Daniel Forman guides debtors, creditors, sponsors, and investors in complex Chapter 11 cases and out-of-court restructuring matters as a partner in the firm’s business restructuring group. Out of court, he regularly advises on refinancings, recapitalizations, bridge loans, and liability management transactions. Dan also brings broad mass tort restructuring experience in a variety of roles including official committees, claimant trusts, and future claimant representatives.
Dan has worked on major bankruptcy cases such as Hertz Corporation, Pacific Gas & Electric, and the Commonwealth of Puerto Rico. He was named to Law360’s list of “Rising Stars” for being a top bankruptcy attorney under 40 and recognized as an Outstanding Young Restructuring Lawyer by Turnarounds & Workouts.
Outside the office, Dan is an active member of the UJA Federation of New York, Next Gen Restructuring Group, which brings together restructuring professionals in their 30s and 40s devoted to philanthropic opportunities. Dan also serves on the organizing committee for the annual JFCS of Northern New Jersey Wheels for Meals bike ride, which has raised over $1 million since its inception to fight hunger.
Experience
- Represented the board of directors of PDV Holding, Inc. the US holding company of Citgo Petroleum Corp. and subsidiary of PDVSA, Venezuela’s state-owned oil company in connection with (1) the judicial sale of PDVH’s shares in Citgo to satisfy creditors of Venezuela proceeding in DE district court holding claims in excess of $20 billion, (2) litigation over the legitimacy of $3 billion of bonds issued by the Maduro regime in 2020 secured by a pledge of Citgo stock, and (3) the impact of the Maduro arrest and subsequent relationship between the US government and the VZ government led by interim president Delcy Rodriguez.*
- Represented Walgreens Boots Alliance in connection with the restructuring of its $6 billion investment in managed care businesses VillageMD and CityMD/SummitHealth in advance of Sycamore Partners’ $10 billion+ take-private transaction.*
- Represented ad hoc group of senior noteholders of Hertz Corporation in connection with the chapter 11 cases Hertz and its affiliates, representing approximately $1.14 billion of aggregate holdings of senior unsecured notes, including in connection with post-confirmation make-whole and interest litigation.*
- Represented The Baupost Group in connection with financing Jeff Leerink’s management buyout of SVB Securities, SVB Financial Group’s investment banking business, in a sale conducted within SVB Financial Group’s chapter 11 cases.*
- Represented the ad hoc group of Subrogation Claim Holders of PG&E Corporation holding approximately $20 billion in unsecured claims in the chapter 11 case of PG&E Corporation, and subsequently represented the Subrogation Trust Advisory Board in connection with the distribution of the $11 billion settlement negotiated and approved during the case.*
- Represented ad hoc group of bondholders of Cooper Standard in connection with the out of court refinancing of Cooper-Standard Automotive, Inc., involving the issuance of approximately $580 million of new first lien debt.*
- Represented the Official Committee of Talc Claimants of Imerys Talc America, Inc. in connection with all transactional and litigation matters with and against Imerys, its French parent entity, and its, indemnitor, Johnson & Johnson.*
- Represented Bettina M. Whyte, as COFINA Agent, in the formal proceedings initiated under PROMESA to reorganize the Commonwealth of Puerto Rico and its territorial instrumentalities’ municipal debt and the litigation over whether a certain sales tax was property of COFINA, a territorial instrumentality that had issued over $17 billion in bonds secured by such sales tax, or the Commonwealth.*
NARCO Asbestos Personal Injury Settlement Trust, a $1.3 billion trust in connection with litigation and mediation related to Honeywell International Inc.’s commitment to fund claims payments and operations in perpetuity, and in connection with the sale of the Trust’s majority ownership stake in refractory company Harbison Walker International.* - Represented beauty consumer products company Glansaol Holdings Inc. and its affiliated debtors in its section 363 bankruptcy sale and in connection with its chapter 11 cases.*
- Represented Charles W. Ergen and SPSO, an investment vehicle formed by Mr. Ergen, in connection with LightSquared, Inc.’s chapter 11 bankruptcy case, and the dispute over an approximately $1 billion investment, which culminated in unimpairment and a 100% recovery.*
- Represented debtor Rural/Metro Corporation, at the time of its bankruptcy filing one of the largest U.S. ambulance and related emergency services providers, in its successful effort to implement a balance sheet restructuring through a chapter 11 process.*
- Represented the ad hoc group of first lien lenders to Rotech Healthcare, Inc., including Silver Point Finance, LLC and Capital Research & Management Company, in Rotech’s chapter 11 case.*
- Represented debtor steel manufacturer RG Steel, LLC (a subsidiary of Renco Group) in its chapter 11 cases and orderly wind-down, which included an expedited sales process for three major steel facilities and ancillary production assets, consensual termination of collective bargaining agreements and significant litigation.*
- Represented Istithmar World, an investment arm of the government of Dubai, in a comprehensive financial restructuring of its ownership interest in Barneys New York, Inc., which reduced Barneys long-term indebtedness by over $500 million. Following the restructuring, Istithmar retained a minority ownership position in the restructured company and continued to serve on its board of directors.*
- Represented DISH Network in connection with its “stalking horse” bid of $1.375 billion in cash and the assumption of liabilities for TerreStar Networks, Inc., an integrated satellite and terrestrial telecommunications company in chapter 11.*
*Experience prior to joining Ropes & Gray