NEW YORK - JAN. 31, 2017- Turnarounds & Workouts has recognized international law firm Greenberg Traurig LLP on its annual list of Successful Restructurings.
The firm was noted for its role as counsel to the Unsecured Creditors Committee in the Chapter 11 case of C&J Energy Services Ltd., one of the largest, integrated oil field services companies in North America. The company filed for Chapter 11 bankruptcy protection with approximately $1.4 billion in prepetition secured indebtedness. As Committee Counsel, Greenberg Traurig worked intensively with the other parties to develop a plan that would allow C&J to quickly emerge from bankruptcy while maximizing recoveries for unsecured creditors. This culminated in a plan that, among other things, established a liquidating trust funded with at least $33 million in cash and valuable new warrants. Recoveries for unsecured creditors could be in excess of 90 percent after exercising the warrants.
The Restructuring & Bankruptcy team included shareholders David B. Kurzweil, Shari L. Heyen, Lenard M. Parkins and Karl D. Burrer, along with associate David R. Eastlake.
C&J Energy was one of 12 restructurings included on the annual list which was featured in the January 2017 edition of Turnarounds & Workouts, a monthly newsletter which tracks distressed businesses in the United States and Canada.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GTLaw) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East and is celebrating its 50th anniversary. One firm worldwide, GTLaw has been recognized for its philanthropic giving, was named the second largest firm in the U.S. by Law360 in 2016, and among the Top 20 on the 2016 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.