Ryan Preston Dahl
Ryan Preston Dahl is co-chair of the business restructuring practice group at Ropes & Gray, with extensive experience representing publicly- and privately-held debtors, investors, and financial sponsors in special situations, out-of-court restructurings and distressed acquisitions, and in-court chapter 11 processes through prepackaged, prearranged, and traditional restructurings. His practice also includes a broad range of transactional and litigation matters across a number of industries including automotive, technology, retail, media, gaming, manufacturing, professional services and financial services. Ryan is a leading commentator on corporate governance, special situations, and restructuring topics, having been interviewed and quoted in leading publications such the Wall Street Journal, the New York Times, and the Financial Times.
Ryan has been named among Lawdragon’s 500 Leading Global Restructuring & Insolvency Lawyers in 2020 and Turnarounds & Workouts’ “Outstanding Young Restructuring Lawyer” for 2018, as well as receiving the Rising Star award from Euromoney Legal Media Group and the Law360 40 Under 40 award, also in 2018. Ryan was previously recognized by the National Conference of Bankruptcy Judges for participation in its Next Generation Program at the NCBJ's 2017 annual conference.
Ryan also regularly speaks on a variety of restructuring, executive compensation, corporate governance, and ethics-related topics at institutions and organizations including the University of Michigan Law School, the University of Chicago Law School, the Insolvency Institute of Canada, and the International Bar Association. He is a member of the Turnaround Management Association and the International Bar Association.
- Trinseo Materials Operating S.CA., and certain of its affiliates, in connection with a $1.1 billion innovative financing transaction addressing the Company’s 2024 senior secured term loans and $385 million of its 2025 unsecured bonds. Funds managed and advised by Oaktree, Angelo Gordon and Apollo provided the financing. Trinseo (NYSE: TSE) is a specialty material solutions provider that partners with companies to bring ideas to life in an imaginative, smart and sustainability-focused manner.
- Juice Plus+ in the negotiation and consummation of an out-of-court restructuring transaction with the unanimous participation of the company’s lenders that reduced the company’s funded debt and preferred equity obligations by over $300 million and extended the company’s remaining debt maturities to 2027.
- Tecomet, Inc., together with certain of its affiliates, in the refinancing of its approximately $1 billion capital structure, including through the provision of a new revolving credit facility and privately placed first-lien term loan. Tecomet is a global leader in the design, development, and manufacture of orthopedic, robotic assisted, and minimally invasive surgical products, as well as precision components for the aerospace and defense industry.
- iMedia Brands, Inc. and its affiliated debtors in their pending chapter 11 cases, which involve the restructuring of approximately $300 million of obligations. iMedia and its affiliates are a leading interactive media company that capitalizes on the convergence of entertainment, ecommerce, and advertising.
- Rodan & Fields in the development, negotiation, and consummation of a cutting-edge uptier debt exchange that ultimately resulted in near-unanimous lender participation and reduced the company’s debt burden by over $100 million, raised $30 million of new money capital, and extended the maturity of its existing loans by two years.
- Certain affiliates of TPG Inc. in the chapter 11 cases of Independent Pet Partners and certain of its affiliates, a pet products retailer, which filed for chapter 11 with a stalking horse bid to address its $111.4 million of funded indebtedness.
- FB Debt Financing Guarantor, LLC and certain of its subsidiaries (“Forma Brands”), a builder of top beauty brands including Morphe®, Morphe 2®, Jaclyn Cosmetics®, and Born Dreamer®, in their Chapter 11 cases to address approximately $870 million of funded indebtedness, facilitate a going-concern 363 sale transaction for substantially all assets, and resolve numerous complex licensing and potential litigation issues.
- An ad hoc group of senior secured noteholders and convertible noteholders of Quotient Limited, a publicly-listed European-based diagnostics company, with respect to, among other things, its pending chapter 11 case and recapitalization involving more than $250 million of secured and unsecured debt.
