Restructuring Experience ($ in Millions)

Industry Client Constituent
Debt Highlight
Transportation OSG
Debtor $2,600 Chilmark served as restructuring and financial advisor for the Company during its Chapter 11 process. Our services included advising the company on new equity and debt financing, advising the Board of Directors on competing plans of reorganization, analysis of business plans and cost saving opportunities, fleet configuration, joint ventures, cash management, and general case management and strategy.
Debtor  $125 Advised the company on its strategic restructuring alternatives. Negotiated restructuring plan, including resolution of the legacy liabilities, workers compensation liability, and policy renewals with insurance carriers who contested initial bankruptcy plan.

Secured Lender  $300 Performed extensive due diligence on each of the company’s major business units; formulated various restructuring alternatives for this highly cyclical manufacturer; led negotiations with company management, the equity sponsor and the second-lien lenders.
Secured Lender  $490 Performed due diligence on the company, identified and assessed the group’s options, and aided in the execution of a course of action. Guided senior secured lender group through the negotiation and documentation of a prepackaged Chapter 11 plan of reorganization with DIP and exit financings in place.
Media Steel City Media Secured Lenders $60 Chilmark advised a group of lenders to a radio broadcasting company that had defaulted on its credit agreement. After performing a thorough review of the company's past performance and business plan, we provided strategic advice for improving the lenders' position. Ultimately the lenders received full value in cash for their debt.
SuperMedia Debtor $3,200 The transaction was completed in a prepackaged stock-for-stock merger. The deal included negotiated amendments to approximately $3.2 billion of secured debt. Solicitation for the transaction was engineered to provide flexibility. SuperMedia and DexOne sought approval from stockholders and lenders so the transaction could be accomplished either out-of-court or through the Chapter 11 process. Due to the structural optionality, solicitation required compliance with both bankruptcy and securities laws. The merger provided for 100% recoveries for all stakeholders, including shareholders, regardless of the fact that it was completed through a prepackaged bankruptcy proceeding.
Debtor  $80 Spearheaded negotiations on behalf of company which ultimately led to a successful out-of-court restructuring; company’s bank debt was restructured and its maturity extended; 100% of the company’s equity was retained by its current shareholders. Also provided advice on the company’s strategic options for operational initiatives and non-core assets.
Secured Lender  $8,700 Financial advisor to secured lenders. Negotiated restructuring plan including standby purchase facility sponsored by Paulson & Co. for up to 45% of reorganized common equity. Assisted in Board of Directors selection; prepared report and served as expert witness in adversary proceeding with unsecured creditors.
CMP Susquehanna Radio Secured Lender  $875 Financial advisor to secured lender group after the company had proposed a distressed debt-equity exchange that failed to address the senior lenders’ concerns. Led negotiations and arrived at an amendment that paid down the outstanding debt by 5% and created a favorable inter-creditor agreement.
Mid-sized Private Radio Company Debtor  $210 Financial advisor to a privately held mid-sized radio company that owns and operates 17 radio stations with flagship stations in New York and San Francisco.
Retail Toys R Us Secured Lender $5,300 Chilmark advised Geoffrey, LLC, the intellectual property holding company of Toys "R" Us. We provided strategic advice regarding intercompany licensing agreements and helped negotiate new licensing agreements with buyers of the company's international assets.
Innovative Mattress Solutions Secured Lender $20 Chilmark advised Tempur Sealy during the bankruptcy of one of its distributors, Innovative Mattress Solutions. We helped negotiate a DIP financing facility provided by our client, and performed extensive diligence in connection with its stalking horse credit bid. With our assistance, Tempur Sealy ultimately acquired the assets of Innovative Mattress Solutions through a Court-approved sale process.
Debtor  $370 Advised Trinity Coal on the $600 million sale of the company to a multibillion-dollar Indian steel company. Also provided advice on the company’s concurrent debt restructuring with the 100% European-owned bank debt facilities.

Debtor  $4,000 Advised the company through the sale of non-core assets, including its geothermal energy plants, arena management, and aviation fueling businesses to provide liquidity and a more focused, reorganized company. Initiated a transaction for the restructuring of the core energy business by locating an acquirer for the company including its 60 energy projects operated worldwide.
Manufacturing Secured Lender  $6,800 Performed due diligence on company’s viability plan submitted to U.S. Government Auto Task Force as part of TARP funding request. Analyzed liquidation values, evaluated potential sale of brands/products lines and prepared support analysis for client negotiations with the U.S. Department of the Treasury.
Debtor  $5,100 Advised company through Chapter 11 case including negotiating­ a plan that settled its asbestos liability, its primary reason for filing. The company emerged from bankruptcy with an investment grade capital structure accomplished by raising $1.8 billion in a shareholder rights offering backstopped by Berkshire Hathaway and raising $2.8 billion in new debt financing.
Paper & Packaging
Debtor  $110 Provided tactical advice to the company’s owners/management team regarding restructuring alternatives; negotiations led to the lenders providing additional liquidity and time for owners to seek capital to refinance the company’s secured debt.
Secured Lender  $215 On behalf of the second-lien lenders, led negotiations with the company, the first-lien lenders, and a strategic acquirer for the sale of the business through a prepackaged bankruptcy.

Secured Lender  $575 Retained by the first-lien lenders and successfully litigated against the company’s “cram-up” plan of reorganization; negotiated a new plan of reorganization and reached a consensual resolution to the case. Turnaround Management Association awarded Wellman the “Large Company Turnaround of the Year” for 2009.
Consumer Products Bettencourt Dairy
Debtor $325 Chilmark advised the company, one of the nation's largest dairies, through their restructuring of more than $200 million of debt and reorganization of business operations via sales of herd collateral, land, and equipment.

Secured Lender  $450 Retained by the senior secured lenders for Hostess® and Wonder® Bread-maker Interstate Bakeries Corporation two years into Chapter 11; worked with the company and its advisors to hire a new management team and reach a consensual reorganization.

Secured Lender  $430 Retained by the first-lien lenders to Merisant, a global leader in the table-top sweetener market, to advise with respect to a potential restructuring, in anticipation of a possible in-court “cram-up” fight with bondholders.
Secured Lender  $1,200 Advised the company’s secured lenders through the company’s Chapter 11 bankruptcy; worked jointly with the company’s financial advisor to conduct an auction process which resulted in Berkshire Hathaway purchasing substantially all of the company’s assets.
Hospitality Debtor  $900 Advised management and board through the sale of non-core assets, preparation of a strategic and operating business plan, and negotiation with eight separate senior lender groups to arrive at a successful plan of reorganization.