Steve Moeller-Sally represents clients in a wide range of bankruptcy and insolvency matters, including chapter 11 cases, cross-border insolvencies, out-of-court workouts, distressed sales and acquisitions, and insolvency-related litigation. He has worked with asset managers and investment funds, as well as private and public companies, to devise creative approaches to managing liabilities and unlocking value in distressed situations. Steve’s experience spans a number of different industries, including merchant electric power and utilities, manufacturing, chemicals, retail, automotive, oil & gas, real estate and telecommunications.
Sponsor and Company Experience
Steve has advised numerous financial sponsors – including Apax Partners, Bain Capital, Castanea Partners, Charlesbank Capital Partners, Metalmark Capital, TPG Capital and TSG Consumer Partners – and their portfolio companies in bankruptcy and insolvency-related matters.
Creditor and Committee Experience
Steve regularly represents creditors and creditor groups in both out-of-court restructurings and in-court reorganizations. His recent and most notable creditor and committee representations include:
- Represented Reebok Ltd. and adidas AG in the chapter 11 cases of The Rockport Company, LLC.
- Represented an ad hoc group of secured noteholders of Global A&T Electronics, a Singapore-based semiconductor business, in the negotiation and execution of a pre-packaged plan of reorganization.
- Represented an ad hoc group of unsecured noteholders in the negotiation and filing of a pre-arranged chapter 11 case to restructure approximately $2.5 billion of unsecured notes issued by GenOn Energy, Inc. and GenOn Americas Generation LLC, both merchant power subsidiaries of NRG Energy, Inc.
- Represented an ad hoc group of first lien term lenders to NewPage Corporation in the pre-negotiated chapter 11 cases of NewPage and its corporate parent, Verso Corporation.
- Represented the indenture trustee for the 1.5 Lien Notes in the chapter 11 cases of Momentive Performance Materials, Inc. and its affiliates.
- Represented an ad hoc group of senior unsecured noteholders in the chapter 11 cases of Edison Mission Energy, which culminated in a $2.65 billion sale of the debtors’ assets to NRG Energy and a global settlement of tax-related and other claims against the debtors’ parent, Edison International.
- Represented an ad hoc committee of Second Priority Senior Secured Noteholders in the restructuring of Satelites Mexicanos S.A. de C.V. through a prepackaged chapter 11 plan, which was honored as “Deal of the Year 2011” by Latin Lawyer Magazine.
- Represented the secured lenders of Complete Energy Holdings LLC in the consensual foreclosure upon the holding company equity in an 837MW electric generating facility.
- Represents the independent director of FirstEnergy Nuclear Generation, LLC in the chapter 11 cases of FirstEnergy Solutions, Corp. and its debtor affiliates.
- Represented Gelson’s Markets, a TPG Capital portfolio company, in its stalking horse bid for a selection of grocery stores in the chapter 11 cases of Haggen Holdings, LLC.
- Represented funds and other entities advised by Bain Capital Credit in post-confirmation litigation over the enforceability of a contingent value rights agreement entered into in connection with the confirmed plan of reorganization of Twin River Worldwide Holdings, Inc. in the United States Bankruptcy Court for the District of Rhode Island.
- James M. Wilton, Edward Black, Patrick Diaz and Stephen Moeller-Sally, "Tackling Rights Of Trademark Licensees In Bankruptcy," Law360 (September 20, 2012)