Milbank LLP acted as counsel to an ad hoc group of term loan lenders in an out-of-court restructuring of Dental Care Alliance (DCA), a large US dental support organization.
The restructuring support agreement among DCA and its key stakeholders, including 100% of the holders of approximately $1.2 billion of DCA’s first lien term loans, allowed DCA to reduce its debt by over $1 billion and obtain approximately $95 million of new money financing. DCA’s strengthened financial position will support the company’s long-term business plan.
The Milbank team included Financial Restructuring partner Matthew Brod, special counsel Abigail Debold and associate Arden Ham; Global Leveraged Finance partner Meir Hornung and associates Bianca Wieck and Ria Melhotra; Global Corporate partner Jason Anderson and associates Alec Weinberg and Evan Wainer; Executive Compensation partners Mike Shah and Kelly Bartley and associate Devin Kern; and Tax partner Russell Kestenbaum and associate Mendy Fox.
