Benjamin M. Rhode

• Exactech, Inc. and its affiliated debtors in their pending chapter 11 cases involving the restructuring of more than $350 million of prepetition debt, as well as additional prepetition liabilities; Exactech’s chapter 11 cases are supported by an $85 million debtor in possession credit facility and a stalking horse bid, which remains subject to higher and better offers, for substantially all of the debtors’ assets.
• A leading platform dental services organization in an out-of-court restructuring involving the deleveraging of its approximately $900 million capital structure, including through an equitization of approximately $300 million of senior secured obligations and the provision of a $75 million new money term loan facility.
• Tecomet, Inc., together with certain of its affiliates, in the refinancing of its approximately $1 billion capital structure, including through the provision of a new revolving credit facility and privately placed first-lien term loan. Tecomet is a global leader in the design, development, and manufacture of orthopedic, robotic assisted, and minimally invasive surgical products, as well as precision components for the aerospace and defense industry.
• Vesta Holdings, LLC and certain of its subsidiaries in their chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Vesta was an insurance brokerage service provider for individual and corporate clients across the United States, primarily concentrating on property and casualty insurance offerings. During its chapter 11 cases, Vesta effectuated an all asset sale of its business and confirmed its plan of liquidation, which was supported by 100% of secured lenders and general unsecured creditors who voted on the plan.
• Revlon, Inc.’s BrandCo Debtors, thirteen entities holding IP related to many of Revlon’s famous brands such as Elizabeth Arden, American Crew, Almay, Curve, and White Shoulders, in their chapter 11 cases in connection with the delegated authority of Mr. Steven Panagos as Restructuring Officer of the BrandCo Debtors.
• An ad hoc group of first and second lien lenders of CHC Group LLC, the global rotary wing aviation services provider, with respect to, among other things, approximately $100 million of new money financing and an out of court exchange involving up to approximately $500 million of existing first and second lien debt.
• PlayMonster LLC, a market leading international toy and game company, in connection with its investment transactions with Adams Street Partners and HIG Capital. 
• Frontier Communications Corporation and certain affiliates in connection with their prearranged Chapter 11 cases involving more than $17.5 billion of funded debt—among the largest filed in 2020. Frontier provides communications services for consumer and commercial customers in the United States. Frontier’s plan, confirmed after only four months, will reduce the company’s funded debt by over $10 billion.*
• iHeartMedia, Inc. and certain affiliates in connection with their prearranged Chapter 11 cases involving consolidated debts of more than $20 billion—the largest filed in 2018. iHeart is the largest radio broadcaster in the United States and specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local and national communities. iHeart’s plan reduced the company’s funded debt by over $10 billion.*
• Caesars Entertainment Operating Co. Inc. and certain affiliates in connection with their Chapter 11 cases involving more than $18.4 billion of funded debt. Caesars provided casino entertainment services and owned, operated or managed 44 gaming and resort properties in 13 states of the United States and in five countries. Caesars’ plan reduced the company’s funded debt by approximately $10 billion. In 2018, the Turnaround Management Association recognized the successful restructuring of Caesars with its “Mega Company Turnaround of the Year Award.”*
• Covia Holdings Corporation and certain affiliates in connection with their prearranged Chapter 11 cases involving approximately $1.6 billion of funded debt. Covia provides diversified mineral-based and material solutions for global energy and industrial markets. Covia’s comprehensive financial and operational restructuring will reduce the company’s go-forward funded debt and fixed costs by more than $1 billion.*
• Central Security Group, Inc. and certain affiliates in connection with their out-of-court debt-for-equity exchange. Central Security Group is one of the nation’s largest providers of home and business security and automation. The restructuring transaction was executed after the Company successfully solicited support from 100% of its first lien and second lien lenders. It eliminated approximately $250 million (more than half) of the Company’s funded debt and provided the company with liquidity through a new $25 million revolving credit facility commitment.*
• Hornbeck Offshore Services, Inc. and certain affiliates in connection with their prepackaged Chapter 11 cases involving approximately $1.2 billion of funded debt. Hornbeck provides marine transportation and subsea installation services to support the deep water drilling and production needs of their exploration and production, oilfield service, offshore construction, and U.S. military customers.*
• Represented a private equity / creditor investment fund in connection with a term loan facility and debtor-in-possession financing facility in the Chapter 11 cases of Furie Operating Alaska, LLC, Cornucopia Oil & Gas Company, LLC and Corsair Oil & Gas LLC.*
