What We Do

Glenn Agre lawyers represent parties with major stakes in many of the nation’s largest in-court and out-of-court restructurings, including, in recent years, the bankruptcies of Hertz Global, Garrett Motion Inc., and the Title III restructuring of Puerto Rico’s debt. We focus on high-value restructuring and creditors’ rights matters, often involving contested Chapter 11 plan confirmations and intercreditor litigation. We also have a closely related Distressed Debt and Claims Trading practice that advises clients on transactions involving distressed debt, bankruptcy claims, and special situations.

While not every restructuring involves litigation, Glenn Agre believes that a credible litigation reputation and the willingness to take matters to the courtroom are essential to maximizing recoveries for creditors and other stakeholders. All of our restructuring lawyers therefore bring significant litigation experience to their practices—an approach exemplified by practice group leader Andrew Glenn, widely recognized as a leading first-chair trial lawyer and restructuring advocate. For Andrew, and for our practice group as a whole, our equally strong abilities in the courtroom and in workout negotiations complement each other, leading to better results for our clients.      

Who We Represent

We represent the full range of stakeholders in bankruptcy proceedings, out-of-court restructurings, and other situations involving entities in economic distress. Our regular clients include:

  • Distressed debt investors.
  • Prepetition and DIP lenders.
  • Bondholders.
  • Indenture trustees.
  • Official committees of unsecured creditors and shareholders.
  • Ad hoc groups of creditors and shareholders.
  • Asset purchasers in distressed transactions.
  • Private equity sponsors and, on occasion, debtors.

Why We Win

Glenn Agre lawyers have a well-established reputation for designing creative solutions for distressed situations—and in so doing, creating great value for our clients. Our creative mindset explains how we orchestrated an unprecedented deal that provided a billion-dollar payout to shareholders in the Hertz Global bankruptcy. Glenn Agre also has repeatedly proven its ability to frame issues in ways that persuade judges and other decisionmakers. The firm pushed a message of shareholder democracy, for instance, in negotiating a restructuring plan favorable to shareholders of Garrett Motion Inc., in the turbo-charger-maker’s Chapter 11 proceedings. (Glenn Agre represented the official committee of equity securities holders). Members of our team also represented a group of investment funds regarding their $2 billion investment in bonds issued by the Commonwealth of Puerto Rico and its instrumentalities in the largest restructuring in the history of the Commonwealth’s $120 billion of debt. Our thought leadership in intense mediation and multiple litigations helped to craft the initial restructuring deal that ultimately culminated in confirmation of a plan of adjustment in March 2022.

Our creativity and ability to shape compelling arguments have assisted us in 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.
  • 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 guarantee 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.
  • The QTCB Noteholder Group in the successful recoveries on their $2 billion of claims in the restructuring of Puerto Rico via the novel Title III proceeding created by Congress.
  • Ambac Assurance Corporation, a financial guarantee insurance company, in connection with Puerto Rico’s restructuring.
  • An ad hoc group of lenders and noteholders of Talen Energy as conflicts counsel.
  • The Official Committee of Unsecured Creditors in the Covia Chapter 11 cases where we successfully increased unsecured creditor recoveries four times the amount initially proposed by the debtor.
  • An ad hoc group of unsecured claimholders of Grupo Aeroméxico as conflicts counsel.
  • Fairfax Financial Holdings and Bluescape Resources, as senior creditors and DIP lenders in the Chapter 11 cases of EXCO Resources and its affiliates.
  • Ad Hoc Committee of Term Loan Lenders in General Motors $1.5 billion avoidance action. 
  • The Official Equity Committee of Equity Security Holders of Hercules Offshore, a provider of shallow water drilling and lift boat services, securing the confirmation of a plan that provided equity with a guaranteed recovery of $15 million and reduced the claim of the first lien lenders by $32.5 million.
  • Ad hoc second lien groups in the restructurings of Ahern Rentals (terminated exclusivity and obtained par recovery), CCS Medical (defeated confirmation of first lien sponsored plan), Warren Resources (negotiated material improvement in plan treatment), Vertis (prepackaged Chapter 11 with rights offering), Dura Automotive (resolved lien challenge by UCC through innovative convertible preferred stock structure), and Trico Marine.
  • Creditor groups in ground-breaking tribal gaming workouts, including the multibillion-dollar restructurings of Foxwoods and the Mohegan Sun casinos.
  • Major international banks in the monoline insurer restructurings of SCA/Syncora, CIFG, and Ambac.
  • Optim Energy, an ERCOT power generation company, in its Chapter 11 cases, including several power plant asset sales and confirmation of a plan of reorganization in a heavily litigated confirmation hearing.

 

Distressed Debt & Claims Trading

Our Distressed Debt and Claims Trading practice assists sophisticated hedge funds and institutional credit investors of all sizes in transactions involving the acquisition and disposition of distressed investments. Using innovative strategies to maximize value and minimize risk, our multifaceted approach offers our clients a unique perspective as we analyze highly complex restructuring, credit, and liquidity issues in a competitive credit space.

We represent financial market participants, regularly including:

  • Hedge funds.
  • Broker-dealers.
  • CLOs.
  • Investment banks.

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