Christopher Marcus, P.C.

Debtor Representations

• Appgate, Inc. — Represented Appgate, Inc. (APGT) and 11 of its subsidiaries (“Appgate”) in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Appgate is an industry leader in secure network access, providing an innovative suite of cybersecurity solutions and advisory services to more than 660 leading private enterprises and government agencies around the world. Pursuant to Appgate’s confirmed Chapter 11 plan, Appgate obtained $18 million in additional liquidity, emerged as a private company, and was able to quickly address its unsustainable debt load by entirely deleveraging its balance sheet.
• Cyxtera Technologies Inc. — Representing Cyxtera Technologies Inc. (CYTX) and its affiliates (“Cyxtera”) in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Cyxtera is a Nasdaq-traded global leader in data center colocation and interconnection services, providing an innovative suite of connected and intelligently-automated infrastructure and interconnection solutions to more than 2,300 leading enterprises, service providers, and government agencies around the world. Cyxtera filed for Chapter 11 protection in June 2023 with over $1 billion in funded debt obligations and over $1 billion in long-term lease obligations to pursue a sale transaction and/or a recapitalization transaction as contemplated under a Restructuring Support Agreement supported by a supermajority of its existing first lien lenders. Cyxtera also filed with a $200 million committed DIP financing facility provided by certain of its first lien lenders.
• Cineworld Group plc — Representing Cineworld Group plc and 104 of its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Publicly traded on the London Stock Exchange, Cineworld, the parent company of Regal Entertainment Group, is the second-largest cinema chain in the world, operating over 9,100 screens at nearly 750 cinemas in 10 countries worldwide. Cineworld commenced its Chapter 11 cases with approximately $5.1 billion in funded debt and commitments from an ad hoc group of prepetition lenders to provide nearly $2 billion in debtor-in-possession financing.
• Voyager Digital Holdings, Inc. — Representing Voyager Digital Holdings, Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. Voyager Digital is one of the largest cryptocurrency platforms in the world, allowing customers to buy, sell, trade, and store more than 100 cryptocurrencies and supporting over $1.3 billion in aggregate cryptocurrency holdings on the platform. Voyager’s Chapter 11 cases mark one of the first restructurings of a major cryptocurrency company. 
• Seadrill Limited (Second Restructuring) — Represented Seadrill Limited and certain of its direct and indirect subsidiaries in their multi-jurisdictional restructuring of approximately $6.1 billion of funded debt. Seadrill is a leading global provider of offshore contract drilling services and employs nearly 3,100 individuals across 15 countries and five continents. Seadrill's Chapter 11 cases, one of the largest filings of 2021, equitized approximately $4.9 billion of secured debt across twelve silos and facilitated a capital investment of $350 million, enabling Seadrill to continue to operate its modern fleet of drilling units.
• Seadrill New Finance Limited — Represented Seadrill New Finance Limited and 11 of its affiliates (together, the “NSNCo Group”), the fourth group of Seadrill Limited entities to undergo a restructuring, in their one-day prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. The NSNCo Group utilized Chapter 11 to implement an amend-and-extend of approximately $622 million in senior secured notes and transfer majority ownership of NSNCo from the wider Seadrill Limited group to Seadrill’s secured noteholders. The NSNCo Group’s reorganization plan was confirmed within one day of the filing of the Chapter 11 cases.
• iQor Holdings Inc. — Represented iQor Holdings Inc. and certain of its affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court of the Southern District of Texas. Headquartered in St. Petersburg, Florida, iQor is a global provider of technology-enabled business process outsourcing and product support services. iQor’s operations span across North America, Europe, and Asia, and prior to the COVID-19 pandemic, iQor employed approximately 40,000 people globally. iQor commenced their Chapter 11 cases with a plan of reorganization supported by 100% of creditors that submitted a ballot. Through their prepackaged Chapter 11 cases, iQor eliminated approximately $513 million in funded debt obligations and leave general unsecured creditors unimpaired.
