Kevin Liang is an associate in Ropes & Gray’s business restructuring group. Kevin’s practice focuses on all aspects of corporate restructuring, bankruptcy and insolvency proceedings, and special situations, including advising public and private companies, boards, financial sponsors, and distressed investors across a broad range of industries in complex out-of-court liability management transactions, distressed acquisitions, and in-court chapter 11 proceedings.
Prior to private practice, Kevin served as a judicial law clerk to the Honorable Kevin Gross (ret.) for the United States Bankruptcy Court for the District of Delaware. In law school, Kevin served as a judicial extern to the Honorable Martin R. Barash for the United States Bankruptcy Court for the Central District of California.
- FB Debt Financing Guarantor, LLC — Representing 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.
- K&N Engineering, Inc. — Representing 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.
- Output Services Group, Inc. — Represented 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.
- PlayMonster LLC — Represented PlayMonster LLC, a market leading international toy and game company, in connection with its investment transactions with Adams Street Partners and HIG Capital.
- Purdue Pharma — Represented amici curiae law professors in connection with their submission to the Second Circuit Court of Appeals in the Purdue Pharma chapter 11 cases.
- Independent Director of Basic Energy Services, Inc. — Represented the 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.
- Just Energy Group Inc. — Represented Just Energy Group Inc., a Mississauga, Ontario-based leading retail consumer company specializing in electricity and natural gas commodities, energy efficiency solutions, and renewable energy options, in its Chapter 15 proceedings in the United States to recognize proceedings commenced in Canada under the Companies’ Creditors Arrangement Act (CCAA). Prior to filing for bankruptcy, Just Energy Group Inc. was severely adversely impacted by the unprecedented winter storm in Texas in February 2021. Just Energy Group Inc. obtained a commitment from its largest unsecured lender for a $125 million debtor-in-possession facility, the proceeds of which will be used to fund ongoing business operations while pursuing a court-supervised recapitalization.*
- Arena Energy, L.P. — Represented Arena Energy, L.P., which filed a prepackaged Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas to pursue a sale of its assets as a going-concern. The sale — which is supported by Arena’s first-lien revolving lenders and second-lien term lenders — will restructure more than $1 billion in funded indebtedness and address over $500 million of plugging and abandonment liabilities.*
- Mood Media Corporation — Represented Mood Media Corporation and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. Mood Media obtained confirmation of its plan of reorganization in less than 24 hours on July 31, 2020 and emerged from Chapter 11 that same day. Mood Media provides services that aim to create connections between brands and consumers in stores through curated music and other visual and sensory solutions and currently has more than 500,000 subscriber stores in over 100 countries. Pursuant to the prepackaged Chapter 11 plan of reorganization, Mood Media deleveraged its balance sheet by more than $400 million.*
- Chesapeake Energy Corporation — Represented 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 would eliminate approximately $7 billion of Chesapeake’s funded debt obligations.*
- Extraction Oil & Gas, Inc. — Represented Extraction Oil & Gas, Inc. and its affiliates in their prearranged Chapter 11 restructuring in the United States Bankruptcy Court for the District of Delaware. Extraction is one of the largest oil producers in Colorado, focusing on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Rocky Mountain region, and listed approximately $1.7 billion of funded debt obligations at the time of filing. Extraction’s prearranged plan of reorganization carries broad stakeholder support and contemplates the equitization of approximately $1.1 billion in unsecured notes and a $125 million debtor-in-possession financing facility, which includes $50 million in new money.*
- McDermott International, Inc. — Represented 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 and employs over 42,000 individuals across 54 countries and six continents. McDermott’s prepackaged Chapter 11 cases were confirmed in less than 60 days and contemplated 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.*
- PG&E Corporation and Pacific Gas and Electric Company — Represented a power purchase agreement counterparty in connection with the assumption of all power purchase agreements in the Chapter 11 cases of one of the largest combined natural gas and electric energy companies in the United States and the largest utility company in the State of California.*
- Furie Operating Alaska, LLC — Represented private equity / creditor investment fund in connection with a term loan facility and debtor in possession financing facility in the Chapter 11 cases of Furie Operating Alaska, LLC, Cornucopia Oil & Gas Company, LLC, and Corsair Oil & Gas LLC.*
- Blackhawk Mining LLC — Represented Blackhawk Mining LLC and its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Blackhawk is a leading metallurgical coal producer based in Lexington, Kentucky, and has operations primarily in West Virginia and Kentucky. Blackhawk employs more than 2,800 employees. Blackhawk entered Chapter 11 to implement a prepackaged plan of reorganization that will eliminate approximately $650 million of the Company’s nearly $1.1 billion in prepetition funded debt.*
*Experience prior to joining Ropes & Gray
- JD, University of California, Los Angeles School of Law, 2018
- BA (Philosophy), University of California, Irvine, 2015
Admissions / Qualifications
- New York, 2019
- California, 2018
- U.S. Court of Appeals for the Second Circuit
- U.S. District Court for the Southern District of New York