Each year Beard Group selects 12 restructuring lawyers below the age of 40 who are making a significant impact in the industry. The lawyers' names are published in the April edition of Turnarounds & Workouts, and each one is honored during the dinner banquet at the Distressed Investing Conference.

​Below are this year's Outstanding Young Restructuring Lawyers listed with their firms and accomplishments.

Benjamin S. Arfa
Wachtell, Lipton, Rosen & Katz 

outstanding achievements

Advised XPO in its $870M purchase of 28 truck service centers from Yellow Corporation, guiding the buyer through an incredibly competitive remote, blind auction process that featured novel bidding dynamics; Centerbridge Partners and King Street Capital Management in connection with financing $328M “drop down” liability management transactions of U.S. Renal Care, a Bain portfolio company, which deals featured novel risk mitigation tactics that enabled Centerbridge and King Street, not previously in the capital structure, to safely provide capital to a distressed company; King Street in connection with financing “pari plus” liability management transactions of Team Health Holdings, Inc., a Blackstone portfolio company, purchasing (together with other investors) $750M of senior secured first lien notes that interest via a mix of PIK and cash interest, to help Team Health address near term maturities, while guiding client in designing intricate, idiosyncratic intercompany arrangements designed to protect the notes in the event of a subsequent Team Health bankruptcy. Rayonier Advanced Materials in connection with $250M “double dip plus” financing from Oaktree Capital Management, L.P. Strategic Materials in its prepackaged Chapter 11 “toggle” plan pursuant to which the company conducted a robust marketing process before ultimately restructuring $400M of secured debt through a plan that provided the equity of the reorganized company to the prepetition lenders.

Kate Doorley
Akin Gump Strauss Hauer & Feld LLP

OUTSTANDING ACHIEVEMENTS

Represented ad hoc group of existing first lien term loan lenders in the completion of a major recapitalization of Yak Access, led by its principal equity holder, Platinum Equity. Leading the representation of the Tort Claimants’ Committee in the Chapter 11 cases of Rite Aid Corporation, including in investigating prepetition transactions and insurance considerations, as well as intervening in the chapter 11 cases to create a route to value for the benefit of tort claimants (who, along with other unsecured creditors, were slated to receive zero recovery under Rite Aid’s current plan of reorganization). Special counsel to the Opioid Claimants’ Committee in the Chapter 11 cases of pharmaceutical company Endo, among others, reaching a settlement with the debtors and first lien secured lenders regarding the Committee’s objections to various case matters, resulting in greater recovery for private opioid claimants than had initially been proposed. Represented Unsecured Creditors Committee in the Chapter 11 case of HONX, Inc., ​reaching a deal with the debtor, its parent Hess Corporation and FCR that paved the way for confirmation of the debtor’s chapter 11 plan. Represented ad hoc group of first-lien creditors in the Chapter 11 cases of Talen Energy, reaching an agreement that led the Ad Hoc Group to receive payment in full in cash on account of their claims on the effective date of the plan of reorganization. Representing Prepetition Secured Lenders (who also served as DIP Lenders and Stalking Horse Purchaser) in the Chapter 11 cases of VH Legacy/Liquidation, LLC, f/k/a Vesta Holdings, L.L.C.

Jeremy D. Evans
Paul Hastings LLP

OUTSTANDING ACHIEVEMENTS

Represented ad hoc group of first lien lenders in connection with Avison Young’s out-of-court restructuring, which de-leveraging transaction gave lenders a combination of debt, preferred equity, and 30% of Company common stock — negotiating strong minority protections for the lenders to ensure they were adequately protected — leaving 70% of the common stock with the Company’s brokers and management. Represented ad hoc group of lenders holding all termed- out revolving loans and significant majority of first lien term loans of Checkers Holdings, operator and franchisor of around 800 drive-thru hamburger quick-service Checkers® and Rally’s® restaurants, in negotiations that led to fully consensual out-of-court balance sheet restructuring that lowered Checkers’ debt burden from $300M to $75M, strengthened its financial position, and where the lenders provided additional $25M capital for long-term growth initiatives. Assisted the committee of independent directors of the board of GWG DLP Funding IV, LLC, a bankruptcy remote vehicle formed by GWG Holdings. Represented ad hoc group of lenders in Illumifin’s efforts to address liquidity issues, wherein the lenders ultimately decided to defer a portion of their cash interest through “payments in kind” in exchange for significant protections for the lenders. Advised administrative agent on behalf of the lenders in restructuring a troubled infrastructure deal for Midwest Fiber​.