• Tailored Brands, Inc. — Represented Tailored Brands, Inc. and its 17 affiliates in their prearranged Chapter 11 cases. Tailored Brands, a leading specialty retailer of men’s tailored clothing and the largest men’s formalwear provider in the United States and Canada, operates approximately 1,400 stores and employs over 18,000 people across its omni-channel network of five retail brands (Men’s Wearhouse, Men’s Wearhouse and Tux, Jos. A. Bank, K&G, and Moores). Tailored Brands commenced its Chapter 11 cases with broad support from its secured lenders, evidenced by a Restructuring Support Agreement that contemplated a reduction in funded indebtedness by $455 million to $555 million, a $500 million DIP ABL facility to finance the Chapter 11 cases, and committed exit financing that ensured the company had sufficient liquidity to support its operations following emergence from Chapter 11.
• Denbury Resources Inc. — Represented Denbury Resources Inc. and 17 of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Denbury is an independent oil and natural gas company headquartered in Plano, Texas, with onshore production and development activities in the Gulf Coast and Rocky Mountains regions. Denbury is the only United States-based public company of scale with a primary focus on sustainable carbon dioxide enhanced oil recovery. With approximately $2.5 billion in funded debt, Denbury entered bankruptcy with a Restructuring Support Agreement that carried broad creditor support and provided for a comprehensive financial restructuring that equitized all $2.1 billion of Denbury’s notes and committed debtor-in-possession and exit financing from Denbury’s existing lenders.
• Extraction Oil & Gas, Inc. — Represented Extraction Oil & Gas, Inc. and its affiliates in their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the District of Delaware. Extraction is one of the largest oil producers in Colorado, focusing on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Rocky Mountain region, and listed approximately $1.7 billion of funded debt obligations at the time of filing. Extraction’s prearranged plan of reorganization carried broad stakeholder support and contemplated the equitization of approximately $1.1 billion in unsecured notes and a $125 million debtor-in-possession financing facility, which included $50 million in new money.
• J. C. Penney Company, Inc. — Represented J. C. Penney Company, Inc. and 17 of its affiliates in their pre-arranged Chapter 11 cases. JCPenney, an iconic American retail staple tracing its roots back to 1902, includes private brands such as Liz Claiborne, St. John’s Bay, Stafford, and Arizona Jean Co. JCPenney employs more than 85,000 people, manages a massive supply chain with nearly 3,000 vendors and eleven domestic shipping facilities, and operates approximately 850 stores in the United States and Puerto Rico, in addition to a substantial e-commerce business. With approximately $4.9 billion in debt, JCPenney entered bankruptcy with a Restructuring Support Agreement that carried broad first lien stakeholder support and substantially de-levered the company’s balance sheet.
• Dura Automotive Systems, LLC — Represented Dura Automotive Systems, LLC and certain of its subsidiaries (“Dura”), a leading independent designer and manufacturer of automotive systems, including mechatronic systems, exterior systems, and lightweight structural systems, in their Chapter 11 cases. At the time of its Chapter 11 filing, Dura and its affiliates had operations in thirteen countries with sales from its three main product segments generating approximately $1.1 billion in 2018.
• Jones Energy Inc. — Represented Jones Energy Inc. and its affiliates in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. Jones Energy is an Austin, Texas based independent oil and gas company engaged in the exploration, development, production, and acquisition of oil and gas properties in the Anadarko Basin in Oklahoma and Texas that fully equitized over $1 billion in funded debt and preferred equity obligations. Jones obtained confirmation of its uncontested plan just three weeks after filing.
• Vanguard Natural Resources Inc. — Represented Vanguard Natural Resources Inc. and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. Vanguard is an independent exploration and production company focused on the production and development of oil and natural gas properties in the United States with operations in the Gulf Coast, Permian and Anadarko Basins. Vanguard had approximately $850 million in debt at the time of filing and obtained a commitment for a $130 million debtor-in-possession financing facility, which included $65 million in new money.
