In re Whiting Petroleum Corporation, et al. (Bankr. S.D. Tex.)
Representing indenture trustee for convertible noteholders in connection with Debtors’ bankruptcy cases.
Representative Matters
In re Urban Commons 2 West LLC (Bankr. SDNY)
Representing secured and DIP lenders in the bankruptcy of real estate developer and hotelier, Urban Commons 2 West LLC and certain affiliates (“Urban Commons”), which defaulted on hotel loans during the COVID-19 pandemic and filed for chapter 11 protection in November 2022. On behalf of its secured lender clients, Herrick has negotiated the post-petition financing, bid procedures, sale milestones, disclosure statement and plan of reorganization, recently securing a critical win on behalf of its clients regarding the treatment of escrowed insurance proceeds as property of the estate in February 2023. This matter is ongoing.
Sumitomo Mitsui Trust Bank – Acquisition & Construction Loan – Houston, TX
Represented Sumitomo Mitsui Trust Bank as lender in connection with an acquisition and construction loan of approx. $76 million to a developer who plans to demolish an existing retail strip center and build an approximately 12 story, 209-unit market rate multifamily project with approximately 2,867 square feet of ground floor retail in Houston, TX.
G4 Capital Partners – $29.5 Million Loan – Brooklyn, NY
Represented G4 in connection with a $29.5 million acquisition and pre-development loan for the development of property located in Brooklyn, New York for both residential and commercial use.
G4 Capital Partners – $74.5 Million Construction and Mezz Loan – Long Island City
Represented G4 Capital Partners in connection with a $74.5 million construction and mezzanine loan for the development of property in Long Island City, New York for both residential and commercial use.
Johnson & Johnson Spin-off Bankruptcy Case: Amicus Briefs
Authored and filed amicus briefs on behalf of a group of well-renowned bankruptcy law professors concerning debtor LTL Management LLC ("LTL"), an entity created by Johnson & Johnson to hold its talc liabilities to cancer victims exposed to talc in J&J’s products. The professors filed these briefs in support of the Official Committee of Talc Claimants’ motion to dismiss LTL’s chapter 11 case, both before the Bankruptcy Court in the District of New Jersey, and the appeal from that decision that was heard directly by the Third Circuit Court of Appeals. In January 2023, the Third Circuit reversed the Bankruptcy Court’s decision and dismissed the LTL Chapter 11 case.
Cantor Fitzgerald Securities – Administrative and Collateral Agent in Exit Facility
Represented Cantor Fitzgerald Securities as the administrative agent and collateral agent under an $85 million exit facility following the successful Blackhawk Mining, LLC, et al. (Bankr. D. Del.), chapter 11 cases, which involved over 100 properties, encompassing active mining complexes in West Virginia and Kentucky and substantial metallurgical and thermal coal reserves in West Virginia, Kentucky, Indiana, Illinois and Ohio. The finance component included establishing a collateral trust arrangement by transferring all of the collateral, loans and obligations to a collateral trust and amending and restating the existing loan documents. The real estate component included assigning existing mortgages encumbering the properties, amending and restating the existing mortgages and memoranda of intercreditor agreements to secure Cantor’s interest as collateral trustee, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties, and title review.The real estate component included terminating existing mortgages encumbering the properties, preparing new mortgages to secure Cantor’s interest, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties and title review. Herrick previously represented Cantor Fitzgerald as the administrative agent and the collateral agent under Blackhawk’s (i) pre-petition $660 million first lien term loan facility and (ii) $150 million DIP term loan facility in connection with the pre-packaged restructuring of approximately $1.1 billion of debt, which involved assigning the previous administrative agent’s interest in all of Blackhawk’s properties in West Virginia, Kentucky, Indiana, Illinois and Ohio to Cantor Fitzgerald, as administrative agent.
In re RLCH, Inc. (Bankr. E.D.N.Y.)
Serving as counsel to the Debtor that owns a seven-story mixed-use building with 23 residential apartments, a community facility, and parking spaces for automobiles and seeks to resolve certain litigation claims, complete repairs of the real property and the condominium approval process, and reorganize its business affairs under chapter 11 of the Bankruptcy Code.
Chinatown Commercial Building Sale Post-Bankruptcy
Represented an affiliate of a New York City-based family office on the approximately $28.6 million sale of a largely vacant commercial building in the Chinatown neighborhood of Manhattan. The sale was following a bankruptcy court order, in a Chapter 11, single-asset bankruptcy case.
In re C.T.W. Realty Corp. (S.D.N.Y.)
Representing the debtor in multi-million dollar restructuring concerning a commercial building in Manhattan.
In re Ample Hills (Bankr. E.D.N.Y.)
Serving as counsel for 16 Debtors, operating 10 retail ice-cream stores in the New York metropolitan area, in connection with recently-filed chapter 11 cases where company is seeking to sell its business as a going concern to restructure approximately $15 million in debt.
SunEdison, Inc.
Counsel to Reorganized SunEdison, Inc. concerning indemnity claims asserted by the syndication agent and lead arranger for a pre-petition second lien loan facility.
In re Gymboree, et al. (S.D.N.Y)
Representing a defendant in a WARN Act action arising out of the sale of substantially all of Gymboree’s assets.
IRS Realty LLC and ISRS Realty LLC
Representing a bank as mortgage lender in Chapter 11 cases involving commercial real estate in Westchester County.
Weinstein Companies, LLC
Representing a bank in connection with a dispute over royalties payable under a licensing agreement.
Sears – Special Counsel to Creditors Committee
Serving as (i) Special Counsel to the Official Committee of Unsecured Creditors charged with investigating potential estate claims and causes of action relating to a 363 sale of intercompany company notes and certain credit default swap transactions, and (ii) Special Counsel to the Official Committee of Unsecured Creditors in high profile litigation on behalf of debtors’ estates, seeking to recover billions of dollars of claims arising from several prepetition transfers. (In re Sears Holdings Corporation, et al. (S.D.N.Y.)
In re Blackhawk Mining, LLC, et al. (D. Del.)
Representation of Cantor Fitzgerald Securities as (i) successor administrative agent and collateral agent under a $660 million first lien facility, (ii) the administrative agent and collateral agent under a $150 million DIP facility in connection with the chapter 11 case of Blackhawk Mining, and (iii) the administrative agent and collateral agent under an $85 million exit facility.