Client Successes

AgriBioTech
AgriBioTech and its subsidiaries were the sixth largest producer of turf grass seed and forage seed in the world. The result of an industry roll-up of thirty four separate companies, AgriBioTech had combined revenues of approximately $400 million in the year prior to its bankruptcy. The firm negotiated far-reaching settlements with major constituencies and a series of going-concern sales before confirming a plan of reorganization.

At Home
The firm represented the bondholders' committee At Home Corporation (Excite@Home) chapter 11 case. The claims of the bondholders were in excess of $750,000,000. The firm was instrumental in the development of the key settlements that resulted in a consensual plan of reorganization and the creation of the Bondholders Liquidating Trust to pursue litigation against certain former directors and controlling shareholders of the company for breach of fiduciary duty. The case involved innovative use of mediation by the firm to resolve complex inter-creditor issues under the subordination provisions of the indentures for the bonds as well as a separate but equally effective coordinated strategy to reject costly and unprofitable contracts with At Home's cable company customers and replace those contracts with hundreds of millions of dollars of cash payments by those customers for limited access to At Home's network during the expedited time period during which the cable companies moved to different networks.

Toni Braxton
The five-time Grammy Award winning singer filed a personal bankruptcy case and three related corporate cases. The firm successfully negotiated a settlement of contentious litigation regarding Ms. Braxton's rejection of her record contract.

Breed Technologies
Breed Technologies and affiliates are worldwide leaders in the design, development, manufacture, and sale of vehicle safety components, and had annual revenues of $1.3 billion and debt of $1.6 billion as of the petition date. Breed successfully confirmed a chapter 11 plan that encompassed an internal reorganization.

Covad Communications Group
The firm developed and negotiated a pre-negotiated chapter 11 restructure for this publicly traded company, the nation's largest independent provider of high-speed, dedicated service-line Internet access. The case involved approximately $1.4 billion in bond indebtedness, securities fraud claims exceeding $2 billion, and $120 million in new financing. Covad confirmed its plan of reorganization within four months of the chapter 11 filing, and existing equity holders retaining an approximate 85% ownership interest in the restructured company.

Gencor
This publicly traded company, the nation's largest manufacturer of portable asphalt-producing machinery, was the subject of an involuntary chapter 11 case commenced by Gencor's lenders, which were owed $110 million. In less than a year, the involuntary petition was resolved, and Gencor confirmed a full payment plan that left existing equity intact.

Harnischfeger Industries
Harnischfeger and fifty-nine subsidiaries manufacture and market pulp and papermaking machinery and mining equipment with annual sales of $2 billion, and confirmed a plan to conclude their chapter 11 cases.

LogoAthletics
LogoAthletics was the nation's largest manufacturer of licensed sports apparel with annual sales exceeding $250 million. The firm successfully negotiated a sale to Reebok, maintaining the integrity of the operations and saving thousands of jobs.

Sizzler International
Sizzler, the well-known NYSE restaurateur with over 500 company-owned and franchised locations, and approximately $1 billion in annual revenues as of the petition date, successfully confirmed chapter 11 reorganization plans within one year after the cases were filed. All creditors are to be paid in full.

Zenith Electonics
Zenith Electonics, one of the world's largest electronics manufacturers, was sold as a going concern through a pre-packaged bankruptcy that resulted in payment of 100% of all creditors' claims.