David Zylberberg

Simpson Thacher is representing Morgan Stanley Capital Administrators Inc., as administrative agent, for a group of prepetition term lenders and DIP lenders (comprising Morgan Stanley, Ares, Apollo and Angelo Gordon), in connection with Sundance Energy Inc.’s comprehensive financial restructuring, which is being implemented through a pre-packaged chapter 11 plan of reorganization.~~On March 9, 2021, all of the lenders executed a restructuring support agreement with Sundance and Sundance’s RBL lenders, which allowed Sundance to file for chapter 11 in the Southern District of Texas on March 9, 2021 with 100% creditor support. Sundance expects to continue operations uninterrupted through the chapter 11 case. Trade creditors are expected to receive payment in full under the pre-packaged plan.~~In connection with the filing, the term lenders committed to provide a junior DIP facility of up to $50 million, which will be used to support Sundance’s ongoing operations and comprehensive restructuring. Upon confirmation of the pre-packaged plan, the term lenders and DIP lenders will each receive a pro rata share of all of the reorganized equity in exchange for their outstanding DIP loans and prepetition term loans. The RBL lenders agreed to accept a partial pay-down of the prepetition RBL and will provide a new Exit Facility, which will be used to finance the reorganized company upon emergence from chapter 11.~~Sundance Energy Inc. is an independent energy exploration and production company located in Denver, Colorado, that is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America.~~The Simpson Thacher team included David Zylberberg, Daniel Biller and Dov Gottlieb (Restructuring); Robert Rabalais, Andrew Lanius, and Hunter Hampton (Credit); Jim Cross, Brad Honeycutt and Daniel Lewis (M&A); Brian Rosenzweig (Capital Markets); Bill Russell (Litigation); Jonathan Goldstein and William Smolinski (Tax); Larry Moss and Alyssa Ohanian (ECEB); and Michael Isby (Environmental).

Oct 3

1 min

Simpson Thacher is representing MatlinPatterson Global Opportunities Partners II L.P. (together with certain other “Fund II” entities, the “Debtors”) in a chapter 11 filing that seeks to fully and finally resolve years of litigation in multiple foreign jurisdictions that have hamstrung the Debtors and prevented an orderly liquidation and distribution to their investors.~~The Debtors have been entangled in litigation across multiple foreign jurisdictions. Simpson Thacher’s London Litigation team, led by Tyler Robinson and Lauren Brazier, has been representing the Debtors in certain of these litigations over the past several years. The chapter 11 filing seeks to consolidate these litigations into a single forum, governed by U.S. law, and disallow each of the asserted litigation claims so that the Debtors may pay all of their bona fide creditors and proceed with the final wind-up and liquidation of the funds, and the ultimate distribution of the fund assets to the investors.~~While now in wind-up, the MatlinPatterson “Fund II” entities were private investment funds that specialized in distressed investing, particularly in South America, and reached the end of their life in 2013.~~The Simpson Thacher team includes Elisha Graff, Kathrine McLendon, David Zylberberg, Jamie Fell, Dov Gottlieb and Jonathan Mitnick (Restructuring); Tyler Robinson, Lauren Brazier and Jeffrey Bohme (Litigation); Olga Gutman, Linda Tieh and Michael Milano (Funds); Steve DeLott (Insurance); Jonathan Goldstein, Brian Mendick and Kris Liu (Tax); and Bill Sheehan, Kal Venkatraj and Taylor Nefussy (Credit). Summer Associates Avery Golombek and Charlotte McCary also provided invaluable assistance.

Sep 7

1 min

Simpson Thacher represented EQT Partners and Voltera Power (“Voltera”) in connection with their Green Loan credit facility. The Green Loan was structured in compliance with the LSTA Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity by financing eligible projects.~~Voltera provides infrastructure necessary to support the full electrification of transportation, siting, building, and owning strategically located, fit-for-purpose charging facilities. Voltera was purpose-built by EQT, one of the largest and most active infrastructure investors globally, and EdgeConneX, the critical infrastructure partner of choice for the world’s largest tech companies, to help overcome the challenges to vehicle electrification at scale.~~The Simpson Thacher team included Eli Isak, Charles Carroll, Callie Robins, Elizabeth Greene, Jim Wheeler and Emma Li (Credit); Emily Holland (ESG); Jonathan Goldstein, Adam Hersch and Michael Leitner (Tax); Courtney Welshimer (IP); Claire Cahoon (Sanctions); Jonathan Pall (Collateral); and David Zylberberg (Bankruptcy).

Aug 8

1 min

Simpson Thacher represented the Official Committee of Unsecured Creditors (the “Committee”) in the chapter 11 cases of Zymergen Inc. (collectively with certain of its debtor-affiliates, “Zymergen”).  Zymergen’s chapter 11 plan became effective on February 23, 2024. Pursuant to the plan, Zymergen’s unsecured creditors may receive up to 95% recoveries on account of their claims.~~The Simpson Thacher team included Sandy Qusba, David Zylberberg, Moshe Fink, Phil DiDonato and Dov Gottlieb (Restructuring); Bryce Friedman, Nicholas Goldin, Meredith Karp and William Moran (Litigation); and Lori Lesser (Intellectual Property).~~

Jul 3

1 min

Simpson Thacher represented Morgan Stanley Capital Administrators Inc., as administrative agent, for a group of prepetition term lenders and DIP lenders (comprising Morgan Stanley, Ares, Apollo and Angelo Gordon), in connection with Sundance Energy Inc.’s comprehensive financial restructuring, implemented through a pre-packaged chapter 11 plan of reorganization.~~Sundance’s chapter 11 plan was confirmed on April 19, 2021 at an uncontested confirmation hearing, and the restructuring went effective Friday, April 23, 2021.~~Under the plan, the term lenders who provided a junior DIP facility to support Sundance’s ongoing operations each received a pro rata share of all of the reorganized equity (subject to dilution by the management incentive plan) in exchange for their outstanding DIP loans and prepetition term loans. The RBL lenders received a partial pay-down of the prepetition RBL and provided a new Exit Facility, which will be used to finance the reorganized company upon emergence from chapter 11.~~Sundance Energy Inc. is an independent energy exploration and production company located in Denver, Colorado, that is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America.~~The Simpson Thacher team included David Zylberberg, Daniel Biller and Dov Gottlieb (Restructuring); Robert Rabalais, Andrew Lanius and Hunter Hampton (Credit); Shamus Crosby, Brad Honeycutt and Daniel Lewis (M&A); Brian Rosenzweig (Capital Markets); Bill Russell (Litigation); Jonathan Goldstein and William Smolinski (Tax); Larry Moss and Alyssa Ohanian (ECEB); Steve DeLott (Insurance); and Michael Isby (Environmental).

Apr 27

1 min