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High Yield Debt and
Debt Restructuring
Our High Yield Debt and Debt
Restructuring Group is an interdisciplinary
practice that addresses the needs of an active
segment of our clients. This group brings
together lawyers from various departments, as
well as corporate attorneys with extensive
experience in high yield securities, distressed
credits, and creditors' rights. We serve
institutional investors, issuers, and
underwriters in transactions spanning the full
range of this dynamic market. Our goal is to
provide clients with specialized, expert, and
efficient advice on all aspects of debt
financing, particularly in highly leveraged
transactions, in an integrated, team-oriented
manner.
Our group covers a wide range of
transactions. We are active in the
representation of issuers and underwriters in
private placements and public offerings of
senior and subordinated debt, preferred stock,
common stock, SARs, warrants, and convertible
and exchangeable securities with a variety of
pricing mechanisms. In our representation of
institutional investors, we particularly are
active in the acquisition of distressed debt and
in private placements of below-investment-grade
debt. We also frequently represent bondholders
and other creditor groups in out-of-court
restructurings and bankruptcies. In addition, we
have significant experience in the
non-traditional transactions in which our
institutional clients increasingly are involved,
such as the acquisition and disposition of
distressed real estate mortgage debt and equity
investments; participation in pools of high
yield and other securities (both debt and
equity); investments in significant equity
positions in companies undergoing restructuring;
and investments in securities in direct private
placements.
Our representation of creditors'
committees and other holders of high yield debt
and issuers undergoing financial restructuring
requires an integrated understanding of the
markets for high yield securities generally, as
well as special expertise in the creditors'
rights/insolvency area, and the experience that
comes from managing complex corporate
transactions. Having served as counsel to
leading underwriters and purchasers of billions
of dollars of high yield debt securities in the
1980s and early 1990s, and having developed one
of the foremost creditors' rights practices, we
are uniquely qualified to address and resolve
issues arising out of highly leveraged
situations. Several of our attorneys are
nationally recognized for their skills in
dealing with all aspects of bankruptcy
proceedings and non-bankruptcy workouts. Our
High Yield Debt and Debt Restructuring Group
combines the creditors' rights expertise
commonly associated with "boutique firms" along
with the result-oriented, transactional
experience commonly associated with large
firms.
Members of the High Yield Debt and Debt
Restructuring Group also have played major
roles in insolvency and restructuring
cases of national and regional significance,
including representation of issuers of
high yield securities involved in registered,
private, and Section 3(a)(9) exchange
offers, tender offers, and consent solicitations;
secured and unsecured creditors and bondholders
in a number of bankruptcy and out-of-court
restructurings, including pre-packaged
plans; indenture trustees for holders
of troubled debt; borrowers and principal
parties in interest; and other participants
in restructuring transactions.
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