Bankruptcy & Restructuring This past year, Hughes Hubbard attorneys served leading roles in many of the largest and most complex pending bankruptcy cases, many of which were caused by, and involve unique challenges relating to, the ongoing pandemic.

Mexican Flag Carrier Airline Chapter 11

Hughes Hubbard continued its ongoing representation of Delta Air Lines in Aeroméxico’s multi-billion dollar chapter 11 cases. During the chapter 11 case, Delta was the majority equity holder of Aeroméxico, as well as being an important strategic partner in Aeroméxico’s reorganization plan.

Resolution of Historic Tort Liabilities

The firm has been serving as counsel to French mining company Imerys S.A. in effectuating a negotiated settlement between the company, its debtor subsidiaries and current and potential personal injury claimants. Once approved, the settlement will fully resolve Imerys’ historic tort liability related to its mining and sale of talc, including as a supplier to Johnson & Johnson for its baby powder.

Chapter 11 Plan of Liquidation Approval

HHR continues to represent DNB Bank ASA and Skandinaviska Enskilda Banken AS as co-lenders under a term credit facility with marine drilling service company Hermitage Offshore Services LTD. The lenders negotiated a chapter 11 plan of liquidation with the debtors providing for further cash payments, which the U.S. Bankruptcy Court approved in June. HHR also served as special counsel to DNB as a member of the Official Committee of Unsecured Creditors of Valaris plc, a London-based offshore drilling contractor.

Lehman Team Triumphs in 2d Circuit Appeal on Compensation Claim

In the final claims dispute in the liquidation of Lehman Brothers Inc., HHR secured an appellate victory when the Second Circuit affirmed two lower court rulings in favor of the trustee’s treatment of more than $300 million in deferred compensation claims.

This was the latest in a string of successes for our decade-long representation of the trustee in the liquidation of the largest bankruptcy in history. The Lehman Brothers Inc. estate was the largest of all worldwide Lehman insolvency proceedings by assets distributed, which totaled more than $123 billion.

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Complex Cross-Border Airline Bankruptcies

The firm continues to represent Wells Fargo in the LATAM, Norwegian, Hainan Philippine and Avianca airline bankruptcies. Wells Fargo is an indenture/security trustee for 19 secured financing facilities totaling approximately $3.3 billion used to fund the purchase of aircraft, and owner trustee for approximately 90 separate transactions. HHR has implemented strategies that have protected note holder recoveries, providing full and timely payments on a current basis.

Administering Approximately $2B in Claims

HHR is responsible for administering approximately $2 billion in claims as post-effective date counsel to Cenveo in its chapter 11 cases. Last year, the firm also advised Cenveo as a creditor and a member of the creditors’ committee in Country Fresh’s bankruptcy proceedings. This cross-border case involved U.S. and Canadian asset sales, and involved complex issues relating to the treatment of suppliers of fruits and vegetables under the Perishable Agricultural Commodities Act.

Administering More Than $1.1 Billion and Processing More Than 700,000 Claims

The firm served as general counsel to one of the first Bankruptcy Code 524(g) trusts, Eagle Picher, in the successful conclusion of litigation related to the Trust’s potential liability arising out of Eagle Picher’s involvement in the lead paint and pigment industry – a multi-hundred million dollar issue that could have resulted in the creation of an entirely new trust. The Trust also remained largely out of several litigation frays involving novel state laws related to asbestos liability and contentious bankruptcy proceedings involving talc and asbestos.