Stephen L. Iacovo

• AccentCare in an uptier debt exchange that resulted in near-unanimous lender participation, raised $175 million of new money capital, and extended the maturity of its existing $1.3 billion of debt by two years.
• 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 by over two years. 
• 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.  
• 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.
• Output Services Group, Inc. and certain of its affiliates in connection with its prepackaged Chapter 11 cases. Output Services Group is a leading provider of integrated customer communications and engagement services. The company’s plan of reorganization successfully restructured approximately $825 million of funded indebtedness through a consensual deleveraging of approximately $134 million and new money capital infusion of approximately $70 million. In 2023, M&A Advisor recognized the successful restructuring of Output Services Group as Information Technology Deal of the Year.
• Vewd Software AS and certain affiliates in connection with their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. Vewd is a market leader in enabling the transition from cable, broadcast, and satellite television platforms to over-the-top video streaming services. Vewd’s Chapter 11 plan of reorganization was supported by 100% of its secured lenders and resulted in the exchange of over $100 million of secured debt claims for 100% of the equity of reorganized Vewd Software AS and the payment in full of all unsecured creditors. Under the plan of reorganization certain of Vewd’s existing secured lenders also agreed to provide $25 million of exit financing and up to $20 million pursuant to a preferred stock issuance to provide substantial liquidity support for the reorganized company. In 2023, M&A Advisor recognized the successful restructuring of Vewd Software AS as the Cross-Border Restructuring of the Year ($100mm to $1B).
• Altamont Capital Partners in connection with its joint purchase of prepetition debt of Alamo Drafthouse Cinemas, an owner and operator of dine-in movie theaters, joint provision of $60 million of debtor in possession financing, and credit bid for a substantial part of the business and assets of Alamo Drafthouse Cinemas through its chapter 11 cases. 
• Chesapeake Energy Corporation and 40 of its subsidiaries in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Chesapeake is a premier oil and natural gas exploration and production company with a high-quality, unconventional oil and natural gas asset portfolio, with substantial positions in top U.S. onshore plays. Chesapeake and its debtor-affiliates had more than $9 billion of funded debt obligations as of the commencement of their Chapter 11 cases. Prior to commencing the Chapter 11 cases, Chesapeake obtained commitments from certain of its secured creditors for over $4 billion of new capital, including a $925 million new money debtor-in-possession financing facility, a $600 million fully backstopped rights offering, and $2.5 billion of exit facilities as part of a comprehensive restructuring support agreement that eliminated approximately $7 billion of Chesapeake’s funded debt obligations through a chapter 11 plan of reorganization.*
• iHeartMedia, Inc. and certain affiliates in connection with their prearranged Chapter 11 cases involving consolidated debts of more than $20 billion—the largest filed in 2018. iHeart is the largest radio broadcaster in the United States and specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local and national communities. iHeart’s plan of reorganization reduced the company’s funded debt by over $10 billion. In 2020, the Turnaround Management Association recognized the successful restructuring of iHeartMedia, Inc. with its “Mega Company Transaction of the Year Award.”*
• McDermott International, Inc. and 225 of its subsidiaries and affiliates, including 107 foreign domiciled entities, in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. McDermott is a premier, global upstream and downstream engineering, procurement, construction, and installation company with operations across 54 countries and six continents. McDermott’s prepackaged Chapter 11 cases were confirmed in less than 60 days and resulted in a transaction that re-equitized the company, deleveraged over $4 billion of funded debt, preserved an unprecedented $2.4 billion in prepetition letters of credit, left trade claims unimpaired, and included a sale of McDermott’s Lummus technology business for $2.725 billion. McDermott emerged from Chapter 11 only five months after the petition date.*
• Avaya Inc. and certain of its affiliates in their Chapter 11 cases. Avaya is a leading multinational technology company that specializes in telephony, wireless data communications and customer relationship management software. 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. In 2018, the Turnaround Management Association recognized the successful restructuring of Avaya Inc. with its “Mega Company Transaction of the Year Award.”*
• One Call Corporation and certain of its affiliates in connection with their out-of-court restructuring. One Call is a leader in ancillary services for the workers’ compensation industry. The restructuring transaction reduced One Call’s funded debt through a consensual equitization of nearly $1 billion of junior debt, reduced its annual interest expense by approximately $90 million, and eliminated all near-term maturities. The restructuring was facilitated by a $375 million investment led by existing lenders KKR and GSO Capital Partners.*
• An ad hoc group of unsecured noteholders in the Chapter 11 cases of Bristow Group Inc. and its affiliated debtors in the U.S. Bankruptcy Court for the Southern District of Texas. Bristow was a publicly-traded helicopter services company with funded debt obligations exceeding $1.7 billion at the time of its Chapter 11 filing. Following the filing of Bristow’s cases, the Unsecured Ad Hoc Group negotiated an amended restructuring support agreement with Bristow and its secured creditors that resulted in a restructuring led by the Unsecured Ad Hoc Group that included a $385 million rights offering and noteholders taking control of the reorganized company.*
• Stalking horse purchaser and DIP lender in Chapter 11 cases of Jack Cooper Ventures, Inc. and certain affiliates in the Northern District of Georgia. Jack Cooper is a leading provider of finished vehicle logistics in North America. The prearranged restructuring addressed approximately $575 million in prepetition secured debt, modified labor and pension obligations, and facilitated a going-concern 363 sale transaction allowing for substantially all employees to keep their jobs.*
• Técnicas Marítimas Avanzadas, S.A. de C.V., and certain of its affiliates, a maritime logistics services company based in Monterrey, Mexico, in a successful out-of-court restructuring that deleveraged the company’s balance sheet and provided it with critical liquidity. Under the terms of the consensual restructuring, the company refinanced its secured indebtedness, obtained a new revolving credit facility, and provided its existing equity sponsor with a significant and controlling stake in the reorganized company.*

*Experience prior to joining Ropes & Gray