Legal Services

In a significant case, White Case advised the Ad Hoc Group of Buenos Aires Bondholders on the Province of Buenos Airess restructuring of US$7.1 billion of external debt. This complex deal concluded after 17 months of negotiations, following an initial restructuring offer that was rejected by the bondholder group. The resolution involved extensive legal action in New York court and ultimately led to a successful agreement that allowed for the exchange andor amendment of 11 series of outstanding bonds for new bonds maturing in 2037. Another notable engagement involved Vallourec, a leader in premium tubular solutions for the energy markets. White Case represented Vallourecs ad hoc group of bondholders and revolving credit facility, facilitating an agreement in principle as part of the companys financial restructuring efforts. In the entertainment sector, White Case played a crucial role in the refinancing of Odeon Cinemas, which is part of AMC Entertainment Holdings, Inc. The firm advised on a new £400 million financing package aimed at refinancing existing debt and providing liquidity to the cinema chain, which had been adversely affected by reduced audience numbers during the COVID-19 pandemic. Additionally, the firm assisted in the chapter 11 bankruptcy cases of Seadrill Ltd., advising a coordinating committee of agent banks and lenders representing holders of US$5.6 billion of senior secured indebtedness across 12 credit facilities. In a high-profile restructuring, White Case represented Hertz Global Holdings, Inc., which faced nearly US$19 billion in debt due to the pandemics impact. The firm successfully guided Hertz through its chapter 11 restructuring, culminating in a reorganization plan that was effective on June 30, 2021, paying more than US$19 billion of claims in full and delivering over US$1 billion in returns to existing shareholders. Lastly, White Case advised Coöperatieve Rabobank U.A. in connection with the chapter 11 cases of Southern Foods Group, LLC, facilitating a pre-petition credit facility of US$188.8 million and a post-petition credit facility of up to US$425 million, among other financial arrangements totaling up to US$850 million.