2022 AWARDS TO BE ANNOUNCED - STAY TUNED!

View the 2021 award winners info below.

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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.

2021 Turnarounds & Workouts Outstanding Young Restructuring Lawyers

Candace M. Arthur
Weil, Gotshal & Manges LLP

outstanding achievements

Core partner on team that led J.Crew Group’s prearranged Chapter 11 restructuring, the first major retail bankruptcy of the pandemic, successfully delevering the Company through consensual equitization of nearly $1.7B of secured indebtedness, over $75M being made available to unsecured creditors, and secured $400M of committed exit financing. Advised AMC  Entertainment Holdings in a series of capital raising and restructuring efforts to increase liquidity and delever its balance sheet, including a complex restructuring of roughly $2.6B of senior subordinated notes and certain convertible notes in an out-of-court exchange transaction. Helped lead the New York restructuring team on new financing for Odeon Group, securing  a £400M term loan facility agreement. Counsel to lenders in Garrett Motion’s Chapter 11 restructuring. Represented specialty pharmaceutical company Insys Therapeutics in its high-profile  Chapter 11 case arising from the opioid crisis, and maximized value for creditors through assets sales while securing automatic stay to government investigations that fast-tracked plan confirmation and distributions.​

Andrew M. Carty
Brown Rudnick LLP

OUTSTANDING ACHIEVEMENTS

Represented the Unsecured Creditors Committee in Libbey Glass’ Chapter 11 case, which culminated in a consensual plan that provided for a restructured Libbey, assumption of pension obligations, consensual modifications to collective bargaining  agreements, and material distribution to trade creditors; Briggs & Stratton’s Unsecured Creditors’ Committee, whose opposition to the DIP financing package and proposed sale to KPS led to a  consensual settlement that paved the way for a liquidation plan and resulted in a significant distribution to unsecured creditors;  EdgeMarc Energy’s Unsecured Creditors’ Committee, which successfully challenged a planned sale that would have yielded little or no value for unsecured creditors, forcing mediation that resulted in a consensual liquidation plan; Unsecured Creditors’ Committee in Alta Mesa Resources, whose case was marred by extended inter-company litigation, the appointment of two mediators and a hotly contested sales process; and Unsecured Creditors’ Committee in Chesapeake Energy ($10B debt). Served as counsel to examiner for Cred Inc., a global cryptocurrency financial services platform; Remington Outdoors’ prepetition  secured lenders; Performance Sports Group liquidation trust; UK administrators of AirFast Tickets; and Tort Claims Trust in Exide Technologies.

Christopher Guhin
Stroock & Stroock & Lavan LLP

OUTSTANDING ACHIEVEMENTS

Represented the ad hoc crossover group of lenders in Ultra Petroleum’s Chapter 11 case; prepetition lender, DIP lender and co-owner of the stalking horse bidder of Murray Metallurgical Coal Holdings, the metallurgical coal subsidiary of Murray Energy; group of holders of secured notes due 2022 issued by Vericast ($3.2B total debt); DIP lender to Bouchard Transportation Co., an ocean-going petroleum barge company ($190+ M in prepetition secured claims and $60+M in unsecured prepetition claims); mezzanine lender to CPV St. Charles, a power company ($500M total debt); group of the largest holders of $360M in first lien term loans of Vyaire, a medical equipment  company ($500M total secured debt); group of holders of $330M in senior secured loans of United Road Services ($400M total secured debt); holders of $110M of secured term loans to Convene, an event space operator ($130M total secured debt); and second out term lenders to Vantage Mobility International ($100M total debt).

Matthew B. Harvey
Morris, Nichols, Arsht, & Tunnell LLP

OUTSTANDING ACHIEVEMENTS

Led representation of Impresa Aerospace, a tier 1 supplier to Boeing and other commercial and defense aviation companies, in restructuring; Co-counsel representing workspace solutions company Knotel, Inc., in its cross-border Chapter 11 cases pursuing a going concern sale of its assets; Foreign representative in the cross-border restructuring of The Aldo Group Inc., a multi-national retailer with 3,000 locations worldwide; MidCap Financial in twice defeating priming DIP loans in ZPower’s Chapter 11, leading to the buyout of MidCap’s position and the release of a pending lender-liability suit; Chapter 11 trustee of Tough Mudder, including through an emergency Section 363 sale; Co-counsel to discount retailer, Fred’s Inc.; prepetition lenders, DIP lenders, and potential acquirers of GNC Holdings Inc.; and prepetition lender and acquirer in restructuring of Borden Dairy, one of the largest US dairy producers.

