Dennis M. Twomey

In addition to numerous engagements involving out-of-court restructurings, Dennis’ representative public engagements include:

• Ligado Networks LLC (Chapter 11; client – ad hoc group of first-lien noteholders) – representing an ad hoc group holding over US$1.5 billion of first-lien notes and DIP loans in the bankruptcy cases of Ligado Networks LLC, a wireless communications company.
• First Mode Holdings, Inc. (Chapter 11; client - Cummins Inc., as stalking horse and purchaser of First Mode’s assets) — represented Cummins in its successful stalking horse bid to purchase substantially all of the assets of First Mode Holdings and certain of its affiliates through a Chapter 11 sale under Section 363 of the U.S. Bankruptcy Code.
• Rite Aid (Chapter 11; client – McKesson Corporation, as largest creditor and supplier) – represented McKesson, Rite Aid’s largest pharmaceutical supplier, in Rite Aid’s bankruptcy, culminating in a settlement of McKesson’s US$700 million administrative claim and negotiation of a new supply agreement, which enabled Rite Aid’s reorganization.
• Proterra, Inc. (Chapter 11; client—Anthelion Capital Holdings, as primary secured creditor and plan sponsor) — successfully guided Anthelion Capital Holdings (formerly known as Cowen Sustainable Investments) through recovery on its claim and the acquisition of the Energy business unit of integrated electric bus and commercial vehicle power train manufacturer Proterra Inc.
• 99 Cents Only Stores (Chapter 11; client – RBC, as agent for the ABL Lenders) – represented the RBC, as agent under 99 Cents Only Stores’ prepetition senior secured ABL credit facility, in connection with the Chapter 11 bankruptcy cases of 99 Cents Only Stores and successfully guided the agent and the ABL lenders to payment in full of their ABL claims.
• GenesisCare (Chapter 11; client – Kroll Agency and Trustee Services Limited, as administrative agent) – represented Kroll, as administrative agent for the prepetition secured debt facilities and DIP financing facility, in the Chapter 11 bankruptcy of GenesisCare, a leading integrated cancer care provider.
• Core Scientific, Inc. (Chapter 11; client—NYDIG, as secured creditor) — represented NYDIG in connection with its loan to Core, a bitcoin mining company, ultimately reaching a settlement, which fully resolved NYDIG’s claims in Core’s Chapter 11 bankruptcy case.
• The Hertz Corporation (Chapter 11; client—Athene, as stalking horse and purchaser of Donlen assets) —represented Athene in its successful stalking horse bid for substantially all of the assets of Hertz subsidiary, Donlen Corporation. An Athene affiliate ultimately purchased the Donlen assets pursuant to Section 363 of the bankruptcy code for approximately US$900 million.
• HCR ManorCare, Inc. (Chapter 11; client—Debtor) — represented HCR ManorCare, an operator of over 450 skilled nursing, memory care, assisted living, and other facilities across the United States. Negotiated a fully-consensual restructuring that was embodied in a prepackaged plan of reorganization confirmed by the Delaware bankruptcy court. That confirmed plan was subsequently superseded by a second confirmed plan, which provided for ManorCare’s acquisition by ProMedica Health System.
• BJ Services, LLC (Chapter 11; client—JPMorgan Chase Bank, as administrative agent) — represented JPMorgan, as agent, in connection with its prepetition asset-based loan facility. BJ Services was a leading provider of hydraulic fracturing and cementing services to upstream oil and gas companies with approximately US$360 million of outstanding funded debt as of the petition date.
• Vista Proppants and Logistics, LLC (Chapter 11; client—Ares Capital Corporation, as administrative agent) — represented Ares, as agent for a US$270 million senior secured term loan facility for Vista, a provider of frac sand solutions for oil and gas well completions. The Ares-led lender group provided DIP financing to Vista and ultimately received, among other things, substantially all of the equity in reorganized Vista.
• Highland Capital Management, LP (Chapter 11; client—Official Committee of Unsecured Creditors) — represented the Official Committee of Unsecured Creditors in the Highland Capital Management, LP Chapter 11 proceedings. Highland entered bankruptcy with over US$1 billion of claims asserted against it and is one of the few Chapter 11 cases involving an investment manager.
• Techniplas, LLC (Chapter 11; client—Bank of America, N.A., as administrative agent) — represented Bank of America, as agent in connection with its prepetition asset-based loan facility and DIP financing facility to Techniplas and related entities. Techniplas was a global producer and manufacturer of plastic components primarily for the automotive and transportation industries.
