The United Airlines case was particularly intense as a result of it acquired, as Sprayregen remembers, “an outsized amount of public attention. Since everybody flies, everyone has a view.” His group represented United throughout its Chapter 11 case from 2002 to 2005, and at one level, says Sprayregen, the outlook was so grim that liquidation was a risk, which might have been catastrophic for the company’s practically one hundred,000 staff. Login to take part in discussion boards,access your members’ only documents, or access committee information.To find a fellow member and consider their profile fill out the form below.

In the months preceding Chapter 11, Seadrill additionally consummated a sequence of ring-fencing transactions that efficiently prevented its non-consolidated companies from additionally having to start Chapter eleven instances. Seadrill and its debtor subsidiaries confirmed their Chapter 11 plan with near universal consensus in roughly 7 months and emerged from Chapter 11 in less than 10 months. Equally momentous was the work Sprayregen did on behalf of General Growth Properties, the second-largest mall operator in the nation, which filed the largest real estate bankruptcy in U.S. history in 2009 after accumulating $27 billion in debt. Sprayregen helped to ensure that slices of the proverbial pie had been distributed to everybody involved. When Sprayregen arrived at Kirkland & Ellis in 1990, the firm’s restructuring and bankruptcy apply had solely a handful of attorneys and little nationwide profile.

He has in depth experience representing worldwide debtors and other stakeholders in complex restructurings. Clients include Energy Future Holdings, Caesars, Avaya, Toys “R” Us, iHeartMedia, Seadrill, General Growth, Japan Airlines, United Airlines and Reader’s Digest. McDermott International, Inc. and 225 of its subsidiaries and affiliates, including 107 foreign domiciled entities, in their prepackaged Chapter 11 parkerson santel cases in the us McDermott is a premier, international upstream and downstream engineering, procurement, development, and installation company and employs over 42,000 individuals across 54 countries and 6 continents. Mr. Sprayregen joined Kirkland in 1990 and built its international Restructuring Group.

Trans World Airlines, Inc., one of the nation’s largest air carriers, in all features of its Chapter eleven case, including the company’s sale to American Airlines and subsequent liquidation. Kirkland obtained the Bankruptcy Court’s approval of a $5 billion sale together with an asset purchase settlement offering for the sale of considerably all of TWA’s property to American Airlines, Inc., the idea of hundreds of millions of dollars of TWA’s debt, and the provide to employ TWA’s 20,000 employees. Kirkland then represented the debtor in confirming a post-sale liquidating Chapter 11 plan of reorganization. Kirkland additionally represented the liquidating post-confirmation property in winding up the property, litigating post-confirmation matters, and making distributions to creditors.

Toys “R” Us, Inc. and a number of other of its direct and indirect subsidiaries in one of many largest ever retail Chapter eleven filings in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. The Ad Hoc Committee of bondholders and then the Official Committee of Unsecured Creditors of Williams Communications, Inc., a big fiber optic community provider. The Committee led the investigation into the $2.5 billion in debt owed to the previous parent, and whether or not such debt ought to be recharacterized as equity or equitably subordinated, and finally negotiated a consensual resolution with the former mother or father. Without the necessity for litigation and its prices, delays and uncertainties, the Committee and Debtor jointly proposed a reorganization plan which was confirmed inside six months and converted roughly $6 billion in debt to fairness. Pursuant to the plan, a new investor provided additional funds for the company and bought the former parent’s debt. Zenith Electronics Corporation, a historic leader and manufacturer of consumer electronics, in its prepackaged Chapter 11 case.

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