George Klidonas
Latham & Watkins LLP

OUTSTANDING ACHIEVEMENTS

Represented Mallinckrodt plc in the Chapter 11 restructuring of $5.3+B of funded debt, as well as opioid-related liabilities; senior creditors committee in relation to the rescue financing and  subsequent €2.4B debt and equity restructuring of Swissport, a Switzerland-based global aviation services company; Superior Energy Services in its Chapter 11 case to restructure $1.3+ B of funded debt; and Lonestar Resources US Inc.’s restructuring of $535+ M of funded debt. Before joining Latham in July 2020, represented APC Automotive Technologies Intermediate Holdings in its bid to reorganize $430+M of funded debt; and Energy Capital Partners, the private equity/creditor investment fund, in connection with a term loan facility and DIP facility in the Chapter 11 cases of Furie Operating Alaska, Cornucopia Oil & Gas Company, and Corsair Oil & Gas; and worked on secondment in Kohlberg Kravis Roberts’ Special Situations Group, advising the investment team on existing portfolio investments as well as new investments and supported the KKR team with distressed investments/transactions and new investment opportunities.

Alexa Kranzley
Sullivan & Cromwell LLP

OUTSTANDING ACHIEVEMENTS

Advised California Resources Corporation in its $5B restructuring, helping obtain DIP financing to pay expenses and providing supplemental liquidity, secure $1.4B of exit financing, and get through a multitude of litigation in Chapter 11. Served as lead debtor’s counsel for LSC Communications, assisting in the asset sale to an affiliate of Atlas Holdings and  in obtaining confirmation of an exit plan that was supported by  key stakeholders and overwhelmingly accepted by creditors entitled to vote. Representing Garrett Motion Inc. in pending bankruptcy, assisting GMI in reaching a plan sponsorship deal with a consortium of stockholders led by Centerbridge Partners and funds managed by Oaktree Capital that would reorganize the Company through a series of transactions that includes a settlement with former parent Honeywell Inc., reduces funded debt by about $800M, raises an additional $1.25B through a rights offering, and pays all creditors other than Honeywell in full in cash. Represented White Star Petroleum, which exited Chapter 11 in April 2020.

Naomi Moss
Akin Gump Strauss Hauer & Feld LLP

OUTSTANDING ACHIEVEMENTS

Played leading roles in a series of complex Chapter 11 cases, totaling  $21+ B, and other significant matters for key clients  including: Unsecured Creditors’ Committee in the $2.3B free- fall Chapter 11 cases of Diamond Offshore Drilling, resulting in a plan that’ll pay general unsecured creditors in full in cash (plus postpetition interest); Ad Hoc Group of Unsecured Noteholders in Frontier Communications’ $17B Chapter 11 cases; Sanchez Energy in restructuring $2.3B in total funded debt plus significant onerous contractual liabilities, avoiding a liquidation  by negotiating and confirming a plan on an accelerated timeline  that preserved a lien challenge litigation for the post-effective date period and enabled Sanchez to emerge as a going concern with a completely delevered balance sheet (no funded debt) and operating cash on hand; GTT in connection with issues related to a potential restructuring, advising the Company in talks with funded bondholders regarding forbearances with respect to certain financial reporting requirements under the applicable debt  documents and a $275M new money investment.

Michael Price
Milbank LLP

OUTSTANDING ACHIEVEMENTS

Represented the largest creditor constituency and fulcrum securityholders in the $17.5B restructuring of Frontier Communications, the largest pre-arranged restructuring of 2020 (and second-largest Chapter 11 filing of the year); Guitar Center  in its 27-day Chapter 11 cases; Gemstone Solutions Group (f/k/a Gymboree Group), which emerged from Chapter 11 in June using an innovative “opt-out” treatment for administrative claims — one of only a handful of examples of this technique being employed successfully — and an ad hoc group of 20+ institutions that anchored a $200M new money investment and out-of-court exchange of over $2B of subordinated bonds issued by AMC Entertainment, as the world’s largest movie theater chain navigated unprecedented challenges due to the pandemic.

