Northvolt AB — Representation of Northvolt AB and eight of its affiliates in their Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Northvolt is a Swedish manufacturer of electric vehicle batteries with a mission to build the world’s greenest battery. As of the petition date, Northvolt had nearly $6 billion in funded debt obligations. Northvolt filed Chapter 11 with commitments of $100 million in new money debtor-in-possession financing from a key customer and access to approximately $145 million in cash collateral from its project finance lenders.
Hoonigan — Representation of Hoonigan and 26 of its affiliates (collectively, “Hoonigan”) in their prepackaged cases filed in the United States Bankruptcy Court for the District of Delaware. Hoonigan is a global designer and supplier of premium aftermarket automotive products, reaching millions of customers through a broad network of distributors, e-commerce platforms, and digital content. Hoonigan commenced its prepackaged cases with a consensual deal with a majority of its debtholders and sponsor that contemplates eliminating approximately $1.2 billion of its $1.7 billion prepetition funded debt and leaving general unsecured claims unimpaired.
WeWork, Inc. — Representation of WeWork, Inc. and its debtor affiliates — the leading global flexible space provider — in their Chapter 11 cases in the United States Bankruptcy Court for the District of New Jersey. With approximately $17 billion in funded debt and lease obligations at the time of filing and posing complex, novel issues of international, regulatory and foreign law, WeWork, with over 500 entities, is one of the largest jointly administered Chapter 11 cases in history. Through its Chapter 11 cases, WeWork was able to equitize all $4.3 billion of its funded indebtedness, right size its lease portfolio and reduce future obligations by $11 billion as the result of a pioneering strategy for rent negotiations, facilitate a global settlement with numerous stakeholders and navigate complex cross-border issues.
Yellow Corporation — Representation of Yellow Corporation and certain of its subsidiaries (“Yellow”) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. With its family of brands, including YRC, Reddaway, Holland, and Yellow Logistics, Yellow was a storied trucking and logistics company with a 100-year history and one of the largest less-than-truckload networks in North America. Yellow entered Chapter 11 with approximately $1.2 billion in prepetition funded debt. Yellow secured a $1.525 billion stalking horse bidder for its owned real estate assets and, through its Chapter 11 cases, will conduct a marketing and sale process for some or all of its real estate and rolling stock assets, followed by an orderly liquidation of any remaining assets.
