Andrew Glenn, Shai Schmidt, Rich Ramirez, and Naznen Rahman were recognized by Turnarounds & Workouts in its 2021 list of Successful Restructurings for their work on the restructurings of Hertz Global, Inc. and Garrett Motion Inc.

Representing the Ad Hoc Committee of Shareholders of Hertz Global, Inc. in its Chapter 11 cases, Glenn Agre structured a winning bid for a group of investors in collaboration with Knighthead Capital Management and Certares Management LLC that valued Hertz 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.

Glenn Agre represented the Official Committee of Equity Securities Holders of Garrett Motion Inc., a manufacturer of turbochargers, in its Chapter 11 cases. Glenn Agre, on behalf of the equity committee, objected to the debtors’ proposed Chapter 11 plan, which would have left minority shareholders with nearly worthless stock subordinated to billions in obligations to other shareholders. The equity committee’s efforts to guaranty equal treatment to all shareholders resulted in a mediation that led to the negotiation of a consensual Chapter 11 plan, giving minority shareholders significantly enhanced recoveries in the form of the right to receive convertible preferred stock or a cash payout.

Read the full Successful Restructurings of 2021 list.