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Eric Sherman is an associate in the business restructuring group in New York. His practice focuses on all aspects of corporate restructurings and he advises debtors, ad hoc groups, and committees in both chapter 11 cases and out-of-court restructurings. Eric’s experience spans a broad range of industries, including retail, technology, oil & gas, and industrials.
Eric also maintains an active pro bono practice, including representing a meditation and contemplative arts retreat center in its subchapter V bankruptcy case.
Experience
- Represented 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.
- Represented RevitaLid Pharmaceutical Corp. and its two debtor-affiliates, RVL Pharmaceuticals, Inc. and RVL Pharmacy, LLC, in their prepackaged chapter 11 cases, which were entered into with full support from the debtors’ lender and key stakeholders. The debtors’ prepackaged plan equitized approximately $80 million of funded indebtedness, preserved 100% of existing jobs, and left general unsecured trade creditors unimpaired. RVL Pharmaceuticals is a specialty pharmaceutical company focused on the commercialization of a branded ophthalmic solution for the treatment of low-lying eyelids in adults.
- Represented FB Debt Financing Guarantor, LLC and certain of its subsidiaries (“Forma Brands”), a builder of top beauty brands including Morphe®, Morphe 2®, Jaclyn Cosmetics®, and Born Dreamer®, in their Chapter 11 cases to address approximately $870 million of funded indebtedness, facilitate a going-concern 363 sale transaction for substantially all assets, and resolve numerous complex licensing and potential litigation issues.
- Represented an ad hoc group of first lien lenders of K&N Engineering, Inc., a leading consumer-branded designer, manufacturer and marketer of high performance automotive and power sports aftermarket parts, in a $60 million new money financing in connection with its out of court restructuring of approximately $415 million of funded indebtedness.
- Represented Output Services Group, Inc. and certain of its affiliates in connection with its prepackaged Chapter 11 cases. Output Services Group is a leading provider of integrated customer communications and engagement services. The company’s plan of reorganization successfully restructured approximately $825 million of funded indebtedness through a consensual deleveraging of approximately $134 million and new money capital infusion of approximately $70 million. In 2023, The M&A Advisor recognized the successful restructuring of Output Services Group as the “Information Technology Deal of the Year” as part of its 17th Annual Turnaround Awards.
- Represented Vewd Software AS and certain affiliates in connection with their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. Vewd is a market leader in enabling the transition from cable, broadcast, and satellite television platforms to over-the-top video streaming services. Vewd’s Chapter 11 plan of reorganization was supported by 100% of its secured lenders and resulted in the exchange of over $100 million of secured debt claims for 100% of the equity of reorganized Vewd Software AS and the payment in full of all unsecured creditors. Under the plan of reorganization certain of Vewd’s existing secured lenders also agreed to provide $25 million of exit financing and up to $20 million pursuant to a preferred stock issuance to provide substantial liquidity support for the reorganized company. In 2023, The M&A Advisor recognized the successful restructuring of Vewd Software AS as the “Cross-Border Restructuring of the Year ($100mm to $1B)” as part of its 17th Annual Turnaround Awards.
- Represented an ad hoc group of bondholders of Exela Technologies, Inc. with respect to, among other things, an out of court exchange involving approximately $1.0 billion of first lien bond debt, and a subsequent exchange of $1.3 billion of first lien bond debt
- Representing 24 Hour Fitness Worldwide Inc. and its debtor-affiliates in their pending chapter 11 cases involving approximately $1.4 billion of funded debt. 24 Hour Fitness is a leading fitness club operator with locations across the United States and more than 3 million members.
- Represented the Official Committee of Unsecured Creditors in Bouchard Transportation Co., Inc.’s chapter 11 cases.