Advised in an out-of-court restructuring for a tier 1 aviation supplier that included liquidity management, financial analysis of current operations and supplier agreements, identification of strategic alternatives for business expansion. In addition, performed contingency planning in preparation of a U.S. chapter 11 filing and concurrent British administrative filing.
Represented the secured lender group in the renegotiation of a $150 million facility where a Borrower’s business sector was undergoing a fundamental change resulting in a permanent decline in legacy revenues. Assisted in the development and execution of a multi-part strategy whereby the Borrower and a key competitor commenced simultaneous prepackaged Chapter 11 cases and implemented a merger through their respective plans of reorganization. This was a first of its kind transaction.
Advised the Official Committee of Unsecured Creditors for Delta Air Lines, Inc. including liquidity optimization, fleet analysis and related §1110 initiatives, labor analysis related to §1113 and §1114 issues, cost optimization, operational viability of the plan of reorganization and other related activities.
Led a C$600 million cost-reduction program as part of Air Canada’s CCAA proceeding that included case filing preparation and ongoing case management, liquidity management, business planning and transformation and long-term cost optimization to ensure long-term competitive cost structure that included the renegotiation of over 7,000 key executory contracts, in addition to the plan of reorganization. Increased cash flow for the airline by over C$120 million within the first three months of engagement.
Led a $400 million cost-reduction program as part of the U.S. Airways chapter 11 restructuring that included contingency planning, filing preparation, case management, liquidation analysis, crisis management, business planning and transformation, liquidity management, long-term cost optimization and development of a plan of reorganization.
Performed compliance reporting to the U.S. Bankruptcy Court while working with and responding to the Official Committee of Unsecured Creditors, developed the plan of reorganization and provided daily operational and financial management to the Company.
Assessed strategic alternatives including a potential chapter 11 filing and an out-of-court restructuring for this financially challenged organization while working under an extremely tight timeline.