Raff Ferraioli
Morrison Foerster LLP

OUTSTANDING ACHIEVEMENTS

Counsel to Unsecured Creditors’ Committee of Wesco Aircraft Holdings, Inc., among others, assisting the Committee in seeking standing to pursue various claims and, ultimately, reaching a plan settlement that will generate significant value for general unsecured creditors. Representing Unsecured Creditors’ Committee of Peer Street, Inc., currently negotiating potential exit strategies and working with the debtors and their major stakeholders on building consensus. Counsel to Unsecured Creditors’ Committee of Clovis Oncology, Inc., among others, investigated and filed a standing motion asserting claims against prepetition secured lender, including claims to recharacterize up to $347M of purportedly secured debt or, alternatively, to disallow up to $175M in unaccrued interest, which claims were ultimately resolved in a settlement memorialized in the Debtors’ Chapter 11 plan. Lead counsel to receiver of Columbia Pulp I, LLC, which entered receivership upon an action of the trustee for the holders of the Company’s senior secured bonds to pursue a restructuring of ~$240M in secured debt.​

Brandon Hammer
Cleary Gottlieb Steen & Hamilton LLP​

OUTSTANDING ACHIEVEMENTS

Assisted Genesis Global Holdco, LLC in, among others, contested settlement agreement with FTX and Alameda, reducing FTX/Alameda’s claims from $3.9B to $175M, and Three Arrows Capital, reducing a $1+B claim to $33M; obtaining repayment of $600+M in loans due from DCG; and winning a variety of disputes against Gemini. At the onset of “crypto winter,” engaged by BitGo Trust in negotiation of a custody arrangement with FTX; Coinbase in its role as distribution agent in Celsius’ bankruptcy; Coinbase in structuring and developing novel transactional structures to mitigate and limit risk in transactions with distressed counterparties; and a wide variety of creditors in submitting proofs of claim and negotiating with various debtors. Represented Miami International Holdings Inc. in its acquisition of LedgerX from Ledger Holdings Inc. in connection with FTX’s Chapter 11. During the Spring 2023 banking crisis, helped over a dozen financial institution clients, including in Silicon Valley Bank’s and Signature Bank’s receivership proceedings; preparation of documentation, including termination notices, to handle a variety of different scenarios; correspondence and engagement with the FDIC; structuring novel repo and forward transactions with Silvergate Bank, First Republic Bank, and other regional banks; advice on regulatory, including Title VII, issues associated with transfer of positions to new institutions; guidance on treatment of custodied assets held at these firms; negotiation of collateralization and credit support arrangements; and guidance on credit, market, and other risks associated with transacting with large financial institutions. Counseled Credit Suisse as well as its counterparties on a wide variety of complex matters related to its 2023 distress and merger with UBS.

Evan A. Hill
Skadden, Arps, Slate, Meagher & Flom LLP

OUTSTANDING ACHIEVEMENTS

Guided Endo International plc in the restructuring of approx. $8B of debt and significant contingent liabilities, including in complex mediation process that resulted in deals with multiple major creditor groups, including two official creditors’ committees, several ad hoc groups of debtholders, and the U.S. Department of Justice that facilitated the development of a Chapter 11 exit plan. Advised major financial institution in connection with its investment in bedding manufacturer Serta Simmons, analyzing client’s options with respect to the Chapter 11 case and, more specifically, with respect to loan trades. Assisted private equity client JLL Partners in its acquisition of defense technology company Orion Technologies LLC through Chapter 11. Core member of team advising the Special Committee of the Board of Managers of Alpha Latam Management, LLC.

