Signal International

The firm was counsel to the creditors’ committee in Signal International’s chapter 11 bankruptcy. Signal does offshore drilling rig overhaul, repair, upgrade, and conversion, as well as new shipbuilding. The company faced contentious litigation, including numerous lawsuits that resulted in a $200 million claim against the company. The committee negotiated substantial changes to the sale process, DIP financing, and a plan support agreement to significantly enhance recoveries to general unsecured creditors.