• Tapstone Energy, LLC and certain of its affiliates in connection with their out-of-court restructuring. Tapstone is an independent oil and natural gas company focused on the development and production of oil, natural gas, and NGLs in the Anadarko Basin in Oklahoma, Texas, and Kansas. The restructuring transaction reduced Tapstone’s funded debt by approximately $440 million and provided the company with liquidity, including a $50 million new money investment.*
• One Call Corporation and certain of its affiliates in connection with their out-of-court restructuring. One Call is a leader in ancillary services for the workers’ compensation industry. The restructuring transaction reduced One Call’s funded debt through a consensual equitization of nearly $1 billion of junior debt, reduced its annual interest expense by approximately $90 million, and eliminated all near-term maturities. The restructuring was facilitated by a $375 million investment led by existing lenders KKR and GSO Capital Partners.*
• Medical Depot Inc. (d/b/a Drive DeVilbiss Healthcare) and certain of its affiliates in connection with its out-of-court recapitalization. Medical Depot is a global manufacturer of medical products. The transaction received nearly unanimous support from across the company’s capital structure, including affirmative consent from 100% of its first lien lenders and more than 97.5% of its second lien lenders. The transaction provided the company with new capital from its equity holders and a reduction in cash debt service obligations from its current lenders.*
• Oaktree Capital Management and KKR Credit Advisors as first lien lenders to Proserv Group in connection with an out-of-court exchange transaction. Proserv, based in Aberdeen, Scotland, is an energy services company offering marine technology services across the full life-of-field to its global customers. The transaction resulted in the consensual equitization of more than $500 million in funded debt and a $50 million new capital injection.*
• GST AutoLeather, Inc. and certain affiliates in connection with their Chapter 11 cases involving approximately $200 million of funded debt. GST AutoLeather is a leading global designer and manufacturer of automotive leather components, which it supplies to nearly every major automaker. Following a competitive auction, GST AutoLeather successfully consummated a sale of substantially all of its assets.*
• BCBG Max Azria Global Holdings, LLC and certain of its affiliates in connection with their Chapter 11 cases involving approximately $500 million of funded debt. BCBG is a well-known and respected name in high-end women’s apparel and accessories and has historically operated more than 550 stores spread across all fifty states, Canada, Europe, and Japan. In 2018, the Turnaround Management Association recognized the successful restructuring of BCBG Max Azria Group, LLC with its “Large Company Turnaround of the Year Award.”*
• Penn Virginia Corporation and certain of its affiliates in connection with their Chapter 11 cases. Penn Virginia is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States. Penn Virginia’s plan reduced the company’s funded debt by more than $1 billion. In 2017, the Turnaround Management Association recognized the successful restructuring of Penn Virginia with its “Mid-Size Company Transaction of the Year Award.”*
• EIG Partners as the largest creditor in Intervention Energy’s Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware.*
• Source Home Entertainment LLC and certain of its affiliates in connection with their Chapter 11 cases and their successful sale of substantially all of their assets.*
• The Dolan Company and certain of its affiliates in connection with their prepackaged Chapter 11 cases. Dolan provided diversified information management and professional services to the legal, financial, and real estate sectors in the United States. Pursuant to the confirmed Chapter 11 plan, Dolan restructured more than $100 million in funded debt obligations through a debt-to-equity transaction with its secured lenders.*
• Source Interlink Companies, Inc. and certain of its affiliates in connection with their successful out-of-court restructuring in October 2013. Source Interlink was a market leader in content development, multi-media publishing, and retail sales and logistics. The fully consensual recapitalization transaction significantly deleveraged the company and provided enhanced liquidity.*
• Fisker Automotive, Inc. and certain of its affiliates in connection with their Chapter 11 cases and their successful $150 million sale of substantially all of their assets to an affiliate of Wanxiang America Corp.*
• hibu Inc. (a/k/a Yellowbook) and certain of its U.S. affiliates, all subsidiaries of Yellow Pages Limited, a U.K. corporation, in connection with their Chapter 15 cases. Yellow Pages Limited and its subsidiaries comprised one of the world's largest providers of print and digital directory services, publishing approximately 1,250 different directories and servicing over one million small business customers worldwide. The Chapter 15 cases complemented reorganization proceedings pending in the United Kingdom and successfully facilitated the restructuring of over £2.3 billion of funded debt.*
• Official Committee of Trust Preferred Securities Holders in the Chapter 11 bankruptcy of Mercantile Bancorp, Inc. — a bank holding company — involving the disposition of its bank subsidiary.*
• Official Committee of Trust Preferred Securities in the Chapter 11 bankruptcy of First Place Financial Corporation — a bank holding company—involving the disposition of its bank subsidiary.*

Representations denoted with an asterisk were completed prior to joining Ropes & Gray