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 case 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, led by Apollo and other financial institutions, in negotiating an agreement in principle as part of Vallourecs financial restructuring. In the entertainment sector, White Case advised affiliates of Oaktree Capital Management and others on the refinancing and upsizing of Odeon Cinemas existing credit facilities. The new £400 million financing was crucial for refinancing existing debt and providing liquidity to the cinema chain, which faced significant challenges due to reduced audiences during the COVID-19 pandemic. Additionally, the firm played a key role 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 assisted Hertz Global Holdings, which was deeply impacted by the pandemic, in its chapter 11 cases. Hertz had nearly US$19 billion in debt at the time of filing, and the successful restructuring plan, confirmed on June 30, 2021, paid all claims in full and returned over US$1 billion to existing shareholders. Lastly, the firm advised Coöperatieve Rabobank U.A. in connection with the chapter 11 cases of Southern Foods Group, 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. This comprehensive support was essential for the company as it navigated its restructuring process.