Toys“R”Us, Inc. and certain of its direct and indirect subsidiaries, in their Chapter 11 cases before the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division.

Nine West Holdings, Inc. ― Representing Nine West Holdings, Inc., and certain affiliates in their Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan. Nine West Holdings is a leading designer, manufacturer, and primarily wholesale distributor of jeanswear, women's apparel, jewelry, handbags, and footwear with approximately $1.6 billion in outstanding funded-debt obligations at the time of filing.

Cenveo, Inc. ― Represented Cenveo, Inc. and its domestic subsidiaries in their prearranged Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of New York. Cenveo, Inc. is a leading global provider of print and related resources headquartered in Stamford, Connecticut with a worldwide distribution platform. Cenveo commenced its Chapter 11 restructuring in connection with its entry into a Restructuring Support Agreement with noteholders representing over 50% of its first lien debt and related agreements with certain of its prepetition secured creditors to provide up to $290 million in debtor-in-possession financing. These agreements permitted Cenveo to expeditiously complete its reorganization. 

EV Energy Partners, L.P. ― Represented EV Energy Partners, L.P., and certain affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court for the District of Delaware. Headquartered in Houston, EVEP is a master limited partnership engaged in acquiring, producing and developing oil and natural gas properties with approximately $640 million in funded debt obligations at the time of filing. Before filing for Chapter 11 to implement its restructuring, the company negotiated a restructuring support agreement with 100 percent of the lenders under its reserve-based revolving credit facility and holders of approximately 70 percent of its unsecured notes, locking in support for a comprehensive restructuring of the company’s balance sheet.

Linn Energy, LLC ― Represented Linn Energy, LLC and its affiliates in its Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Linn is a leading independent oil and natural gas exploration and production company with operations in 12 states and eight discrete U.S. regions.

SandRidge Energy, Inc. — Represented SandRidge Energy, Inc., an oil and natural gas company headquartered in Oklahoma City, Oklahoma, in its prearranged Chapter 11 cases. Sandridge filed with a restructuring support agreement signed by holders of more than two-thirds by principal amount of its $4.1 billion of funded debt.

Caesars Entertainment Operating Co. Inc. — Represented Caesars Entertainment Operating Co. Inc. ("CEOC") in its Chapter 11 restructuring. CEOC, a majority owned subsidiary of Caesars Entertainment Corporation, provides casino entertainment services and owns, operates or manages 44 gaming and resort properties in 13 states of the United States and in five countries primarily under the Caesars, Harrah's and Horseshoe brand names. CEOC and its debtor subsidiaries had more than $18.4 billion in funded debt obligations as of the commencement of their Chapter 11 cases.

Altegrity, Inc. — Represented an ad hoc group of first lien creditors in the prearranged Chapter 11 cases of Altegrity, Inc. and certain of its subsidiaries and affiliates, involving the restructuring of approximately $1.8 billion in funded debt. Altegrity, Inc., together with its subsidiaries and affiliates, is a privately held global diversified risk and information services company serving commercial customers and government entities.

hibu plc — Represented hibu plc, formerly Yell Group plc, a multinational directories and internet service company headquartered in Reading, United Kingdom, with operations in the United Kingdom, the United States, Spain and Latin America, in its restructuring of its approximately £2.2 billion of funded debt. Obtained private ruling from the IRS confirming that recognition of UK scheme of arrangement by U.S. bankruptcy court under Chapter 15 entitled U.S. subsidiaries to exclude cancellation of indebtedness income under the bankruptcy exception of section 108 of the Internal Revenue Code.

ITR Concession Company LLC — Represented ITR Concession Company LLC (ITRCC), the operator of the Indiana Toll Road that stretches from Chicago to Ohio, in its prepackaged Chapter 11 plan of reorganization. The plan, which secured the unanimous support of ITRCC's equity sponsors and nearly 99 percent of ITRCC's senior secured creditors prior to its Chapter 11 filing, allowed ITRCC to restructure more than $6.01 billion of senior secured debt that was incurred in connection with the 2006 privatization of the Indiana Toll Road, one of the largest public infrastructure privatization transactions on record.

Edison Mission Energy ― Represented Edison Mission Energy (EME) in its Chapter 11 restructuring of approximately $5 billion of senior unsecured notes and project debt. EME, through its subsidiaries, owns or leases and operates a portfolio of more than 40 electric generating facilities powered by coal, natural gas, wind and biomass, as well as an energy marketing and trading operation.

Dex One Corporation — Represented Dex One Corporation and its subsidiaries, together a leading provider of yellow-page and other print and digital directories and marketing services, in its prepackaged Chapter 11 and merger with SuperMedia Inc. In an unprecedented transaction, Dex One and SuperMedia, both publicly traded companies, filed separate but parallel prepackaged Chapter 11 cases to consummate their stock-for-stock merger, amend or reinstate over $3.3 billion of funded debt obligations, maintain shareholder equity value in the combined enterprise, and pay all general unsecured claims in full.

Hawker Beechcraft ― Represented Hawker Beechcraft Inc., a world-leading manufacturer of business, special mission, light attack and trainer aircraft, in its successful prearranged Chapter 11 cases. The restructuring involved conversion of approximately $2.5 billion of bank and bond debt to equity at the time of filing.

The Great Atlantic & Pacific Tea Company — Represented The Great Atlantic & Pacific Tea Company (A&P) and its direct and indirect subsidiaries in their Chapter 11 reorganization. A&P listed $2.5 billion in assets and $3.2 billion in debt as of the commencement of the cases.

Tronox Incorporated — Represented Tronox and its affiliates, a leading manufacturer and marketer of titanium dioxide pigment, electrolytics and specialty chemicals, in their complex Chapter 11 cases, where Tronox successfully restructured and resolved massive environmental liabilities through one of the largest environmental settlements in bankruptcy history. Tronox was selected by Turnarounds & Workouts as one of the most "Successful Restructurings of 2010.".