- An ad hoc group of first lien lenders of K&N Engineering, Inc., a leading consumer-branded designer, manufacturer and marketer of high performance automotive and power sports aftermarket parts, in a $60 million new money financing in connection with its out of court restructuring of approximately $415 million of funded indebtedness.
- Investigation Subcommittee of the Board of Directors of Enjoy Technology, Inc. in connection with its investigation and analysis of estate causes of action as part of Enjoy Technology’s chapter 11 cases, which included the sale of substantially all of Enjoy Technology’s assets for a headline purchase price of $110 million and resulted in a fully consensual chapter 11 plan of liquidation.
- Revlon, Inc.’s BrandCo Debtors, thirteen entities holding IP related to many of Revlon’s famous brands such as Elizabeth Arden, American Crew, Almay, Curve, and White Shoulders, in their chapter 11 cases in connection with the delegated authority of Mr. Steven Panagos as Restructuring Officer of the BrandCo Debtors.
- An ad hoc group of first and second lien lenders of CHC Group LLC, the global rotary wing aviation services provider, with respect to, among other things, approximately $100 million of new money financing and an out of court exchange involving up to approximately $500 million of existing first and second lien debt.
- Invo Healthcare, the leading provider of behavior, mental health and therapy services in the United States, in its out of court restructuring of $235 million of funded indebtedness.
- PetroChoice, the nation’s leading distributor and manufacturer of value-added lubricant solutions, in connection with its successful sale to a strategic acquirer for approximately $500 million.
- PlayMonster LLC, a market leading international toy and game company, in connection with its investment transactions with Adams Street Partners and HIG Capital.
- Amici curiae law professors in connection with their submission to the Second Circuit Court of Appeals in the Purdue Pharma chapter 11 cases.
- An ad hoc group of bondholders of Exela Technologies, Inc. with respect to, among other things, an out of court exchange involving approximately $1.0 billion of first lien bond debt, and a subsequent exchange of $1.3 billion of first lien bond debt.
- Independent Director of Basic Energy Services, Inc. in connection with that director’s investigation and analysis of estate causes of action as part of Basic’s ongoing chapter 11 cases, which involve more than $400 million of funded debt.
- An ad hoc group of bondholders of ION Geophysical Corp., in connection with an out of court exchange of second lien notes.
- CEC Entertainment, Inc. and its debtor-affiliates, an American franchisee company with iconic brands Chuck E. Cheese and Peter Piper Pizza with locations across 47 states and 16 foreign countries and territories, in their chapter 11 cases.*
- 24 Hour Fitness Worldwide Inc. and its debtor-affiliates in their pending chapter 11 cases involving approximately $1.4 billion of funded debt. 24 Hour Fitness is a leading fitness club operator with locations across the United States and more than 3 million members.
- Serta Simmons Bedding, LLC, one of the largest manufacturers and distributors of mattresses in North America, in their new money priority term loan and exchange transaction, which included $200 million of new capital and the exchange of approximately $1 billion in first lien debt and $300 million in second lien debt, and reduced debt held by participating lenders by over $400 million.*
- J.Crew Group, Inc. and its debtor-affiliates, one of the nation’s premier clothing retailers with approximately $2 billion in funded debt and 13,000 employees, in their pre-arranged chapter 11 cases.*
- Maines Paper & Foodservice Inc. and certain of its affiliates, one of the leading foodservice and broadline distributors in the United States with in excess of $1 billion in annual revenues, in the sale of substantially all its assets to an affiliate of Lineage Logistics.*
- An ad hoc group of senior creditors of Caribbean mobile operator, Digicel, in the restructuring of Digicel’s $7 billion of debt.*
