Covington handles all facets of bankruptcy and restructuring practice, from non-judicial consensual restructurings to contentious bankruptcy proceedings. We represent debtors, financial creditors, trade creditors, indenture trustees, and official committees in Chapter 11 cases. In the UK, we advise clients on insolvency, administration, and liquidation matters. We blend our corporate and litigation expertise to provide our clients with alternative strategies appropriate for particular circumstances.
Covington maintains partner-level commitment to each client’s engagement while delivering cost-effective representation, with a full complement of senior-to-junior bankruptcy professionals in our NY and DC offices.
Representative Matters
- Representing Wilmington Trust Company as indenture trustee for $48 billion of bonds issued by Lehman Brothers Holdings Inc. ("LBHI") and as co-chair of the official creditors committee in the LBHI chapter 11 bankruptcy case. The chapter 11 case is the largest ever filed and involves the dismantling of what was the fourth largest investment bank in the world.
- Covington is representing several Chapter 11 debtors in possession as special counsel, including Calpine, Delphi, Congoleum, Owens Corning, Armstrong World, and LTV Steel.
- Southaven: Represent Calyon, agent for the lenders, in connection with the protracted workout, aborted foreclosure and resulting Chapter 11 case of this electricity generation facility and in connection with Southaven's $700 million arbitration claim against the defaulting tolling party. Negotiated and documented the DIP facility provided by certain of the lenders.
- FiberMark Inc.: Represented Wilmington Trust as indenture trustee for $330 million in unsecured notes and as member of the Official Committee of Unsecured Creditors in the Chapter 11 case during which a court appointed examiner found breaches of fiduciary obligations by other members of the committee and its counsel and issued a now widely read and referenced report on committee and professional conduct.
- Isuzu: Represented Japanese automotive and truck manufacturer in connection with its operations, management, manufacturing and financial arrangements.
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