Milbank LLP acted as counsel to an ad hoc group of secured noteholders throughout the chapter 11 proceedings of Nine Energy Service, a leading North American onshore oil and gas completions company. Nine Energy’s successful emergence from chapter 11 is the product of a fully consensual prepackaged plan of reorganization.
Nine Energy’s emergence from chapter 11 under the confirmed plan allowed it to shed approximately $388 million in prepetition funded debt obligations and included a $135 million exit ABL facility. Nine Energy’s restructuring preserved over 1,000 jobs, deleveraged the balance sheet and positioned the company with liquidity to continue to execute on its business plan.
The Milbank team included Financial Restructuring partners Evan Fleck and Matthew Brod, special counsel Abigail Debold and associate Sara Posner; Corporate Finance and Securities partner Paul Denaro and associate Michael Pascual; Global Corporate/M&A partner Scott Golenbock and associate Marc Kilani; and Tax partner Russell Kestenbaum and associate Mendy Fox.