Flora F. W. Innes
Latham & Watkins LLP

OUTSTANDING ACHIEVEMENTS

Represented Hong Kong Airlines on $6.2B debt restructuring; Huachen Energy on its $500M offshore bond restructuring; ad hoc committee of offshore bondholders with respect to China Fortune Land Development’s restructuring of $5B in 11 series of USD guaranteed bonds; ad hoc group of bondholders on the restructuring of the $248M senior notes issued by MIE Holdings; steering committee of bondholders in the restructuring of 8.25% senior notes issued by Hidili Industry International Development; ad hoc committee of offshore bondholders in connection with the $2B+ holistic debt restructuring of USD bonds, bank debts and other pri-vate debts of Powerlong Real Estate Holdings; ad hoc committee of offshore bondholders with respect to Zhenro Properties Group’s restructuring of ~$3.2B in 15 series of USD guaranteed bonds; ad hoc committee of offshore bondholders with respect to Zhongliang Holdings Group’s restructuring of ~$929M in 5 series of USD guaranteed bonds; bank syndicate in connection with Redco Properties Group’s potential debt restructuring; ad hoc group of offshore bondholders in connection with $2B+ holistic debt restructuring of USD Bonds and other offshore debts of Central China Real Estate Group; bondholders of Dexin China Holdings on potential enforcement actions against the issuer; liquidators of Tsinghua Unigroup International and Unigroup International Holdings on their application for recognition/assistance in Hong Kong and other recovery actions; and ad hoc group of private placement notes/private lenders in connection with the holistic debt restructuring of Logan Group Company.

Christian P. Jensen
Sullivan & Cromwell LLP​

OUTSTANDING ACHIEVEMENTS

Co-leads team that is acting as bankruptcy counsel for SVB Financial Group, the former parent of Silicon Valley Bank, helping the debtor reach a deal with key groups of creditors documented in a restructuring support agreement that has resulted in the filing of a plan and disclosure statement with bespoke emergence structure that will place certain assets, including the debtor’s claims against the ​FDIC, into a liquidating trust for the benefit of creditors, and forming a reorganized “NewCo” entity that will emerge with the debtor’s operating businesses and tax attributes. Has active role on S&C team that is lead counsel to FTX Trading Limited in their Chapter 11 cases, assisting the debtors on numerous transactions, investigations and litigations, helping to recover $7.4B of assets for the estate, and formulating a reorganization plan that would pay customers in cash instead of crypto-assets, providing the full value of their assets based on the November 2022 trading price. Advised The Office of the Commissioner of Major League Baseball on issues related to Diamond Sports Group over several years and was part of the team that helped deliver a decisive trial victory that compelled the debtor’s regional sports networks to pay the full fees due under telecast rights agreements with four MLB teams. Advised Pacific Investment Management Co in connection with the financing restructuring transactions of Envision Healthcare. Representing managed funds of Fortinbras Enterprises LP and Silver Rock Financial LP, in litigation in connection with senior secured notes purchased from Lighthouse Management LLC, a managing general agent.

Lauren A. Reichardt
Cooley LLP

OUTSTANDING ACHIEVEMENTS

Represented Quanergy Systems in Chapter 11, guiding the debtor in its successful 363 asset sale, taking the lead in months-long negotiations with the unsecured creditors committee to resolve all outstanding issues, and ultimately winning court approval for the debtor’s bankruptcy plan. Advised Enjoy Technology in Chapter 11, assisting the debtor in the 363 asset sale to Asurion, the stalking horse bidder and DIP lender, for $110M and securing confirmation of a Chapter 11 plan of liquidation that provided for significant recoveries to general unsecured creditors. Guided Unsecured Creditors Committee in the restructuring proceedings of Mallinckrodt, whose confirmed plan provided for non-opioid unsecured creditors to receive significant monetary consideration through a trust established for their benefit, the result of hard-fought settlement negotiated by the committee avoiding years of value-destructive litigation over complex legal issues. Assisted Mesothelioma Claimants Committee in the bankruptcy proceedings of LTL Management, a Johnson & Johnson subsidiary, helping the committee execute a strategy to dismiss the bankruptcy cases, which dismissal was upheld by the Third Circuit Court of Appeals. Led her firm’s cross-disciplinary, cross-border team advising Evox Therapeutics in the purchase of certain assets of Codiak Biosciences in a 363 sale, also securing for the client exclusive access to certain engineering and manufacturing rights associated with the purchased assets. Represented digital health company Thirty Madison in its strategic acquisition of certain assets of The Pill Club pursuant to a 363 sale.​

