Glenn Agre Bergman & Fuentes LLP announced today that managing partner Andrew Glenn has been named an Outstanding Restructuring Lawyer by Turnarounds & Workouts for his achievements in 2021. The elite list identifies 15 corporate restructuring lawyers who have achieved notable successes—and stood out from their peers—during the prior year.
Described by his clients as someone who “would run through a brick wall” for them, Glenn is one of the nation’s leading restructuring lawyers and a veteran first-chair trial lawyer. He frequently combines those skills to the benefit of his clients, using litigation as leverage to maximize creditors’ recoveries in bankruptcy proceedings or other contexts.
In 2021, it was Glenn’s deal-making prowess, and creative approach to high-stakes disputes, that resulted in two groundbreaking transactions which created unexpected value for shareholders in the successful restructurings of:
- Hertz Global in a deal that valued the company at $7 billion, offered it a path out of Chapter 11, and gave shareholders what was once thought impossible: $8 per share, marking a positive return on any stock bought after the company’s bankruptcy filing. Lauded as “the best Chapter 11 outcome she had seen” by the Delaware bankruptcy judge overseeing the case, the plan received approval on June 10, 2021.
- Garrett Motion in a deal that valued the company at $1.3 billion and gave minority shareholders significantly enhanced recoveries in the form of the right to receive convertible preferred stock or a cash payout of $6.25 per share in cash—a 30% premium over the market price on Jan. 8, 2021. Following plan confirmation on April 23, 2021, minority shareholders with about 11 million shares opted for a $69 million cash payout, while another 700 holders of common shares opted for new equity and subscription rights for a new preferred stock financing.
In addition to Hertz Global and Garrett Motion, Glenn has been involved in several of the most notable restructurings in recent decades, including those of Puerto Rico and, most recently, LATAM Airlines. Beyond his vast experience leading restructuring transactions, he frequently acts as lead counsel in bankruptcy litigation, commercial litigation, and litigation involving issues of corporate governance.