Tyson Lomazow

Milbank has successfully guided OneWeb Global Limited (“OneWeb” or “the Debtors”), a company developing the first world-wide high-speed internet connectivity network through a low-earth orbiting satellite constellation, to confirmation of its plan of reorganization in its chapter 11 cases. OneWeb obtained confirmation of its chapter 11 plan on October 2, 2020, paving the way for closing the sale of the business as a going concern to a consortium group, referred to as BidCo 100 Limited (“BidCo”) and led by the UK government and Indian mobile phone operator Bharti Global Ltd. OneWeb, listing approximately $3.3 billion in assets and $2.1 billion in liabilities, filed for chapter 11 protection on March 27, 2020 in the US Bankruptcy Court for the Southern District of New York (“Bankruptcy Court”) after its attempts to raise new capital were interrupted by the Covid-19 pandemic. To maintain existing operations, Milbank, on behalf of the Debtors, negotiated and obtained the use of cash collateral and debtor-in-possession financing and helped stabilize OneWeb’s operations through, among other things, the negotiation of amendments to several key vendor and supplier agreements. Milbank also coordinated a competitive marketing process for the sale of the Debtors’ business, which resulted in the successful bid submitted by BidCo. With over $1 billion in value, the successful bid by BidCo, once consummated, will allow OneWeb to emerge from chapter 11 and continue its business plan toward completing the world’s first global satellite communications network capable of connecting everyone everywhere. Milbank also led efforts to reach a global settlement as part of a mediation before Judge Shelley C. Chapman—resolving the Committee of Unsecured Creditors’ attack on the Secured Creditors’ claims and terms of the proposed chapter 11 plan and clearing the path to a fully consensual confirmation of the plan. The transactions outlined in the chapter 11 plan will become effective following receipt of regulatory approvals, which are expected before the end of 2020. OneWeb is currently resuming operations and readying its commercial services, which are planned to start in 2021. The Milbank team representing OneWeb is led by Financial Restructuring partners Dennis Dunne, Tyson Lomazow, and Lauren Doyle, Litigation and Financial Restructuring partner Andrew Leblanc and partners Dara Panahy, Peter Nesgos (Transportation & Space), Nicholas Angel (Financial Restructuring), and Russell Jacobs (Tax), and special counsel Brian Kinney (Financial Restructuring) and associate Will Schumacher (Financial Restructuring).

Oct 9

2 min

Milbank has successfully represented the Ad Hoc Group of Term Lenders in the chapter 11 cases of Quorum Health Corporation and its affiliated debtors. Quorum owns, leases, or operates 22 hospitals in rural and mid-size communities across 13 US states. On April 7, 2020, after entering into a restructuring support agreement with a majority of its first lien lenders (including the Ad Hoc Group of Term Lenders) and noteholders on a pre-packaged chapter 11 plan of reorganization (the “Plan”), Quorum filed voluntary petitions for chapter 11 relief in the US Bankruptcy Court for the District of Delaware. The Company filed for bankruptcy protection to address liquidity needs and right-size its capital structure while continuing to care for patients and keep its hospitals operating amid the COVID-19 pandemic. Quorum obtained confirmation of its chapter 11 plan on June 29, 2020. Under the confirmed Plan, Quorum cut its roughly $1.3 billion in debt by about $500 million, including a $50 million paydown for its term lenders and the equitization of Quorum’s 11.625% Senior Notes due 2023. Quorum also received a $200 million equity commitment from certain holders of the Senior Notes that was funded upon completion of the cases and used to pay various costs and reduce debt. Further, Quorum emerged from chapter 11 with over $700 million in take-back exit facility loans funded in part by the Ad Hoc Group of Term Lenders. Quorum emerged from bankruptcy on July 7, 2020. The matter is significant given the challenges of restructuring a rural hospital company amid the COVID-19 pandemic, including obtaining a refinancing and substantial cash pay down of Milbank’s clients’ existing term loan. The Milbank team was able to obtain unanimous consent for the Plan from the First Lien Loan Claims and also played a significant role in obtaining confirmation of the Plan over staunch opposition from the company’s largest equity holder, including a valuation fight and testimony from a dozen witnesses. The Milbank team was led by Financial Restructuring partners Dennis Dunne and Tyson Lomazow and included partners Albert Pisa (Alternative Investments), and Alexander Lees (Litigation and Financial Restructuring), special counsel Maya Grant (Alternative Investments), and associates Kim Goldberg (Litigation), and Alex Miller (Financial Restructuring), among other Milbank attorneys.

Jul 9

2 min

Milbank LLP is advising the Government of Bermuda in connection with the restructuring of a major real estate development project located at Morgan’s Point, Bermuda. The Government of Bermuda is the lender of approximately US$160 million in connection with the development of Morgan’s Point, a major real estate property development in Bermuda. The transaction includes the planning and implementation of multiple legal actions initiated by the Government of Bermuda, including appointment of Provisional Liquidators requested by the Government of Bermuda and a parallel Chapter 15 filing in the United States. The Supreme Court of Bermuda appointed joint provisional liquidators in respect of the main borrower on 26 March 2020, and the US Bankruptcy Court for the Southern District of New York granted provisional relief in the Chapter 15 case on 27 March 2020. The team is led by partners Paul Denaro (Global Capital Markets, New York), Yushan Ng and Sinjini Saha (Financial Restructuring, London) and Tyson Lomazow (Financial Restructuring, New York) and includes Andrew Leblanc (Financial Restructuring and Litigation, New York) and Erwin Dweck (Real Estate, New York). The team also comprises the following attorneys: Sarah Levin and Lynette Janssen (Financial Restructuring, London), Matthew Kusel (Global Capital Markets, New York) and Kamel Aitelaj (Litigation, New York). Milbank LLP is acting together with Bermuda counsel Trott & Duncan.

Apr 17

1 min

Milbank LLP Alternative Investments partner Lawrence Wee, Financial Restructuring partner Tyson Lomazow, and associates Robertson McAnulty and Nicholas Connolly hosted a lunch-and-learn presentation with the Penn Business Law Association at the University of Pennsylvania Carey Law School on September 24, 2025.~~The presentation focused on the work of our attorneys and provided an educational opportunity for law students who want to learn more about restructuring and transactional practices. The attorneys also covered an introduction to capital structure elements and leveraged finance covenants.

Sep 24

1 min

Milbank has successfully represented the Administrative Agent under a senior secured credit facility in connection with the restructuring of Pacific Drilling S.A. and its affiliates (“Pacific Drilling”). Pacific Drilling employs a fleet of high-specification drillships and specializes in ultra-deepwater and complex well construction services within the offshore drilling sector. On November 12, 2017, Pacific Drilling filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York. Pacific Drilling’s Fourth Amended Joint Plan of Reorganization (the “Plan”) was confirmed on October 31, 2018, putting to rest a contentious restructuring process that lasted for well over a year. Pacific Drilling is expected to emerge from chapter 11 in November 2018. The Plan provides for the comprehensive recapitalization of Pacific Drilling through the issuance of $750 million of new first lien notes, the issuance of $250 million of new second lien PIK toggle notes, a $460 million equity rights offering, and a $40 million private placement. Milbank was instrumental in advancing the rights of the SSCF lenders, who will receive payment of their claims in full in cash, including post-petition interest calculated at the default rate. The Milbank team was led by Financial Restructuring partners Dennis Dunne and Tyson Lomazow, and included Financial Restructuring and Litigation partner Andrew Leblanc, Financial Restructuring associates Matthew Brod and Rachael Siegel, and Leveraged Finance special counsel Meir Hornung.

Nov 5

1 min