Integration of Expertise.
Combining strengths among numerous disciplines, Milbank's Special Situations Lending lawyers are expert in the representation of lenders and borrowers in debt financings involving distressed credits, asset-based loans secured by illiquid pools of collateral and loans to private investment funds secured by specified investments and/or capital commitments.
Working closely with lawyers in our internationally-recognized bankruptcy practice to provide an integrated approach in workouts, restructurings and similar special situation financings, our Special Situations Lending attorneys have extensive experience in stressed and distressed credit transactions, including rescue, debtor-in-possession and exit financings. Our Special Situations Lending attorneys also regularly handle domestic and international hybrid lien and unitranche loans and are expert in structuring loan facilities for middle-market borrowers.
A recent sample of our work in this area includes:
- Representation of lead arrangers of senior exit financing for Crescent Resources, LLC, a real estate and golf course development company, including arrangement of a substantial security package comprised of national real property assets.
- Representation of second lien lenders in an innovative out-of-court restructuring which provided for an equitization of the second lien debt while maintaining compliance by the company with its existing first lien credit facility.
- Representation of a major investment bank in the refinancing of a $300 million dollar facility secured by the economic rights of the Michael Jackson Estate in distributions generated by the Sony ATV Music catalog, which includes its collection of songs written by the Beatles as well as compositions of Bob Dylan, Hank Williams, Fleetwood Mac and Billy Joel.
- Representation of numerous investment banks and borrowers in financings to private investment funds and business development companies secured by borrowing bases of diversified debt and equity investments.