Bondholder / Trustee Representation
- Representing the New York State Housing Finance Agency as bond counsel for the development of 325 Kent Avenue Housing Revenue Bonds, including $41.2 million in 2015 and an estimated additional $44.4 million in 2018.
- Representation of the indenture trustee and bondholders of the Iowa subsidiary of Dutch nitrogen fertilizer company OCI NV in connection with debt restructuring of the $1.2 billion high yield bond issue.
- Representation of ad hoc committee of second lien bondholders in Chapter 11 of Caesars Entertainment Corp. et al in the United States Bankruptcy Court for the District of Illinois.
- Representation of indenture trustee in Northampton Generating Company, L.P., waste-coal fueled co-generation facility, Chapter 11 in the United States Bankruptcy Court for the Middle District of North Carolina
- Representation of indenture trustee of approximately $50 million of municipal bonds issued for the benefit of E3 BioFuels, LLC in Kansas Chapter 11 proceedings in the United States Bankruptcy Court for District of Kansas.
- Served as counsel to the bondholder representative in the workout of bond debt owed by one of the most prominent congregate care retirement developments in North Dakota.
- Representation of the indenture trustee in an out-of-court workout of approximately $140 million of municipal bonds issued for Rideout Memorial Hospital, a California-based health system.
- Representation of indenture trustee in Chapter 11 bankruptcy of Texas nursing home. Issues included restructure of bond debt, cash collateral and DIP lending; the indenture trustee for $90 million of bonds in the bankruptcy of a Texas-based senior housing company.
- Representation of UMB Bank, National Association as indenture trustee in Texas Pellets, Inc., Louisiana Pellets, Inc., German Pellets Inc., LLC, and German Pellets Louisiana, LLC insolvencies and related bankruptcies.
- Representation of the indenture trustee and bondholders in consummating the settlement of a multi-year workout of bonds issued to develop the only privately-operated commercial airport in the United States. The settlement converted roughly $114 million of defaulted revenue bonds to $32.5 million of new revenue bonds and a 65 percent ownership stake in the recapitalized airport operating company. The transaction also provided for $3 million of working capital through an additional series of bonds issued in connection with the closing. In connection with these matters, the airport has announced the return of commercial air service by Frontier Airlines after a 3 year hiatus and the planned launch of year round service to three major airports by a second carrier.
- Representation of the indenture trustee and bondholders in the defaulted senior notes issued by the River Rock Entertainment Authority, a California-based Indian gaming casino.
- Represented indenture trustee in the liquidation of a Missouri special assessment bond. This matter requires some innovative techniques to achieve the termination of a special assessment lien with a supermajority of bondholders.
- Representing the indenture trustee with respect to five separate continuing care retirement communities (CCRC) located across the United States with total debt in excess of $500 million. In connection with our representation of the trustee as senior secured creditor, we are addressing a numbers of different issues relating to each CCRC including addressing certain events of default.
- Representation of institutional holders of tobacco bonds with respect to securitization of settlement payments made pursuant to tobacco Master Settlement Agreement.
- Represented the indenture trustee in connection with an approximate $111 million dollar bond issue relating to a continuing care retirement community (CCRC) in Stillwater, Oklahoma. The borrower defaulted on its obligations owed under the bonds and we are representing the trustee as senior secured creditor in connection with an ongoing state court receivership proceedings. This includes negotiations for the funding, sale issues, and litigations with various 3rd parties relating to lien priority dispute.
- Represented indenture trustees, bond insurers and bondholders in the default and workout of numerous charter schools located throughout the country.
- Represented the indenture trustees in the restructuring of bonds or sale of assets for special assessment districts located throughout the country.
- Represented the bondholders of $50 million of bonds secured by an integrated solid waste disposal system in the process of recapitalization and asset sales.
- Represented the indenture trustee in the workout of $30 million of bonds secured by a Florida senior living facility, including the infusion of $10 million of new capital.
- Representation of the indenture trustee for convertible note holders in Energy XXI Ltd. bankruptcy case in the United States Bankruptcy court of the Southern District of Texas.
Case Study
Mintz represented Wilmington Savings Fund Society, FSB, the indenture trustee for holders of $367 million in notes, in oil and gas developer Energy XXI, Inc.’s contentious Texas bankruptcy. The noteholders ultimately received a cash payout of more than double the original offer amount.
Case Study
Mintz advised the bond trustees of wood pellet supplier German Pellets and its US subsidiaries in a $515 million cross-border bankruptcy. The ongoing matter has included Louisiana and Texas bankruptcy proceedings and related litigation and insolvency matters in Germany.