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 Aetna Industries, Inc., an automobile parts manufacturer (D. Del.)
  • the Official Committee of Unsecured Creditors of ATA Airlines, Inc., then the 10th-largest U.S. passenger airline (S.D. Ind.)
  • the Official Committee of Unsecured Creditors of AtheroGenics, Inc., a pharmaceutical company focused on the treatment of chronic inflammatory diseases (N.D. Ga.)
  • the Official Committee of Unsecured Creditors of Bally Total Fitness, a nationwide chain of fitness centers (S.D.N.Y.)
  • the official committee of Blast Energy Services, an oil and gas company engaged in the exploration and production of petroleum resources in the United States (S. D. Tex)
  • the Official Committee of Unsecured Creditors of BPZ Resources, a publicly-traded Texas oil company that explores and produces oil and gas on 1.9 million acres offshore and onshore in Peru and in Ecuador (S. D. Tex)
  • the Official Committee of Unsecured Creditors of Burlington Industries, Inc., one of the world’s leading soft-goods, fabrics and textile manufacturers (D. Del.)
  • the Official Committee of Unsecured Creditors of Cal Dive International Inc., an offshore oil and gas company (D. Del.)
  • 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 Chassix Holdings, Inc., an auto supplier (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Chemtura Corporation, a global manufacturer and marketer of specialty chemicals, crop protection products, and pool, spa and home care products (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Chi-Chi’s, Inc., a restaurant chain serving Mexican-style cuisine (D. Del.)
  • the Official Committee of Unsecured Creditors of Collins and Aikman Corporation, a manufacturer of plastic automotive component products (E.D. Mich.)
  • the Official Committee of Unsecured Creditors of Dairy Mart Convenience Stores, a chain of over 500 convenience stores (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Dan River, Inc., a textile products manufacturer, designer and marketer (N.D. Ga.)
  • 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 Joint Committee of Unsecured Creditors of Doctors Community Health Care Corporation, a multi-hospital health care provider with offices and facilities in Arizona, California, Illinois and Washington, D.C. (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 Emerald Oil Inc., a Denver-based independent exploration and production company focused on developing oil wells in the Williston Basin of North Dakota and Montana while targeting the Bakken and Three Forks shale oil formations (D. Del.)
  • 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 Unsecured Creditors’ Committee of Farmland Industries, Inc., a major agricultural cooperative (W.D. Mo.)
  • the Official Committee of Unsecured Creditors of FLAG Telecom Holdings Ltd., an international telecommunications and fiber-link company (S.D.N.Y.)
  • the Official Committee of Noteholders of Fountain View, Inc., an operator of 50 long-term care facilities (C.D. Cal.)
  • 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 Goodrich Petroleum Corp., an independent oil and natural gas company engaged in the exploration, development and production of oil and natural gas (S.D. Tex.)
  • 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.)
  • the Official Committee of Unsecured Creditors of Heilig-Meyers Co., a furniture retailer (E.D. Va.)
  • 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 Kaiser Aluminum Corporation, a manufacturer of aluminum and other industrial products (D. Del.)
  • the Official Committee of Unsecured Creditors of Kimball Hill, Inc., a manufacturer of single-family, attached, and multi-family homes (N.D. Ill.)
  • the Official Committee of Unsecured Creditors of LandAmerica 1031 Exchange Services, Inc., a “1031 Exchange” facilitation company (E.D. Va.)
  • the Official Committee of Unsecured Creditors of Lernout & Hauspie Speech Products, a leader in advanced speech recognition and language solutions (D. Del.)
  • 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 Bondholders of LTV Steel Company, Inc., a major steel manufacturer (S.D. Ohio)
  • the Official Committee of Unsecured Creditors of Metals USA, Inc., a leading North American metals processor and distributor (S.D. Tex.)
  • the Official Committee of Unsecured Creditors of Majestic Star Casino, LLC, an owner and operator of four casinos in the Midwest in significant drive-in gaming markets (D. Del.)
  • the Official Committee of Unsecured Creditors of Muzak Holdings, LLC, the world's leading provider of business and workplace music (D. Del.)
  • 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 Pegasus Satellite Television, Inc., the largest independent provider of DirecTV programming in the United States, responsible for delivering the service to rural areas across the U.S. (D. Me.)
  • the Official Committee of Unsecured Creditors of Pen Holdings, Inc., a coal producer and land company with operations and over 140,000 acres of coal holdings in Central Appalachia (M.D. Tenn.)
  • the Official Committee of Unsecured Creditors of Pierre Foods, Inc., a nationally recognized manufacturer of pre-cooked and ready-to-cook food products (D. Del.)
  • the Official Committee of Petsec Energy, an independent oil and gas exploration and production company engaged in the exploration, development, and production of hydrocarbons primarily in state and federal waters in the Gulf of Mexico (W.D. La.)