David Schiff
Davis Polk & Wardwell LLP

OUTSTANDING ACHIEVEMENTS

Representing ad hoc creditor group, which holds nearly $1.5B of prepetition funded debt, in Enviva Biomass’ Chapter 11 cases. Advising ad hoc noteholder group in Oi S.A.’s multi-billion judicial reorganization in Brazil and corresponding Chapter 15 cases in the SDNY Bankruptcy Court. Representing ad hoc noteholder group in the bankruptcy of SVB Financial Group, the holding company for Silicon Valley Bank. Led his firm’s multi-year representation of ad hoc creditor group in Samarco Mineracão S.A., which successfully completed a $4.8B debt restructuring in December 2023 after years of highly contentious proceedings. Negotiated and then successfully argued for interim approval of $257.5M DIP financing for Instant Brands. Guided ad hoc lender group in prepackaged Chapter 11 restructuring of home security company, Monitronics International, heavily involved in negotiating and structuring transactions that resulted in ~$500M of total deleveraging and that obtained a high degree of consensus from lenders and other Monitronics stakeholders. Assisted Talen Energy Services’ lead bank lender in negotiating and implementing comprehensive credit agreement amendment that resulted in significant reduction of debt exposure held by the client and other Talen lenders; negotiating, structuring, documenting and successfully defending a $1.76B market- syndicated DIP financing; and playing key role in Talen’s successful Chapter 11 restructuring, which resulted in repayment in full of secured loan claims. Advised ad hoc group of first lien term lenders of Pretium Packaging on comprehensive credit agreement amendment and new financing transaction.

Luke Sizemore
Reed Smith

OUTSTANDING ACHIEVEMENTS

Advised Nova Wildcat Shur-line Holdings Inc. d/b/a H2 Brands in Chapter 11 bankruptcy and related 363 sale of assets to a joint-venture between Gordon Brothers Commercial & Industrial and Nations Capital. Assisted ON Marine Services Company LLC in obtaining confirmation of a chapter 11 plan that was fully consensual among all parties with an economic interest, and provides for establishment of a liquidating trust for the benefit of holders of asbestos claims and for funding of the trust through cash payments of roughly $28M to be made by certain settling insurance companies and debtor’s corporate parent. Representing Cyprus Mines Cor-poration in its Chapter 11 case, which has been pending since February 2021 and involves the proposed creation of a joint talc personal injury trust into which thousands of talc-related claims against Cyprus Mines and unrelated chapter 11 debtor Imerys Talc America, Inc. would be channeled. Represented ​JPMorgan Chase Bank as depository institution in connection with the Chapter 11 bankruptcy case of Vantage Travel, successfully objecting to millions of dollars in potential liabilities from the debtor’s pre-paid customers, stopping the proposed sale of the Bank’s collateral so the Bank was able to recover all amounts previously returned to the customers in the form of ACH chargebacks. Joined colleagues in filing an amicus brief on behalf of industry group United Policyholders that addresses the important issue of insurance companies’ standing to object to Chapter 11 reorganization plans.

Aparna Yenamandra
Kirkland & Ellis, LLP

OUTSTANDING ACHIEVEMENTS

Assisted Learfield Communications, LLC and its affiliates, a media and technology company in the college sports market, in nearly $1B out-of-court restructuring with unanimous support from existing lenders and equity sponsors. Represented Avaya Holdings Corp., which confirmed a prepackaged Chapter 11 plan that reduced total debt by more than 75%, from about $3.4B to $810M, substantially increased the Company’s liquidity position to $650M, decreased its net leverage to less than 1x, and provided substantial financial flexibility to accelerate Avaya’s investment in its innovative cloud-based communications portfolio, and emerged from bankruptcy protection as a privately held company. Representing Rite Aid Corporation, which entered Chapter 11 with access to roughly $3.45B in committed post-petition DIP financing provided by its existing bank lenders and an agreement in principle with a majority of its secured bondholders on the terms of a comprehensive restructuring to delever $4B debt load and right-size its operational footprint.