Weston T. Eguchi

Willkie represented a group of pre- and post-petition lenders in the case. On January 31, 2020, the chapter 11 bankruptcy plan for Southcross Energy Partners, L.P., a natural gas gathering, processing and services provider, went effective. The effective date was the culmination of months of negotiations between Southcross and its major creditor constituencies. Throughout the case, Willkie represented a group of pre- and post-petition lenders, including over 70% of Southcross’ revolver lenders and over 80% of the company’s term loan lenders. Willkie’s group provided Southcross with debtor-in-possession financing, which allowed the company to conduct a marketing process for their assets pursuant to section 363 of the Bankruptcy Code. After selling certain non-core assets, the Debtors reorganized around their core business through a chapter 11 plan of reorganization, with Willkie’s group taking ownership of the company through a debt-for-equity swap. The Debtors’ Disclosure Statement was approved at a hearing on November 6, 2019, after which a supplemental Disclosure Statement was approved on January 7, 2020 and a fully consensual plan confirmation hearing occurred on January 27, 2020. The Willkie team was led by partner Joseph Minias and included partners Weston Eguchi, Mark Getachew and Paul Shalhoub and associate Debra Sinclair.

Feb 12

1 min

Willkie was recognized for its representation of the steering committee of CGG’s high-yield bondholders in the restructuring of CGG, one of the largest restructurings in French history. On April 4, Willkie was recognized at the IFLR Europe Awards 2019 in London in the category of “Restructuring Deal of the Year.” Willkie was recognized specifically for its representation of the steering committee of high-yield bondholders in the restructuring of CGG, one of the largest restructurings in French history. Additionally, the firm was shortlisted for its role in numerous transactions across multiple practice areas, including finance, M&A, private equity and restructuring. The restructuring of CGG, a geosciences company that provides services to the oil and gas industry, included the first-ever successful coordination of a French sauvegarde proceeding with a U.S. chapter 11 bankruptcy case. CGG completed a multi-billion dollar restructuring on February 21, 2018. Read Willkie’s March 2, 2018 announcement. A cross-border team of Willkie attorneys led by Lionel Spizzichino advised the Steering Committee of CGG’s high-yield bondholders who, as a result of a debt-for-equity swap that was the centerpiece of the transaction were, upon completion of the deal, among the company’s largest equity holders. The multidisciplinary Willkie team was coordinated by partners Lionel Spizzichino and Gabriel Flandin in Paris, partners John Longmire and Leonard Klingbaum in New York, and partner Graham Lane and UK partner Iben Madsen in London with counsel Igor Kukhta and associates Thomas Doyen, Audrey Nelson and Batiste Saint-Guily in Paris, counsel Weston Eguchi and associates Julian Golay, Jason Pearl, Ransel Potter and Grace Aviles in New York, and associate Alexander Roy in London. Willkie was shortlisted for its role in several other notable transactions, which included: SGG Group/First Names Group acquisition financing (Loan) NJJ Telecom-led consortium/Eir (M&A) Apex Fund Services/Deutsche Bank’s Alternative Fund Services Business (Private equity) Private equity investor consortium/HSH Nordbank (Private equity) Asco Industries (Restructuring) Danaos Corporation (Restructuring) The firm was also shortlisted for US Law Firm of the Year, and for Law Firm of the Year in the loan, private equity and restructuring categories. The International Financial Law Review (IFLR) is a leading publisher for the financial legal community, with journalists based in the U.S., UK and Asia.

Apr 5

2 min

Willkie represented an ad hoc group of first lien lenders of Drive in the transaction, which received nearly unanimous support from across Drive's capital structure. Willkie represented an ad hoc group of first lien lenders of Drive DeVilbiss Healthcare in a recapitalization and liability management transaction. The transaction received nearly unanimous support from across Drive's capital structure, including affirmative consent from 100% of its first lien lenders and more than 97.5% of its second lien lenders. The transaction provided Drive with new capital from its equity holders and a reduction in cash debt service obligations from its current lenders. The Willkie team was led by partner Jeffrey Pawlitz, and included partners Thomas French and Sean Ewen, counsel Weston Eguchi and associates Gabriel Brunswick and Helena Honig.

Oct 23

1 min

Willkie represented the steering committee of CGG’s high-yield bondholders. In one of the largest restructurings in French history, and the first-ever successful coordination of a French sauvegarde proceedings with a U.S. chapter 11 bankruptcy case, CGG, a geosciences company that provides services to the oil and gas industry, completed a multi-billion dollar restructuring on February 21, 2018. A cross-border team of Willkie attorneys advised a steering committee of CGG’s high-yield bondholders who, as a result of a debt-for-equity swap that was the centerpiece of the transaction, are now among the company’s largest equity holders. The restructuring was implemented through chapter 11 and chapter 15 bankruptcy cases in New York, and a sauveguarde proceeding in Paris, that were designed to implement a consensual restructuring agreement among the company, an ad hoc committee of its senior secured lenders, the high-yield bondholder steering committee represented by Willkie, and a key shareholder. This transaction resulted in the refinancing of approximately $809.5 million in senior secured debt, in both the U.S. and France, the issuance of approximately $355.1 million and € 80.4 million in second lien secured notes to former high-yield bondholders, including Willkie’s clients; the issuance of new equity and various warrant packages to former holders of the high-yield bonds and convertible bonds, and shareholders. Under the restructuring plan, CGG’s total debt was reduced from approximately $2.8 billion to approximately $1.2 billion, and the company has achieved financial stability and is poised for future success as oil prices continue to rebound. The multidisciplinary Willkie team was led by partners Lionel Spizzichino in Paris and John Longmire in New York, and included partners Anthony Carbone, Cristopher Greer and Leonard Klingbaum in New York and Graham Lane in London; national partner Gabriel Flandin in Paris; counsel Weston Eguchi in New York; and associates Thomas Doyen, Batiste Saint-Guily, Igor Kukhta, Audrey Nelson and Gregoire Dumazy in Paris; associates Ji Hun Kim, Julian Golay, Jason Pearl, Ransel Potter, Jason St. John and Grace Aviles in New York and associates Iben Madsen, Alexander Roy and Stephen Kennedy in London.

Mar 2

2 min

Glansaol sold substantially all of its assets to AS Beauty. Willkie recently represented privately held Glansaol Holdings Inc. and its affiliates in its chapter 11 bankruptcy cases. On December 20, 2018, Glansaol and seven affiliates filed for chapter 11 protection with a stalking horse bidder to purchase substantially all of its assets. After a competitive bidding process, Glansaol sold substantially of all its assets to AS Beauty. Throughout the chapter 11 cases, Willkie collaborated with the Official Committee of Unsecured Creditors and was able to proceed on a fully consensual basis. The Bankruptcy Court confirmed the plan on August 2, 2019. The Willkie team was led by partners Mark Cognetti and Brian Lennon and included partner Laura Acker, counsel Weston Eguchi and associate Dan Forman.

Oct 2

1 min