Financial Restructuring > Creditor Representations, including Official Committees and Informal Creditor Groups

Akin Gump’s creditors’ rights practice is widely regarded as one of most preeminent among global law firms.  We believe our proven ability to perform with great objectivity and to bridge perceived differences between parties leads to results that maximize the recovery for all unsecured creditors.  A key role of counsel to any creditors’ group is to coordinate and harmonize the interests of diverse creditor constituencies. Akin Gump has proven that it excels in this role and can bridge the competing interests.

Select engagements include:

Official Committees. Examples of current or recently completed official committee representations in chapter 11 cases and global restructurings include—

  • the Official Committee of Unsecured Creditors of Calpine Corporation, a major North American power company (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Delta Air Lines, Inc., one of the world’s largest airlines (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Delta Petroleum Corp., an independent energy company engaged in the exploration for, and the acquisition, development, and production of, natural gas and crude oil (D. Del.)
  • the Official Committee of Unsecured Creditors of Dynegy Holdings, LLC, a provider of wholesale power, capacity and ancillary services to utilities, cooperatives, municipalities and other energy companies in the Midwest, the Northeast and the West Coast (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Edison Mission Energy, an independent power producer (N.D. Ill.)
  • the Official Committee of Unsecured Creditors of Exide Technologies, a worldwide manufacturer and distributor of automotive batteries and other related electrical energy storage products (D. Del.)
  • the Official Committee of Unsecured Creditors of Excel Maritime Carriers Ltd., a provider of worldwide sea borne transportation services (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Friendly’s Ice Cream Corp., an operator and franchisor of casual dining restaurants in the Eastern U.S. (D. Del.)
  • the Official Committee of Unsecured Creditors of General Growth Properties, Inc., one of the nation's largest REITs which owns, develops, operates, and/or manages shopping malls in 44 states (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Globalstar, L.P., a global satellite telecommunications company (D. Del.)
  • the Official Committee of Unsecured Creditors of Hawker Beechcraft, Inc., a leading manufacturer of business, special mission, light attack and trainer aircraft (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Hayes Lemmerz International, Inc., a leading international manufacturer of wheels and suspension units for automobiles and trucks (D. Del.)
  • Official Committee of Unsecured Creditors of James River Coal Co., a miner and seller of bituminous, steam, metallurgical and industrial-grade coal through six operating subsidiaries located throughout the U.S. (E.D. Va.)
  • the Official Committee of Unsecured Creditors of Loral Space & Communications, a major manufacturer and operator of communications satellites (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Nortel Networks Inc., a top telecommunications equipment vendor in North America (D. Del.)
  • the Official Committee of Unsecured Creditors of Overseas Shipholding Group, Inc., one of the largest oil tanker operating companies in the world (D. Del.)
  • the Official Committee of Unsecured Creditors of Quebecor World (USA) Inc., a world leader in marketing and advertising solutions for retailers, catalogues, branded-goods companies and other businesses (S.D.N.Y.)
  • the Official Committee of Noteholders of R.E. Loans, LLC, a California-based commercial real estate lender (N.D. Tex.)
  • the Official Committee of Unsecured Creditors of Saint Vincents Catholic Medical Centers of New York, a healthcare system consisting of several hospital buildings and a number of outpatient facilities (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Tower Automotive, Inc., a manufacturer of automotive structural components and assemblies (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of TOUSA, Inc., a national homebuilder of detached single-family residences, town homes and condominiums (S.D. Fla.)
  • the Official Committee of Unsecured Creditors of Washington Mutual Inc. and WMI Investment Corp., the holding company and former owner of Washington Mutual Bank, the largest savings and loan association in the U.S. (D. Del.)
  • the Official Committee of Unsecured Creditors of WCI Communities, Inc., a national homebuilder of master-planned communities, neighborhoods and high-rise towers (D. Del.)
  • the Official Committee of Unsecured Creditors of WorldCom, Inc., a preeminent global communications provider (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of XO Communications, Inc., a leading competitive local exchange carrier (S.D.N.Y.).

Informal Groups. Examples of current or recently completed representations of groups of unsecured bondholders, noteholders, institutional investors and trade creditors in chapter 11 cases and other restructurings include—

  • an informal group of senior noteholders of Ambac Financial Group, a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world (S.D.N.Y.)
  • an informal group of noteholders of Aventine Renewable Energy Holdings, Inc., a producer of ethanol (D. Del.)
  • the bondholders on the restructuring of Dannemora Minerals AB, a Swedish mining and exploration company
  • the ad hoc group of subordinated debtholders on the restructuring of $1.1 billion in Tier 1 subordinated debt of DEPFA Bank
  • the informal group of noteholders of Deutz AG, a German automotive company
  • an informal group of unsecured noteholders of Energy Future Holdings/TXU Corp., a privately-held company that manages a portfolio of regulated and unregulated companies that generate, transmit, and sell electrical power in the Texas utility market
  • the ad hoc committee of unsecured noteholders of Genco Shipping & Trading Limited, an international ship owning company (S.D.N.Y.)
  • an informal group of noteholders of Harry & David Holdings, Inc., a leading direct mail marketer of gift baskets (D. Del.)
  • the Icelandic Creditor Group – advising the worldwide bondholders in connection with the nationalization and financial restructuring of three major Icelandic banks: Kaupthing, Landsbanki and Glitnir, and participating on the informal creditors’ committee of each of the three banks
  • an informal group of noteholders of Lehman Brothers Holdings Inc., the largest bankruptcy filing in U.S. history (S.D.N.Y.)
  • the informal group of bondholders of MTS Incorporated/Tower Records, one of the nation’s largest independent entertainment retailers (D. Del.)
  • the ad hoc committee of bondholders in connection with the Senior secured Notes issued by Oceangrafia, a Mexican business that collapsed as a result of fraud
  • an informal group of equity and note investors in the Punch A and Punch B securitization structures issued by Punch Taverns plc
  • the noteholder group on standstill arrangements and waivers and amendments in connection with covenant defaults by Royal Imtech N.V., a Dutch technical services provider
  • an informal group of noteholders of R.H. Donnelley, then the country's third-largest print and online Yellow Pages publisher (D. Del.)
  • the senior noteholders of Uralita B.V., a building materials group with operations in Spain and throughout Europe
  • an informal group of noteholders of USEC, Inc., a producer of enriched uranium for nuclear power plants (D. Del.)