Stephen L. Iacovo
Stephen Iacovo joined Ropes & Gray’s business restructuring group in 2021 from another preeminent Chicago law firm. His practice focuses on all aspects of corporate restructuring, bankruptcy and insolvency proceedings, including advising public and private companies, boards, financial sponsors and distressed investors in complex out-of-court liability management transactions, distressed acquisitions, and in-court chapter 11 proceedings. Stephen’s experience spans a broad range of industries, including oil & gas, media & entertainment, technology, healthcare, and transportation.
Prior to private practice, Stephen completed his JD and MBA at Penn Law and Wharton and served as a commissioned officer in the United States Army. His military service included a combat deployment to Kandahar Province, Afghanistan in support of Operation Enduring Freedom as well as an assignment with Joint Task Force-Bravo in Honduras.
Stephen currently serves on the board of the Military Assistance Project, a Philadelphia-based nonprofit that provides free select consumer and veteran’s administrative legal services for active duty, reserve component, and veteran military personnel.
- 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
- Panelist, “Veterans Benefits Overpayments and Other Indebtedness to the VA,” Pro Bono Resource Center of Maryland Veterans Legal Assistance Conference & Training (June 4, 2021)
- Panelist, “Debts Owed to the U.S. Department of Veterans Affairs,” The John Marshall Law School Veterans Law Symposium: Serving the Illinois Veteran, Chicago (October 25, 2018)
- Co-chair, “Finding Opportunity in a Volatile World,” 12th Annual Wharton Restructuring & Distressed Investing Conference, New York (February 26, 2016)
- Operations Team, “Signs of Distress? Looking Past the Current Market Cycle,” 11th Annual Wharton Restructuring & Distressed Investing Conference, New York (February 27, 2015)
- JD, University of Pennsylvania Carey Law School, 2016; Exceptional Pro Bono Service Award for 200+ hours
- MBA (Finance), The Wharton School of the University of Pennsylvania, 2016
- BBA (Finance & History), University of Notre Dame, 2009; Phi Alpha Theta
Admissions / Qualifications
- Illinois, 2016
- U.S. Court of Appeals for Veterans Claims
- U.S. District Court for the Northern District of Illinois