Extraordinary Projects

Extraordinary Projects

• Represented a public building products company in a balance sheet restructuring consisting of entering into an agreement with the company’s bond holders to exchange their debt for equity, and resulting in the filing of voluntary petitions in the United States Bankruptcy Court seeking relief under the provisions of Chapter 11 of Title 11 of the United States Code. Restructuring reduced the company’s debt by approximately $272 million, required only 124 days of Chapter 11 protection, and included:
  • establishing an interim $75 million asset-based revolving credit facility;
  • achieving two amendments and waivers to the company’s credit facility;
  • establishing an $80 million revolving debtor-in-possession credit facility, consisting of a $45 million term loan facility and a $35 million asset-based revolving credit facility;
  • the issuance of approximately 11.9 million shares of common stock, and the filing of the registration statements on Form 8-A12G and Form 8-A12B;
  • the issuance of $55 million aggregate principal amount of convertible notes, and the filing of the registration statement on Form S-1 covering the resale of shares of common stock issuable upon conversion of the convertible notes;
  • the issuance of two tranches of warrants to acquire 15 percent of the equity of the company, including the filing of the registration statement on Form 8-A12G;
  • and relisting on The NASDAQ Stock Market LLC.

• Represented a public building products company in successfully negotiating a settlement in four consolidated wage and hour class actions involving more than 500 drivers in California for substantially less than the amount accrued.