• Catalyst Paper Corporation (Chapter 15; client—Debtor) — represented Catalyst, a pulp and paper company based in Canada, on the U.S. side of its restructuring and recapitalization transaction, which was consummated pursuant to Chapter 15 cases in the U.S. and the Canada Business Corporations Act and related court proceedings in Canada.
• Nine West Holdings Inc. (Chapter 11; client—Ad Hoc Group of Noteholders) — represented the ad hoc group of noteholders with aggregate holdings exceeding US$550 million in the Nine West Chapter 11 cases through confirmation of Nine West’s plan.
• Yarway Corporation (Chapter 11; client—Debtor) — represented Yarway, a subsidiary of Tyco International plc, in its bankruptcy case aimed at resolving its historical asbestos liabilities. The centerpiece of Yarway’s confirmed plan was the establishment of a US$325 million trust under section 524(g) of the bankruptcy code and a related injunction that channeled all current and future asbestos claims into the trust.
• O’Benco IV, LP (Chapter 11; client—Associated Bank, as administrative agent) — represented Associated Bank, as agent with respect to a US$200 million reserve-backed loan. O’Benco, the owner of non-operating oil and gas working interests, funded its bankruptcy case through the consensual use of the agent’s cash collateral and ultimately sold substantially all of its assets in multiple 363 sales.
• Smurfit-Stone Container Corporation (Chapter 11; client—Debtor) — represented Smurfit-Stone Container Corporation and its affiliated debtors in their Chapter 11 cases. Smurfit-Stone converted approximately US$2.9 billion in debt to equity through its restructuring process, which involved Chapter 11 cases for its U.S. subsidiaries and joint main proceedings under Chapter 11 and the CCAA for its Canadian subsidiaries.
• Florida Gaming Centers, Inc. (Chapter 11; client—administrative agent for senior debt syndicate) — represented the agent under a debt facility secured by substantially all of the assets of the debtors, which owned and operated a casino located in Miami. The lenders purchased substantially all of the debtors’ assets via credit bid after a competitive auction pursuant to Section 363 of the bankruptcy code.
• Owens Corning (Chapter 11; client—Debtor) — represented Owens Corning, a global leading home building products company, in its reorganization under Chapter 11. At the time of its filing, Owens Corning had over US$3 billion of funded debt and over US$7 billion of asbestos-related liabilities, which the plan of reorganization channeled to a trust pursuant to Section 524(g) of the bankruptcy code.
• Sentinel Management Group, Inc. (Chapter 11; client—Unsecured Creditor Group) — represented a group of Sentinel customers who became significant unsecured creditors in the Sentinel bankruptcy. After the SEC initiated litigation against the debtor, the Court appointed a Chapter 11 trustee who uncovered extensive breaches of fiduciary duty and other wrongdoing by certain insiders of the debtor.
• Anthony Crane Rental, L.P. (Chapter 11; client—administrative agent for senior debt syndicate) — represented the senior debt syndicate in the reorganization of the then-largest provider of comprehensive crane and lifting equipment rentals/services in North America. The lenders were owed US$473 million as of the petition date and received new debt plus approximately 90% of the equity of the reorganized company.
• The Flintkote Company (Chapter 11; client—Debtor) — represented Flintkote, a named defendant in over 157,000 asbestos personal injury claims for injuries allegedly caused by exposure to asbestos-containing products manufactured or distributed by Flintkote. The plan channeled these asbestos claims to a trust established under Section 524(g) of the bankruptcy code and funded by substantially all of Flintkote’s assets, including insurance rights/proceeds and causes of action.
• Clark Retail Enterprises, Inc. (Chapter 11; client—administrative agent for senior debt syndicate) — represented the senior lenders to the owner of a chain of gas stations and convenience stores in its Chapter 11 bankruptcy. The case culminated in a structured dismissal and payment to the senior lenders of their collateral proceeds realized from several going-concern sales.
• Budget Group, Inc./Budget Rent a Car, et. al. (Chapter 11; client—Debtor) — represented Budget, operator of the then-third-largest vehicle rental system in the world, in its Chapter 11 case. Budget negotiated a sale of substantially all of its assets to an affiliate of the Cendant Corporation, which became one of the first all-asset sales approved pursuant to Section 363 of the bankruptcy code. Budget subsequently confirmed a Chapter 11 liquidating plan that provided for the distribution of its sale proceeds to creditors.