Andrew Glantz is a business restructuring and special situations associate in New York. Andrew represents private equity sponsors, corporate debtors, ad-hoc and official committees, and significant creditors, lenders and third-party purchasers in connection with out-of-court restructurings, chapter 11 cases, and distressed financings and acquisitions. He regularly advises significant hedge fund clients on new debt and equity investments, including structuring complex claims trades, participation agreements and related diligence.
Andrew was recently seconded to KKR where he was embedded as a desk lawyer with the global Special Situations investment team. On the desk, he covered portfolio positions within the Special Situations funds, supported related transactions, and advised KKR on new investments, including rescue, DIP and exit financings, distressed-for-control trades, claims trades, and other event-driven and bespoke structured investments. Andrew is also a trained mediator and has facilitated dozens of cases in Manhattan Civil and Small Claims Court.
Andrew entered the practice of law after dedicating his early career to advising innovators and investors on sustainable business strategy, change management, marketing and design. He has helped streamline operations, develop compelling brands, and commercialize groundbreaking products—including the Chevrolet Volt. Andrew is also a widely-cited author on the history of the British window tax.
Prior to joining Ropes & Gray, Andrew was an associate in a leading bankruptcy and financial restructuring practice at another international law firm in New York.
- Covia Holdings: Representing a significant holder of first lien debt in the chapter 11 restructuring of Covia Holdings, LLC and its debtor affiliates in the Southern District of Texas.
- J.C. Penney: Representing a significant first lien/DIP lender in the chapter 11 restructuring of J. C. Penney, Inc. and its debtor affiliates in the Southern District of Texas.
- National Food Chain: Representing an ad hoc group of second lien lenders in respect of an out-of-court restructuring transaction.
- Rubio’s Grill: Representing Rubio’s Grill, the operator and franchisor of approximately 170 limited service restaurants across California, Arizona and Nevada, in its chapter 11 cases to reduce its secured indebtedness on a consensual basis, address its operational footprint, and obtain a significant liquidity infusion upon emergence from chapter 11.
- Behavioral Health Hospital: Representing a behavioral health hospital system in connection with the chapter 7 wind-down of a subsidiary in North Dakota.
- National Retailer: Representing the private equity sponsor of a national retailer in connection with an out-of-court restructuring, including a debt-for-equity exchange and a significant new money investment.
- Centric Brands: Represented Centric Brands Inc., a leading lifestyle brands collective, and certain of its subsidiaries in their chapter 11 cases to recapitalize approximately $1.8 billion in funded indebtedness. Centric filed with a restructuring support agreement backed by its key funded debtholders, $435 million in debtor-in-possession financing, and a path to a quick and consensual emergence with a capital structure reduced by approximately $700 million.
- CERO Cooperative: Represented (as lead counsel) commercial composting company CERO Cooperative, Inc. (CERO) in a consensual out-of-court restructuring involving a debt-for-equity swap and other loan modifications (eliminating over 50% of indebtedness) and obtaining new financing from institutional and private investors as well as additional liquidity via the Paycheck Protection Program.
- PG&E Corp.: Represented a distressed debt investor in connection with a potential investment related to PG&E Corp. and its subsidiaries, involving analysis of complex legal issues relating to make-whole claims, postpetition interest, wildfire claims liability, re-insurance issues, and anticipated treatment of power purchase agreements in bankruptcy.
- Westinghouse: Represented an investor group in connection with the acquisition and prosecution of claims against Westinghouse Electric Company LLC, resolved through a consensual plan of reorganization in the company’s chapter 11 cases in the Southern District of New York that provided 100% of the bankruptcy estate’s residual value to the investor group.
- FirstEnergy: Represented Elliott Management Corporation in respect of a $2.5 billion preferred equity investment in FirstEnergy Corporation and the formation of a restructuring working group to advise the company on its transition to a fully regulated utility and related restructuring of its subsidiary FirstEnergy Solutions.
- Energy Future Intermediate Holding: Represented Elliott Management Corporation as the largest unsecured creditor in the chapter 11 restructuring of Energy Future Intermediate Holding Company LLC and its debtor affiliates in the District of Delaware.
- GenOn: Represented an ad hoc group of unsecured noteholders of GenOn Energy, Inc. and GenOn Americas Generation, LLC (wholesale power generation subsidiaries of NRG Energy, Inc.) in their pre-arranged chapter 11 reorganization in the Southern District of Texas, including entry into a restructuring support agreement with over 90% noteholder support contemplating a debt-for-equity conversion, exit financing, and a cash settlement payment from NRG Energy, Inc.
- Consolidated Infrastructure Group: Represented a strategic buyer in connection with the section 363 sale of substantially all assets of Consolidated Infrastructure Group, Inc. in its chapter 11 restructuring in the District of Delaware.
- Puerto Rico: Represented a holder of secured revenue bonds issued by Puerto Rico Electric Power Authority (PREPA) in a successful challenge to the debtors’ proposed DIP financing in the District of Puerto Rico.
- Weatherford: Represented the official committee of unsecured creditors in the chapter 11 restructuring of Weatherford International plc and its debtor affiliates in Southern District of Texas, including in respect of complex cross-border insolvency matters.
- Toys ‘R’ Us: Represented a New York-based investor in respect of a real-estate joint venture and related negotiations with a non-debtor subsidiary of Toys “R” Us, Inc. in connection with the retailer’s chapter 11 restructuring in the Eastern District of Virginia.
- Represented a New York-based private equity firm and its limited partners in fraudulent conveyance litigation in Alabama in connection with a dividend recapitalization of a portfolio company.
- Represented a New York-based private equity firm in respect of a distressed retailer to which a portfolio company was a leading supplier in its product category.
- Represented a distressed brand portfolio manager in connection with a multi-step refinancing and exchange transaction that avoided a chapter 11 filing.
- Brady Campaign: Represented the Brady Campaign to Prevent Gun Violence on various pro bono matters.
- Lyondell Chemical: Represented dozens of defendant shareholders, including institutional bank clients with hundreds of millions of dollars of exposure, in the successful defense of multi-billion-dollar fraudulent transfer litigation arising out of the Lyondell Chemical Company chapter 11 cases in the Southern District of New York.*
- Energy XXI: Represented an ad hoc group of unsecured noteholders in the chapter 11 restructuring of Energy XXI Ltd in the Southern District of Texas involving complex intercompany issues and related litigation.*
- GT Advanced Technologies: Represented an ad hoc creditor group in a successful bid to provide exit financing in the chapter 11 restructuring of GT Advanced Technologies Inc. in the District of New Hampshire.*
- Caesars: Represented a prominent international law firm in the chapter 11 restructuring of Caesars Entertainment Operating Company (CEOC) in the Northern District of Illinois in respect of potential malpractice and other claims related to the firm’s representation of CEOC and affiliates in more than a dozen prepetition transactions.*
*Representations completed prior to joining Ropes & Gray.
- Co-author, “CDS ‘Net Short’ Holder Market Developments,” The New York Law Journal (September 20, 2019)
- JD, cum laude, Benjamin N. Cardozo School of Law of Yeshiva University, 2014; Dean’s Merit Scholar; Moot Court Honor Society (Finalist, Irving R. Kaufman Memorial Securities Law Moot Court Competition), ADR Competition Honor Society
- BA (Economic History), summa cum laude, University of Pennsylvania, 2008