• Parker Drilling Company — Represented Parker Drilling Company and certain of its affiliates in connection with their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the Southern District of Texas. Parker is a leading international provider of contract drilling and drilling-related services and rental tools. Parker, together with its non-debtor affiliates, has operations in approximately 19 countries worldwide and employs over 2,400 employees. Parker’s prearranged plan of reorganization carried broad stakeholder support and proposed to reduce Parker’s funded-debt obligations by approximately $375 million and provided Parker with $95 million in fully-committed new equity capital upon emergence from Chapter 11.
• iHeartMedia, Inc. — Represented iHeartMedia, Inc. and certain subsidiaries, one of the world’s leading global multi-platform media, entertainment, and data companies, in their Chapter 11 restructuring. iHeart is the largest radio broadcaster in the United States and specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local and national communities. The Company had consolidated debts of over $20 billion and the Chapter 11 cases, which are the largest of 2018 based on outstanding debt, restructured over $16 billion of that debt. In connection with its restructuring, iHeart reached an agreement with holders of more than $11 billion of its debt and its financial sponsors, reflecting widespread support across the capital structure, regarding a comprehensive balance sheet restructuring that reduced iHeartMedia’s debt by more than $10 billion.
• 21st Century Oncology Holdings, Inc. — Represented 21st Century Oncology Holdings, Inc. and its subsidiaries and affiliates, the largest global provider of integrated cancer care services, in its Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. 21st Century is seeking to effectuate a series of transactions contemplated by a Restructuring Support Agreement supported by over 90% of the Company’s funded debt holders. The transactions contemplated under the Restructuring Support Agreement will reduce the Company’s net debt by more than $500 million.
• BCBG Max Azria Global Holdings, LLC — Represented BCBG Max Azria Global Holdings, LLC, and certain of its subsidiaries, in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. BCBG is a well-known and respected name in high-end women’s apparel and accessories and had operated more than 550 stores spread across all fifty states, Canada, Europe, and Japan. In 2018, the Turnaround Management Association recognized the successful restructuring of BCBG Max Azria Group, LLC with its “Large Company Turnaround of the Year Award.”
• Sabine Oil & Gas Corporation — Represented Texas-based Sabine Oil & Gas and its subsidiaries, an independent oil and gas exploration and production company with approximately $2.6 billion in outstanding funded debt obligations, in their Chapter 11 cases in the Southern District of New York. After more than a year of litigation (in the context of multiple motions for derivative standing and confirmation of Sabine’s Chapter 11 plan) Sabine confirmed a plan of reorganization that significantly reduced its funded debt obligations and secured the financial commitments necessary to fund the restructuring and go-forward business needs. In 2017, the Turnaround Management Association recognized the successful restructuring of Sabine Oil & Gas Corporation with its “Large Company Transaction of the Year Award.”
• SandRidge Energy, Inc. — Represented SandRidge Energy, Inc., an oil and gas exploration and production 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.
• Cengage Learning, Inc. — Represented Cengage Learning, Inc., a leading educational content, software and services company for the academic, professional and library markets worldwide, in its prearranged Chapter 11 case.
• Local Insight Media Holdings, Inc. — Represented Local Insight, the fifth largest directory publisher and local search provider in the U.S. in its restructuring. Local Insight serves more than 340,000 businesses across 42 states, Puerto Rico, and the Dominican Republic, with annual revenue of more than $700 million.
• White Birch Paper Company — Represented White Birch Paper, the second largest newsprint company in North America, and certain of its affiliates and subsidiaries, which filed for bankruptcy protection in Canada and the United States on February 24, 2010. Golden Flag led the Company through a successful cross border auction and sale process.
• Masonite Corporation — Represented Masonite, one of the largest manufacturers of interior doors and entry door systems in the world with 11,000 employees and annual revenue of approximately $1.8 billion, and its affiliates in its Chapter 11 cases. Masonite operates in 70 locations throughout North America, South America, Europe, and Asia.