  • the Official Committee of Unsecured Creditors of Propex, Inc., the world’s largest producer of geosynthetic, concrete, furnishing and industrial fabrics and fiber (E.D. Tenn.)
  • 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 Unsecured Creditors of Quiksilver Inc., an American retail sporting company, founded and based in Huntington Beach, California and one of the world's largest manufacturers of surf and snowboard clothing, outerwear and accessories (D. Del.)
  • the Official Committee of Noteholders of 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 Sea Containers Ltd., a large international shipping conglomerate (D. Del.)
  • the Official Committee of Equity Holders of Seahawk Drilling, Inc., a provider of drilling services to the oil and natural gas industries (S.D. Tex.)
  • the Official Committee of Unsecured Creditors of Solutia, Inc., a leading producer of high-performance chemical-based materials used in consumer and industrial applications (S.D.N.Y.)
  • the Official Committee of Unsecured Creditors of Sterling Chemicals Holdings, Inc., a leading producer of commodity petrochemicals, acrylic fibers and pulp chemicals (S.D. Tex.)
  • the Official Committee of Unsecured Creditors of Swift Energy Company, a leading independent oil and natural gas exploration and production company with primary operations in South Texas and Louisiana (D. Del.)
  • 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 Venture Holdings Company, LLC, a leading maker of injection-molded plastic components for automotive OEMs (E.D. Mich.)
  • the Official Committee of Unsecured Creditors of VeraSun Energy Corporation, a leading ethanol producer and marketer (D. Del.)
  • the Official Committee of Unsecured Creditors of Vitro America, LLC, a leading fabricator, distributor and installer of architectural glass and aluminum products (N.D. Tex.)
  • 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 American Banknote Corporation, a security printing, transaction cards and systems company (S.D.N.Y.)
  • the tendering noteholders of the second largest U.S. coal producer, Arch Coal in an action against the directing lenders (E.D. Mo.)
  • an informal group of noteholders of Aventine Renewable Energy Holdings, Inc., a producer of ethanol (D. Del.)
  • an ad hoc group of noteholders of BPZ Resources, Inc., a publicly-traded Texas oil company that explores and produces oil and gas on 1.9 million acres offshore and onshore in Peru and in Ecuador (S. D. Tex.)
  • an informal group of noteholders of Desarolladora Homex, S.A.B. de C.V., a Mexican homebuilder (first company to file and receive court approval for a pre-pack bankruptcy under Mexico’s new insolvency regime) 
  • the ad hoc subordinated bondholders of Dex Media, Inc., a Texas-based marketing and directory company (D. Del.)
  • 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 (D. Del.)
  • 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 unsecured bondholders counsel of Horsehead Holdings Corp, the largest zinc producer in the United States (D. Del.)
  • an informal group of noteholders of Inversiones Alsacia, S.A., a Chilean bus operator (S.D.N.Y.)
  • the ad hoc group of bondholders of Invitel, the second-largest fixed line telecommunications and broadband Internet service provider in Hungary
  • an informal group of bondholders of Lazy Days RV Supercenter, Inc., the world’s largest single site retailer of recreational vehicles (D. Del.)
  • an informal group of noteholders of Lehman Brothers Holdings Inc., the largest bankruptcy filing in U.S. history (S.D.N.Y.)
  • an ad hoc group of noteholders of Milagro Oil & Gas, an independent oil and gas company that operates along the onshore Gulf Coast area, primarily in Texas, Louisiana and Mississippi (D. Del.)
  • the informal group of bondholders of MTS Incorporated/Tower Records, one of the nation’s largest independent entertainment retailers (D. Del.)
  • an informal group of noteholders of NII Holdings, Inc., the Latin American arm of the telecommunications company Nextel (S.D.N.Y.)
  • the unsecured noteholders of Northern Oil and Gas, Inc., the leading non-operator franchise in the Bakken and Three Fork plays in the Williston Basin of North Dakota and Montana, in an out of court restructuring
  • an informal group of noteholders of Portola Packaging, Inc., one of the largest manufacturers of tamper-evident plastic closures and plastic containers for the food industry (D. Del.)
  • an informal group of noteholders ofH. Donnelley, then the country's third-largest print and online Yellow Pages publisher (D. Del.)
  • an informal group of certain unaffiliated holders of unsecured convertible notes of Trident Exploration Corp., a private, independent natural gas production company principally focused on the exploration for and exploitation of unconventional natural gas resources, primarily in the Western Canadian Sedimentary Basin (D. Del.)
  • an informal group of unsecured noteholders of Visteon Corp., a leading global automotive supplier (D. Del.)
  • an informal group of noteholders of USEC, Inc., a producer of enriched uranium for nuclear power plants (D. Del.)