- Doncasters Group, a leading international manufacturer of high-precision components for aero engines, industrial gas turbines, and other specialist high performance applications, in its restructuring of $1.6 billion of funded debt through an English scheme of arrangement and an ancillary chapter 15 proceeding (Dundee Pikco Limited) in the United States.*
- Blackboard Inc. and certain of its affiliates in connection with its successful refinancing of approximately $750 million of funded debt.*
- An ad hoc group of first lien creditors of Jason Industries, the North American industrials company in connection with the restructuring of its $400 million of secured debt.*
- A major creditor of EuropaCorp S.A. in conjunction with its pending reorganization; EuropaCorp has opened a procédure de sauvegarde and has also commenced ancillary chapter 15 proceedings with respect to the restructuring of in excess of $300 million of obligations.*
- syncreon Group Holdings B.V., and its affiliates, in its groundbreaking, cross-border balance sheet restructuring involving approximately $1.1 billion of funded debt, including the chapter 15 case of syncreon Automotive (UK) Ltd. syncreon, a leading global logistics services provider, operates across 120 facilities in 19 countries on 6 continents. syncreon’s restructuring was completed through an English scheme of arrangement pursuant to the Companies Act 2006 and further involved ancillary processes in the United States and Canada. syncreon’s restructuring was recognized as the 2020 International Company Transaction of the Year by the Turnaround Management Association.*
- The NORDAM Group, Inc., a leading aerospace manufacturing and repair company, in the first-ever “postpackaged” chapter 11 cases.*
- Claire’s Inc., one of the nation’s largest retailers with more than 4,000 owned and franchised locations globally, in its prearranged restructuring efforts related to more than $2 billion in funded debt.*
- Avaya Inc. and certain of its affiliates in their chapter 11 cases. Avaya and its debtor-affiliates had more than $6 billion in funded debt obligations as of the commencement of their chapter 11 cases, with annual revenues in excess of $3 billion. Avaya’s restructuring was recognized as the 2018 Transaction of the Year (Mega Company) by the Turnaround Management Association.*
- Vine Alternative Investments in conjunction with its acquisition of a controlling interest in Village Roadshow Entertainment Group, a global entertainment company.*
- Horsehead Holding Corp. (n/k/a American Zinc Recycling), a U.S. producer of specialty zinc and zinc-based products and a leading recycler of metals-bearing waste, in its chapter 11 restructuring.*
- Caesars Entertainment Operating Co. Inc., a majority owned subsidiary of Caesars Entertainment Corporation, in its chapter 11 restructuring. CEOC and its debtor subsidiaries had more than $18.4 billion in funded debt obligations as of the commencement of their chapter 11 cases.*
- An ad hoc group of first lien creditors in the prearranged chapter 11 cases of Altegrity, Inc. and certain of its subsidiaries and affiliates, involving the restructuring of approximately $1.8 billion in funded debt.*
- Longview Power, LLC and certain of its affiliates, including Mepco Holdings, LLC and its affiliates, in connection with their chapter 11 cases involving the restructuring of approximately $1 billion in funded debt.*
- The Special Committee of the Board of Managers of Revstone Industries, LLC, et al. in connection with their restructuring.*
- FA Liquidating Corp. (f/k/a Fisker Automotive) in their chapter 11 cases and in their successful sale of substantially all their assets to an affiliate of Wanxiang America Corp.*
- The chapter 11 trustee appointed in the chapter 11 cases of Qualteq, Inc. and its affiliated chapter 11 debtors.*
- The Great Atlantic & Pacific Tea Company (A&P) and its direct and indirect subsidiaries in their chapter 11 reorganization, which was completed in March 2012. A&P listed $2.5 billion in assets and $3.2 billion in debt as of the commencement of the cases.*
- Neff Corp., one of the leading equipment rental companies in the United States, in its prearranged chapter 11 restructuring involving approximately $600 million in indebtedness.*
