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Eric Schriesheim is an associate in the business restructuring group in Chicago. Prior to joining the firm, Eric served as a judicial law clerk to the Honorable Elizabeth S. Stong of the U.S. Bankruptcy Court for the Eastern District of New York. Previously, Eric worked as a sports and entertainment industry labor relations associate at a law firm in New York.
Experience
- Hardinge. Represented Hardinge, a precision machining and tooling manufacturer, in connection with refinancing efforts and ultimately, their chapter 11 cases to address over $100 million in secured debt, facilitate two going-concern 363 sale transactions for substantially all assets, investigate claims and causes of action held by the estates, and negotiate and consummate a liquidating chapter 11 plan, including a global settlement embodied therein.
- Exela Technologies. Representing an ad hoc group of bondholders of Exela Technologies, a global business process automation company, in connection with its chapter 11 cases, captioned In re DocuData Solutions, Inc. pending in the United States Bankruptcy Court for the Southern District of Texas. These proceedings involve the restructuring of $1.3 billion of funded debt and the ad hoc group is providing a new money DIP facility of up to $80 million.
- Vobev LLC. Representing a leading beverage manufacturer with a state-of-the-art canning, filling and warehousing facility, in its pending chapter 11 case to restructure over $400 million of prepetition first lien funded debt, as well as over $70 million of additional unsecured liabilities. Vobev filed its chapter 11 case with the support of its prepetition lenders through the funding of an approximately $115 million debtor-in-possession financing facility consisting of approximately $37 million of new money and approximately $78 million of “rolled-up” prepetition debt. The prepetition lenders serving as the DIP lenders also entered into a stalking horse purchase agreement with Vobev for a $150 million credit bid, subject to higher or otherwise better offers.
- Hearthside Foods. Represented Hearthside Foods and its affiliated debtors in their prearranged chapter 11 cases involving approximately $3.0 billion of funded debt. A leading contract manufacturer and producer of convenience foods, including baked, refrigerated, and frozen foods, sweet and salty snacks and nutrition bars, Hearthside serves as a full-service provider of food packaging services for many of the world’s premier brands and is the largest private bakery in the industry with a production network of 27 facilities powered by a skilled and dedicated workforce of approximately 12,000 employees. Hearthside’s prearranged chapter 11 plan eliminated approximately $2 billion of funded debt and provided $200 million of new money through an Equity Rights Offering and approximately $190 million of additional capital from a new asset backed loan facility. Hearthside emerged from chapter 11 with approximately $600 million of liquidity and rebranded as Maker’s Pride.
- Rodan + Fields. Represented Rodan + Fields, a renowned American company specializing in skincare products, in its unprecedented transaction combining a business transition from multi-level marketing into a direct-selling omni-retail business model and a recapitalization and uptier transaction that raised $75 million of new money and provided debt service and covenant relief on $550 million of secured debt.
- A leading platform dental services organization. Represented a leading platform dental services organization in an out-of-court restructuring involving the deleveraging of its approximately $900 million capital structure, including through an equitization of approximately $300 million of senior secured obligations and the provision of a $75 million new money term loan facility.
- ReStore Capital, LLC. Representing ReStore Capital, LLC as administrative and collateral agent to Express, LLC, a multi-brand fashion retailer with more than 550 retail stores, in connection with (i) a prepetition second lien asset-based term loan facility and (ii) a debtor in possession financing facility provided by funds and accounts managed by ReStore Capital, Gordon Brothers and First Eagle in the chapter 11 cases of Express, LLC and certain of its affiliates.
- A leading provider of life sciences laboratory infrastructure and resources. Represented a leading provider of life sciences laboratory infrastructure and resources in an out-of-court restructuring involving the deleveraging of its capital structure, an amendment to its credit facility and the issuance of approximately $45 million of preferred equity securities.
- AccentCare. Represented 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.
- Yellow Corporation. Represented the largest equity holder and junior DIP Lender to Yellow Corporation and its affiliates, historically one of the largest less than truckload shipping providers in the United States, in Yellow Corporation’s pending Chapter 11 cases to address approximately $1.2 billion of funded debt obligations, multiemployer pension liabilities, liquidating sale transactions, and wind-down of all operations.
- Tecomet, Inc. Represented Tecomet, Inc., together with certain of its affiliates, in the refinancing of its approximately $1 billion capital structure, including through the provision of a new revolving credit facility and privately placed first-lien term loan. Tecomet is a global leader in the design, development, and manufacture of orthopedic, robotic assisted, and minimally invasive surgical products, as well as precision components for the aerospace and defense industry.
- Instant Brands Holdings Inc. Represented an ad hoc group of first lien lenders to Instant Brands Holdings Inc. in connection with their $390 million prepetition term loans and the provision of a $132.5 million debtor-in-possession financing.
- 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.