Cristine Pirro Schwarzman
Ropes & Gray, LLP

OUTSTANDING ACHIEVEMENTS

Filed four borrower or sponsor-side Chapter 11 cases (VIP Cinema Seating, Centric Brands Inc., Rubio’s Restaurants Inc., and Alamo Drafthouse) and consummated four out-of-court restructurings (Toms Shoes and three confidential matters). Guided Centric Brands in its successful reorganization of over $1.7B in funded debt; and Rubio’s Restaurants in its prepackaged Chapter 11 that cut $82.3M in funded debt by about $35M. Took on a major leadership role in TOMs Shoes, which faced the prospect of being unable to pay back a $300M loan due in 2020, negotiating a complex restructuring package with a creditor group led by Jefferies Financial Group and Brookfield Asset Management. On behalf of VIP Cinema, coordinated the conversion of $164M of first lien claims to equity and secured exit facility along with the discharge of about $45M of second lien claims. Advised boards and senior managements of distressed companies on the many acute and often uncommon fiduciary and corporate governance issues to emerge as a result of the COVID-19 pandemic.

Steven Serajeddini
Kirkland & Ellis LLP

OUTSTANDING ACHIEVEMENTS

Represented Belk, Inc. ($2B funded debt) in the fastest-ever in-court restructuring transaction. Belk emerged from Chapter 11 just 21 hours after filing, with $225M of new capital and debt load cut by $450M. Advised Ascena Retail Group ($1.6B funded debt), which completed two highly successful sales of its Catherines and Lane Bryant businesses, and a comprehensive going concern sale of its core Premium and Lane Bryant businesses before confirming its Chapter 11 plan.  Led Gulfport  Energy, which reached a restructuring support agreement that proposes eliminating $1.25B in funded debt obligations, provides for a $262.5M DIP facility and $580M in committed exit financing, and contemplates a backstopped rights offering for at  least $50M of preferred equity; Bruin E&P Partners, which cut over $840M of its $1.1B in funded debt; Le Tote Inc. and Lord & Taylor LLC, which were brought down by the COVID-19 pandemic; Sheridan Holding Company I LLC in the first one- day Chapter 11 case in Texas history and whose prepackaged equitization restructuring cut $470M of funded debt and left general unsecured creditors unimpaired. Assisted ECR Corporate Holdings L.P. in California Resources Corporation’s Chapter 11 cases; and an ad hoc group of noteholders and DIP lenders of Quorum Health. Representing Intelsat S.A. ($14.7B funded debt) in Chapter 11.

Natasha Tsiouris
Davis Polk

OUTSTANDING ACHIEVEMENTS

Represented an ad hoc group of term lenders in connection with an emergency novel super-priority $1.7B credit facility for McDermott International, which allowed the Company to make an orderly entrance into Chapter 11, then advised the lenders as new DIP term lenders in connection with a $2.81B DIP facility. Assisted an ad hoc group of existing shareholders and lenders on their participation in a new capital raise, consisting of an innovative $390M cash secured LC facility linked to an escrow account and a $170M common equity raise, for reorganized McDermott, which was facing increased business headwinds from the COVID-19 pandemic. Advised the indenture trustee on behalf of a group of majority noteholders of the $750M notes due 2020 on a DIP rescue financing facility for Schahin II Finance  Company (SPV), implemented through a Cayman scheme of arrangement. Advising the fulcrum class of secured lenders in connection with the Chapter 11 restructuring of Fieldwood Energy. Assisted an ad hoc group of unsecured bondholders in connection with Pioneer Energy Services’ prepackaged bankruptcy.

Carl Tullson
Skadden, Arps, Slate, Meagher & Flom LLP

OUTSTANDING ACHIEVEMENTS

Counsel to Black Diamond Capital Management in connection with the purchase of Empire Generating and confirmation of a  “no impairment” exit plan over the objection of certain minority lenders, including in appeals of both the sale and confirmation  orders; and as lender to and potential purchaser of SpeedCast International, wherein, following a hotly contested plan process, the court halted the confirmation hearing and reopened the  auction to provide Black Diamond with an opportunity to bid, ultimately resulting in a favorable settlement. Assisted APTIM Corporation in connection with a contested credit bid acquisition of Juniper Specialty Products and obtaining conversion of the case to Chapter 7; Norwest Equity Partners in its acquisition of the Clover Imaging business unit from 4L Holdings Group through a distressed M&A transaction structure whereby the sale closed immediately prior to 4L’s prepackaged bankruptcy; and Patriarch Partners in connection with multiple matters, including Dura Automotive, obtaining full repayment of Patriarch’s prepetition ABL and DIP loan, and a first-of-its-kind dismissal  of actions brought by the creditors’ committee against the CEO, Patriarch Partners and certain affiliated funds.