Timothy C. Hughes

Debt Financings

• Vista Equity Partners and its portfolio companies in various matters including:
  
  • The $16.5 billion financing of the take-private of Citrix Systems
  • The $8.3 billion recapitalization of Solera
  • The $5.3 billion direct lender refinancing of Finastra
  • Acquisition financings and refinancings of Energy Exemplar, Allvue, TIBCO Software Inc., PayLease, Granicus
• Bain Capital and its portfolio companies in various matters including:
  
  • Acquisition financings and refinancings of US LBM, PartsSource, Virgin Voyages, Harrington Process Solutions, Fogo de Chão, Guidehouse, Ryze Claim Solutions, and VXI
• Blackstone and its portfolio companies in various matters including:
  
  • Acquisition financings and refinancings of Precision Medicine Group, Signature Aviation, Candle Media, and Energy Exemplar
• Providence Equity Partners in its financing of its investment in Populous Inc.
• 3G Capital Management in its $4.7 billion financing of its take-private of Hunter Douglas NV
• Gryphon Investors in its financing of its acquisition of Vessco Holdings

Liability Management & Restructuring

• J. C. Penney Company, Inc. — Representing J. C. Penney Company, Inc. and 17 of its affiliates in their pre-arranged Chapter 11 cases and debtor-in-possession financing. JCPenney, an iconic American retail staple tracing its roots back to 1902, includes private brands such as Liz Claiborne, St. John’s Bay, Stafford, and Arizona Jean Co. JCPenney employs more than 85,000 people, manages a massive supply chain with nearly 3,000 vendors and eleven domestic shipping facilities, and operates approximately 850 stores in the United States and Puerto Rico, in addition to a substantial e-commerce business. With approximately $4.9 billion in debt, JCPenney entered bankruptcy with a Restructuring Support Agreement that carries broad first lien stakeholder support and is expected to substantially de-lever the company’s balance sheet.
• Blackhawk Mining LLC — Represented Blackhawk Mining LLC and its affiliates on the debtor-in-possession and exit financings in connection with their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Blackhawk is a leading metallurgical coal producer based in Lexington, Kentucky, and has operations primarily in West Virginia and Kentucky. Blackhawk employs more than 2,800 employees. Blackhawk entered Chapter 11 to implement a prepackaged plan of reorganization that will eliminate approximately $650 million of the Company’s nearly $1.1 billion in prepetition funded debt.
• Avaya Holdings Corp. — Representing Avaya Holdings Corp. and its affiliates in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Avaya Holdings Corp., (“Avaya”) is a global leader in solutions to enhance and simplify communications and collaboration. With overwhelming consensus from Avaya’s secured lenders and the support of its other key stakeholders, Avaya confirmed its prepackaged plan of reorganization just over a month after it commenced its Chapter 11 cases. The confirmed prepackaged plan reduced Avaya’s total debt by more than 75%, from approximately $3.4 billion to approximately $810 million, substantially increased Avaya’s liquidity position to approximately $650 million, decreased its net leverage to less than 1x, and provided substantial financial flexibility to accelerate Avaya’s investment in its innovative cloud-based communications portfolio. Avaya emerged from Chapter 11 protection as a privately held company approximately five weeks after the bankruptcy court confirmed Avaya’s prepackaged plan.