Covington’s highly sophisticated financial restructuring lawyers have acted in a broad range of restructuring matters from non-judicial, consensual restructurings to contentious bankruptcy proceedings. We represent a wide range of national and international clients in a broad spectrum of industries, including debtors, bank agents and groups, financial institutions, official and ad hoc committees, indenture trustees, equity sponsors and investors in “loan to own” strategies.
Our core restructuring lawyers regularly draw on the firm’s vast industry and regulatory experience in areas such as communications, energy, financial institutions, life sciences, sports, technology and transportation, as well as antitrust, environmental regulation, ERISA, insurance and tax. By doing so, and due to the breadth of experience and our understanding of the issues faced by all participants in a restructuring, we have the ability to deliver innovative and creative solutions and forge consensus among competing groups to the complex issues and claims that arise in restructurings and insolvencies. We view financial restructuring work as a blend of corporate and litigation expertise. We integrate both disciplines to devise effective strategies for responding to financial distress, restructuring debt obligations or for obtaining corporate control.
Our lawyers have represented key constituents in restructurings in a diverse number of industries including construction, energy, manufacturing, retail, real estate, technology, transportation, airline, internet, aerospace, insurance, lodging and entertainment. Together with our international offices, we also provide advice in cross-border restructurings and complex international insolvencies involving multiple laws and jurisdictions including Europe, Asia, and Latin America.
Representative Matters
- Contech Engineered Solutions: Represented this leading provider of engineering and site solutions in the residential, commercial and infrastructure markets (formerly Contech Construction Products) in its recent recapitalization, including implementation of new equity ownership and long term financing of both first lien and second lien debt.
- Ahern Rentals: Represent the Official Creditor’s Committee in the Chapter 11 case of this equipment rental company.
- Nortel Networks: Represented Microsoft as a principal member of the consortium submitting the winning bid for the worldwide licensing and patent portfolio of Nortel for $4.5 billion.
- Lehman Brothers: Represented Wilmington Trust Company as indenture trustee for $75 billion of bonds and as Co-Chair of the Official Creditors' Committee.
- Eclipse Aviation: Represented the Ad Hoc Noteholders Committee in the Chapter 11 case of this private jet manufacturer.
- Southaven: Represented Calyon Corporate and Investment Bank as agent for credit facilities to Southaven Power LLC, an independent power producer.
- Lear Corporation: Represented The Bank of New York Mellon Trust Company, N.A. as trustee of $1.3 billion senior unsecured notes.
- In re Railpower Hybrid Technologies: Represented the largest creditor in this Chapter 15 cross-border bankruptcy case.
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