Transactions
& Case Studies

Result of filter: 216

Advisory Services: Recapitalization & Restructuring
Industry Coverage: All Industry Coverage
Deal Status: All Deal Status

Fairway Group Holdings Corp.’s pre-packaged Chapter 11 Reorganization

Date Announced:
5/2/2016

client:
Ad Hoc Committee of Senior Secured Lenders

Status:
Closed – 7/2016

Value:
$279 million

Energy XXI Ltd.’s restructuring

Date Announced:
4/14/2016

client:
Trustee and the Ad Hoc Group of EGC Unsecured Noteholders of Energy XXI Ltd.

Status:
Closed – 12/2016

Value:
$2.8 billion

Relativity Media, LLC's Chapter 11 Reorganization

Date Announced:
4/14/2016

client:
Elliott Management Corporation

Status:
Closed – 4/2016

Value:
$1.2 billion

Norske Skogindustrier ASA’s €218 million exchange offer and €115 million new funding commitment via a new securitization facility and a private placement

Date Announced:
4/11/2016

client:
GSO Capital Partners LP and Cyrus Capital Partners LP

Status:
Closed – 4/2016

Value:
€333 million

BlueLinx Holdings Inc.'s long-term extensions and amendments of CMBS mortgage, ABL and Tranche A

Date Announced:
3/28/2016

client:
BlueLinx Holdings Inc.

Status:
Closed – 3/2016

Value:
$627 million

NGA Human Resources Limited's financial restructuring and recapitalization

Date Announced:
3/23/2016

client:
Subordinated Noteholders

Status:
Closed – 3/2016

Value:
£1.0 billion

Millennium Health, LLC's pre-packaged Chapter 11 reorganization

Date Announced:
12/18/2015

client:
TA Associates Management, L.P.

Status:
Closed – 12/2015

Value:
$2.0 billion

Glitnir hf.’s restructuring

Date Announced:
12/8/2015

client:
Winding-Up Board of Glitnir hf.

Status:
Closed – 12/2015

Value:
€15.4 billion

LightSquared Inc.’s Chapter 11 Reorganization

Date Announced:
12/7/2015

client:
LightSquared Inc.

Status:
Closed – 12/2015

Value:
$4.2 billion Read the case study

Exclusive Financial Advisor to LightSquared Inc. on its $4.2 billion Chapter 11 Reorganization

On December 7, 2015, LightSquared Inc. successfully consummated its Chapter 11 Plan of Reorganization (the “Plan”), which was the culmination of extensive negotiations and litigation among the major constituents in the Chapter 11 case. Prior to the Chapter 11 filing, Moelis & Company pursued an exhaustive strategic and financial investor process to find the right solution for its client and led intensive negotiations to execute an out-of-court restructuring. Due to the opposition of several large holders, LightSquared was forced to file for Chapter 11 to maintain control over its assets.

When LightSquared set out to launch a nationwide, wholesale wireless LTE network, federal regulators denied attempts to clear the Plan, citing concerns about potential GPS interference. As a result, LightSquared was forced to file for Chapter 11 protection in May 2012 with $2.3 billion of debt. Moelis & Company was hired as the exclusive financial advisor to the company, and ran extensive multi-party negotiations over more than three years, evaluating over a dozen plans of reorganization filed with the U.S. Bankruptcy Court.

These extensive discussions resulted in a near-fully consensual plan of reorganization, offering full recovery to all existing debt and preferred equity holders. Moelis & Company also evaluated and assisted in the raising of over $3.5 billion of new debt and equity capital, numerous rounds of DIP financings, and served a critical role in a seven-month mediation process. Moelis & Company provided an expert valuation report as well as extensive trial testimony in support of the Plan and related financings that served as the centerpiece of the Plan confirmation. Additionally, the Firm submitted at least three formal valuation reports and provided testimony in support of multiple Plan proposals and deposition testimony on a number of matters at least nine times during the course of the Chapter 11 proceedings.

LightSquared pursued the confirmed Plan in partnership with an investor group, including Fortress Credit Opportunities Advisors LLC, Centerbridge Partners, L.P., JPMorgan Chase & Co., and Harbinger Capital Partners LLC. Among other features, the Plan provided for the full satisfaction of all claims and preferred equity interests, $3.5 billion in aggregate new-money debt and equity investments, and the installation of a world-class board of directors chaired by former Verizon Chairman and CEO Ivan Seidenberg.

LightSquared emerged from bankruptcy with $4.6 billion of new and rolled debt financing which provided over $900 million of cash. This allowed the company to pursue alternative investment opportunities and capitalize on its valuable wireless spectrum licenses.

Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V.’s restructuring

Date Announced:
11/25/2015

client:
Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V.

Status:
Closed – 5/2016

Value:
$939 million

Bombardier Transportation’s private placement in Bombardier Transportation (Investment) UK Ltd

Date Announced:
11/19/2015

client:
Caisse de dépôt et placement du Québec

Status:
Closed – 2/2016

Value:
$1.5 billion

Studio City Company Limited’s amendments to the existing term loan and revolving credit facility

Date Announced:
11/18/2015

client:
Studio City Company Limited

Status:
Closed – 11/2015

Value:
$1.4 billion

Rdio, Inc.’s sale to Pandora Media, Inc.

Date Announced:
11/16/2015

client:
Rdio, Inc.

Status:
Closed – 12/2015

Value:
Undisclosed

Yüksel İnşaat A.Ş.' restructuring

Date Announced:
10/27/2015

client:
Ad Hoc Committee of Senior Noteholders of Yüksel İnşaat A.Ş.

Status:
Withdrawn

Value:
$490 million

Allied Nevada Gold Corp.’s Chapter 11 Reorganization

Date Announced:
10/22/2015

client:
Allied Nevada Gold Corp.

Status:
Closed – 10/2015

Value:
$700 million

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