• Hawaiian Telcom Communications, Inc. — Represented Hawaiian Telcom, the state of Hawaii's incumbent telecommunications provider, which filed for Chapter 11 protection in December 2008. Hawaiian Telcom offers a variety of telecommunications products and services, including local and long distance services, managed services, highspeed Internet, and wireless services.
• Footstar, Inc. — Represented Footstar and more than 2,500 affiliates in their Chapter 11 cases, which included the sale of the "Foot Action" athletic shoe division to Foot Locker for approximately $225 million and the renegotiation of Footstar's agreement to operate the footwear departments in Kmart stores. The Company's plan of reorganization paid creditors in full with interest and reinstated equity holders.
• WorldCom, Inc. — Represented WorldCom and over 250 subsidiaries in their Chapter 11 cases. WorldCom successfully restructured more than $38 billion of liabilities.

Lender and Creditor Representations

• Purdue Pharma L.P. — Represented Arcadia Consumer Healthcare, a Bansk Group portfolio company, as stalking horse bidder in its successful purchase of substantially all of the assets of Avrio Health, Purdue’s consumer health products subsidiary.
• Reverse Mortgage — Represented BNGL Holdings, LLC as DIP lender and Plan Sponsor to Reverse Mortgage Investment Trust, Inc. in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware.
• Lincoln Power, L.L.C. — Represented Investec Bank plc (“Investec”), as administrative agent under a senior secured credit agreement, in negotiating the successful Chapter 11 purchase of substantially all of Lincoln Power, L.L.C.’s (“Lincoln”) assets by Avenue Capital Group in the United States Bankruptcy Court for the District of Delaware. The purchase included Lincoln’s two gas-fired, power-generation facilities in Illinois that can produce up to 810 MW of energy.
• Argo Blockchain plc — Represented Galaxy Digital, a global crypto-focused financial services firm, in its successful out-of-court purchase of the 200 MW “Helios” mega-mining facility in Dickens County, Texas. As part of the transaction, Galaxy Digital also provided a $35 million loan to Argo Blockchain, infusing the struggling crypto miner with necessary liquidity and helping it avert a Chapter 11 filing.
• Compute North Holdings, Inc. — Represented Generate Capital, a sustainable infrastructure investment and operating firm, in its successful Chapter 11 purchase of two bitcoin mega-mining facilities: a 300 MW facility in Wolf Hollow, TX and a 100 MW facility in Kearny, Nebraska. The section 363 sale was approved by the U.S. Bankruptcy Court for the Southern District of Texas.
• Chobani, Inc. — Represented Chobani, Inc. in $750 million financing arrangements with affiliates of TPG Capital.  
• Lehman Brothers U.K. Holdings (Delaware) Inc. (“LUK”) and Lehman Pass-Through Securities Inc. (“LPTSI”) — Represented Brookfield Asset Management, Inc. as purchasers in LUK and LPTSI’s voluntary Chapter 11 cases in the Southern District of New York.
• Breitburn Energy Partners LP — Represented the ad hoc committee of second lien lenders in the Chapter 11 cases of Breitburn Energy Partners LP, an independent oil and gas master limited partnership focused on the acquisition, exploitation, development and production of oil and gas properties in the United States. The ad hoc second lien committee played a leading role in the development of a plan of reorganization which was supported by all of the Company’s creditor constituents.
• Performance Sports Group Ltd. — Represented private equity investment firm in purchasing substantially all of the Chapter 11 debtors’ assets in a 363 sale for $575 million, which included the following brands: Bauer Hockey, Mission Roller Hockey, Maverik Lacrosse, Cascade Helmets, Combat, and Easton. Represented same private equity investment firm in same Chapter 11 case in providing $386 million of debtor-in-possession financing.
• Nextel International — Represented a group of bondholders in the Chapter 11 cases of Nextel International, a leading telecommunications provider in Central and South America.