Max Silverstein

Direct Lending & Special Situations Engagements

• Represented funds managed by Blue Torch Capital in connection with various senior secured credit facilities.
• Represented funds managed by Cyrus Capital Partners in connection with various senior secured, unsecured and convertible credit facilities.
• Represented funds managed by Keyframe Capital Partners in connection with various senior secured, unsecured and convertible credit facilities.
• Represented funds managed by Aquiline Capital Partners in connection with various senior secured credit facilities.
• Represent funds managed by Hilco in connection with several bespoke asset based financing facilities.
• Represented funds managed by Charlesbank Capital Partners in connection with the purchase of $100M of senior secured notes issued by an industry-leading provider of insurtech solutions.

Liability Management and Restructuring Engagements

• Represented ReStore Capital, LLC as administrative and collateral agent to Express, LLC, a multi-brand fashion retailer with more than 550 retail stores, in connection with (i) a prepetition second lien asset-based term loan facility and (ii) a debtor in possession financing facility provided by funds and accounts managed by ReStore Capital, Gordon Brothers and First Eagle in the chapter 11 cases of Express, LLC and certain of its affiliates.
• Represented Trinseo Materials Operating S.CA., and certain of its affiliates, in connection with a $1.1 billion innovative financing transaction addressing the Company’s 2024 senior secured term loans and $385 million of its 2025 unsecured bonds. Funds managed and advised by Oaktree, Angelo Gordon and Apollo provided the financing. Trinseo (NYSE: TSE) is a specialty material solutions provider that partners with companies to bring ideas to life in an imaginative, smart and sustainability-focused manner.
• Represented 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.
• Represented Juice Plus+ in the negotiation and consummation of an out-of-court restructuring transaction with the unanimous participation of the company’s lenders that reduced the company’s debt and preferred equity obligations by over $300 million, extended the maturities of its revolving credit facility and term loans by four and two years, respectively, and raised $30 million of new money from the company’s existing equity holders who retained control of the company.
• Represented Output Services Group, Inc. and certain of its affiliates in connection with a prepetition liability management transaction and subsequently 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 “Information Technology Deal of the Year” as part of its 17th Annual Turnaround Awards.
• Represented funds managed by Invesco Credit Partners in the chapter 11 cases of My Alarm Company in connection with DIP Financing and Exit Financing. 
• Represented funds managed by Altamont Capital Partners in connection with its joint purchase of prepetition debt of Alamo Drafthouse Cinemas, an owner and operator of dine-in movie theaters, joint provision of $60 million of debtor in possession financing, and credit bid for a substantial part of the business and assets of Alamo Drafthouse Cinemas through its chapter 11 cases.
• Represented a hedge fund on a DIP loan to Avianca consisting of a loan up to US$1,288,500,000 under a Tranche A Facility and US$702,300,000 under a convertible Tranche B Facility.
• Represented a hedge fund on a DIP loan to LATAM Airlines consisting of a loan up to US$1,300,000,000 under a Tranche A Facility, up to US$750,000,000 under a Tranche B Facility and up to US$1,150,000,000 under a Tranche C Facility.
• Represented Centric Brands Inc., a leading lifestyle brands collective, and certain of its subsidiaries in their chapter 11 cases to recapitalize approximately $1.8 billion in funded indebtedness. Centric filed with a restructuring support agreement backed by its key funded debtholders, $435 million in debtor-in-possession financing, and a path to a quick and consensual emergence with a capital structure reduced by approximately $700 million.
• Represented VIP Cinema Holdings, Inc. and certain of its affiliates (“VIP”), a multinational enterprise that is one of the largest manufacturers, and a pioneer, of luxury seating products for movie theaters, in its prepackaged Chapter 11 case in Delaware. In connection with its restructuring, VIP reached agreements with its first lien and second lien lenders, and its private equity sponsor, prior to filing the Chapter 11 case to deleverage its balance sheet by approximately $178 million.
• Represented ad hoc group of creditors in chapter 11 cases filed in the United States Bankruptcy Court for the District of Delaware. The ad hoc group sponsored a chapter 11 plan of reorganization that eliminated approximately $1.9 billion of debt from the company’s balance sheet and provided the company with $575 million in new capital.*

Sponsor and Company Engagements

• Represented Trinseo PLC in connection with a $150,000,000 non-recourse special purpose entity financing provided by credit funds and accounts managed by KKR Credit Partners.
• Finance counsel to Tronox Holdings plc in connection with several senior secured and unsecured finance arrangements.
• Represented a portfolio company of a hedge fund in connection with a $117 million term loan facility provided by affiliates of Oaktree Capital Management, L.P., the proceeds of which were used to fund a tack on acquisition and make a distribution to the owners of the business.
• Finance counsel to Alert 360 in several senior secured financing arrangements.
• Represented Platinum Equity in connection with several acquisition financings.*

*Experience prior to joining Ropes & Gray