Steve works with lenders, bondholders, private equity funds and their portfolio companies to devise creative approaches to unlocking value in out-of-court and in-court restructurings. Steve has particular experience representing secured creditors in workouts and Chapter 11 cases and has assisted these clients in developing strategies to profitably resolve intercreditor disputes and to acquire distressed assets through receiverships, foreclosures and credit bids in section 363 sales.
- Represents an ad hoc group of unsecured noteholders of both GenOn Energy, Inc. and GenOn Americas Generation, LLC (which note issues are nearly $3 billion in the aggregate). GenOn Energy and its subsidiaries are wholesale power generation subsidiaries of NRG Energy, Inc. GenOn Energy and its subsidiaries own and operate power generation facilities, with approximately 15,394 MW of net electric generating capacity located in the United States. GenOn Energy has approximately $1.830 billion of unsecured notes outstanding, and GenOn Americas Generation has approximately $695 million of unsecured notes outstanding. intercompany agreements and claims (including fraudulent conveyance claims), and sale-leaseback transactions.
- Represented an ad hoc group of first lien term lenders to NewPage Corporation in the pre-negotiated chapter 11 cases of NewPage and its corporate parent, Verso Corporation, in the United States Bankruptcy Court for the District of Delaware.
- Represented Gelson’s Markets, a TPG Capital portfolio company, in its stalking horse bid for a selection of grocery stores in the Chapter 11 cases of Haggen Holdings, LLC.
- Represented funds and other entities advised by Bain Capital Credit in post-confirmation litigation over the enforceability of a contingent value rights agreement entered into in connection with the confirmed plan of reorganization of Twin River Worldwide Holdings, Inc. in the United States Bankruptcy Court for the District of Rhode Island.
- Represented the indenture trustee for the 1.5 Lien Notes in the Chapter 11 cases of Momentive Performance Materials, Inc. and its affiliates.
- Represented an ad hoc group of senior unsecured noteholders in the Chapter 11 cases of Edison Mission Energy, which culminated in a $2.65 billion sale of the debtors’ assets to NRG Energy and a global settlement of tax-related and other claims against the debtors’ parent, Edison International.
- Represented an ad hoc committee of Second Priority Senior Secured Noteholders in the restructuring of Satelites Mexicanos S.A. de C.V. through a prepackaged Chapter 11 plan, which was honored as “Deal of the Year 2011” by Latin Lawyer Magazine.
- Represented the secured lenders of Complete Energy Holdings LLC in the consensual foreclosure upon the holding company equity in an 837MW electric generating facility.
- Represented one of the largest holders of $7 billion in first lien and mezzanine debt in the out-of-court restructuring of Education Media Publishing Group (owner of Houghton Mifflin Harcourt Publishers Inc.) and its affiliates.
- Represented a group of US Term Loan Lenders under the $2.5 billion credit facility SemCrude, L.P., a midstream energy services provider, maximizing returns to this group in an intercreditor dispute with the working capital lenders under the same facility.
- James M. Wilton, Edward Black, Patrick Diaz and Stephen Moeller-Sally, "Tackling Rights Of Trademark Licensees In Bankruptcy," Law360 (September 20, 2012)