Overview

Not all financially distressed companies are alike. Some are pushed to the brink of insolvency by macroeconomic or industry-specific trends. Others face insolvency suddenly, following a judgment or cataclysmic event. Ropes & Gray’s restructuring team has experience with a wide spectrum of clients facing all types of financial distress. Our business-oriented strategies have led to overwhelmingly successful restructurings for our debtor clients.

Among the Ropes & Gray team’s recent and most notable debtor representations are:

Represented Thrive Pet Healthcare, a leading owner and operator of a national network of veterinary hospitals, in the successful completion of a transaction that will provide more than $350 million of enhanced liquidity and extend the maturities of more than $1.7 billion of existing debt obligations.
Represented Aimbridge Hospitality in connection with a comprehensive out-of-court restructuring supported by 100% of the company’s lenders that successfully converted more than $1 billion of senior and junior debt into equity and infused the company with $100 million in new capital. Aimbridge is the leading third-party hotel management company, managing over 1,000 hotels globally and employing approximately 47,000 individuals.
Represented Cutera, Inc., a leading provider of aesthetic and dermatology solutions for practitioners worldwide, in prepackaged chapter 11 cases to reduce the company’s debt by nearly $400 million, or over 90%, and raise $65 million in new money from existing lenders.
Advised Altice France S.A. and Altice France Holding S.A. on the launch of their historic balance sheet restructuring involving more than €24 billion of debt, whereby Altice France and Altice France Holding entered into restructuring framework agreements with holders of their term loans, senior secured notes and senior notes.
Representing Vobev LLC, 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 $37,00,000 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.
Represented Trinseo Materials Operating S.CA. and certain affiliates in a $1.1 billion innovative financing transaction addressing the company’s 2024 senior secured term loans and $385 million of its 2025 unsecured bonds.
Represented Altamont Capital and its portfolio company Juice Plus+, in its out-of-court restructuring that reduced the company’s debt and preferred equity obligations by over $300 million and extended the company’s remaining debt maturities to 2027.
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.
Represented iMedia Brands, Inc. and its affiliated debtors in their pending chapter 11 cases, which involve the restructuring of approximately $300 million of obligations. iMedia and its affiliates are a leading interactive media company that capitalizes on the convergence of entertainment, ecommerce, and advertising.
Represented Vesta Holdings, LLC and certain of its subsidiaries in their chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Vesta was an insurance brokerage service provider for individual and corporate clients across the United States, primarily concentrating on property and casualty insurance offerings. During its chapter 11 cases, Vesta effectuated an all asset sale of its business and confirmed its plan of liquidation, which was supported by 100% of secured lenders and general unsecured creditors who voted on the plan.
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.
Represented 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.
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. In 2023, The M&A Advisor recognized the successful restructuring of Output Services Group as the “Information Technology Deal of the Year” as part of its 17th Annual Turnaround Awards.