What We Do

The lawyers of Glenn Agre represent parties with significant 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. Our practice focuses on high-value restructuring and creditors’ rights matters, often involving contested Chapter 11 plan confirmations and intercreditor litigation.

While not every restructuring engagement involves litigation, Glenn Agre believes that a willingness to take matters to the courtroom is necessary to providing effective advocacy 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:

  • Investors in distressed debt.
  • Lenders.
  • Bondholders.
  • Indenture trustees.
  • Committees of unsecured creditors and shareholders.
  • Ad hoc groups of creditors and shareholders.

Why We Win

Glenn Agre’s lawyers have a well-established reputation for taking a creative approach to distressed situations—and in so doing, creating great value for our clients. That creative mindset explains how a Glenn Agre team orchestrated an unprecedented deal giving 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.)

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 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.
  • Ambac Assurance Corporation, a financial guarantee insurance company, in connection with Puerto Rico’s restructuring proceeding under Title III.
  • An ad hoc group of shareholders of LATAM Airlines in its Chapter 11 cases, including large U.S.-based investors and Chilean shareholders, seeking to enhance recoveries for shareholders. The Chapter 11 case is currently pending. 
  • An ad hoc group of unsecured claimholders of Grupo Aeroméxico as conflicts counsel.
  • MDC Energy, an independent oil and gas E&P company, in its Chapter 11 case.
  • Creditors of Energy Future Holdings in defeating the proposed allocation of hundreds of millions of dollars in administrative claims asserted by subsidiary company (EFIH) creditors UMB Bank, Elliott Associates, and the Energy Future Holdings Plan Advisory Board.
  • An ad hoc committee of investors in the Stanford Financial Group receivership.
  • The Official Committee of Unsecured Creditors of Covia Holdings, Inc. as special litigation counsel.
  • Fairfax Financial Holdings, a property and casualty insurance and reinsurance company, as a senior creditor and DIP lender 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.