- GGPLP L.L.C. and certain of its affiliates in their chapter 11 reorganization. GGP and its consolidated affiliates reported approximately $29.6 billion in total assets and $27.3 billion in total liabilities as of their chapter 11 filings.*
- Source Interlink, one of the leading publishers and wholesalers of magazines and home entertainment products in North America, in their prearranged chapter 11 cases, successfully restructuring approximately $1.6 billion in liabilities in approximately 30 days.*
- Hines Horticulture, Inc., one of the largest commercial nursery operations in North America, and its wholly-owned subsidiary in their chapter 11 cases.*
- SIRVA, Inc. and a number of its domestic subsidiaries and affiliated entities in their prepackaged chapter 11 cases.*
- Movie Gallery, the second largest North American home entertainment specialty retailer, in its prearranged restructuring of obligations totaling approximately $1.4 billion.*
Representations denoted with an asterisk were completed prior to joining Ropes & Gray
- Co-author, “Start Your Auctions: Stalking Horse Bidding and Other Considerations for Driving Value in the Chapter 11 Sale Process,” chapter in Navigating Today's Environment: The Directors' and Officers' Guide to Restructuring (2023)
- Co-author, “J&J Ch. 11 Ruling Highlights ‘Texas Two-Step’ Skepticism,” Law360 (February 13, 2023)
- Quoted, “Runway Disappears Quickly for Companies as Recession Looms,” The Deal (October 31, 2022)
- Quoted, “High Employee Turnover in Healthcare Will Create Mid-Market M&A Opportunities,” Mergers & Acquisitions (September 21, 2022)
- Profiled, “Celsius Files for Bankruptcy Following Three Arrows & Voyager,” CoinDesk-TV First Mover (July 14, 2022)
- Quoted, “Q&A: Restructuring Expert Talks Voyager Bankruptcy,” Blockworks (July 8, 2022)
- Quoted, “Bankruptcy Law Shell Game,” Axios (June 2, 2022)
- Quoted, “Private-Equity Firms Hunt for Deals in Disrupted Supply Chains,” WSJ Pro PE (May 9, 2022)
- Co-author, “Evaluating Director Protections After Del. Bankruptcy Ruling,” Law360 (January 14, 2022)
- Quoted, “Warren's anti-'looting' crusade is about fundamental accountability,” Financial Times (December 10, 2021)
- Co-author, “Nondebtor Release Bill Would Excessively Limit Ch. 11 Access,” Law360 (November 5, 2021)
- Co-author, “Enforcing third-party releases through chapter 15 in the US,” International Insolvency & Restructuring Report 2021/22 (2021)
- Author, Collective Bargaining Agreements and Chapter 9 Bankruptcy, 81 Am. Bankr. L.J. 295 (2007)
- Panelist, "Behavioral Health Discussion," American Bankruptcy Institute (ABI) Health Care Program (September 2023)
- Panelist, “Road to Recovery: Retail” Global M&A Network 13th Annual Restructuring + Distressed Investing Intelligence Forum and Turnaround Atlas Awards Celebration (June 2021)
- Panelist, “Cross-Border Restructurings,” 16th Annual Wharton Restructuring and Distressed Investing Conference (February 2020)
- Moderator, “Incentive Plan Design,” Equilar Compensation Committee Forum (November 2019)
- Panelist, “The 7 Habits of Successful Retail Restructurings,” Association of Insolvency & Restructuring Advisors (“AIRA”) — 17th Annual Advanced Restructuring & Plan of Reorganization Conference (November 2018)
- JD, The University of Chicago Law School, 2007; Order of the Coif
- BA, University of North Carolina at Chapel Hill, 2001; Morehead-Cain Scholar
Admissions / Qualifications
- New York
- U.S. District Court for the Northern District of Illinois
- Global M&A Network – Top 100 Restructuring Professionals (2023)
- Chambers USA – America's Leading Lawyers for Business (2023)
- IFLR 1000 (2024)
- Lawdragon: 500 Leading Global Restructuring & Insolvency Lawyers (2020, 2022)
- Legal 500: Finance: Corporate Restructuring (including bankruptcy) (2021-2023)
- Turnarounds & Workouts: “Outstanding Young Restructuring Lawyer” (2018)
- Legal 500: Corporate investigations and white-collar criminal defense (2015-2019)
- Euromoney Legal Media Group: Rising Star (2018)
- Law360: Bankruptcy “Rising Star” (2018)
- National Conference of Bankruptcy Judges: Next Generation Program (2017)