Horsehead Holding Corporation

The firm was conflicts and local counsel to Horsehead Holding Corporation and its affiliates in their chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. The Pittsburgh provider of specialty zinc and zinc-based products filed for chapter 11 protection to restructure its debt after missing an interest payment on its unsecured notes and incurring various other asserted defaults. Secured noteholders provided $90 million in debtor-in-possession funding in support of the reorganization. The court approved Horsehead’s plan of reorganization, overruling the objections of the committee of equity security holders that opposed the plan. Under Horsehead's confirmed plan, the noteholders who provided the debtor-in-possession financing received a majority stake in the reorganized debtor, purchasing 62.76% of new common equity for $160 million and purchasing an additional $100 million of new common equity to restart an idle production facility in Mooresboro, N.C. Horsehead’s plan of reorganization went effective on September 30, 2016.

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