Andrew N. Rosenberg

A partner in the Bankruptcy and Corporate Reorganization Department and member of the firm’s Management Committee, Andy primarily practices in the areas of corporate restructuring and bankruptcy with additional focus in representing lenders in providing financing to highly leveraged companies.

Experience

Andy has broad experience on both the debtor and creditor side of many recent major bankruptcies and restructurings.

His official and unofficial bank lender and bondholder committee experience includes:

• the Ad Hoc Committee of Bondholders of General Motors Co. in connection with GM's chapter 11 case;
• the Bondholders of CIT Group Inc. in the largest prepackaged bankruptcy ever completed;
• the Ad Hoc Committee of Bondholders of GMAC in a $28.5 billion debt exchange offer, one of the largest exchange offers ever consummated;
• an Ad Hoc Group of Secured Lenders in a cross-border restructuring of U.K.-based Ceva Group Plc, one of the world's largest non-asset based supply chain management companies, through a two part out-of-court exchange;
• the Official Committee of Unsecured Creditors of Quicksilver Resources Inc., a Texas-based oil and gas exploration and production company with over $2 billion in indebtedness;
• the informal committee of certain holders of second and third lien secured notes of Altegrity, Inc., a global risk and information services company that provides employment background screening and risk and information management services and solutions, as well as certain lenders of post-petition financing, in connection with Altegrity's restructuring through a pre-arranged chapter 11 case;
• the ad hoc committee of lenders of Eitzen Chemical, a Norwegian shipping company, in connection with a restructuring of over $1 billion of debt obligations;
• an Ad Hoc Group of Lenders, and later the successor administrative agent, under Eagle Bulk Shipping's $1.2 billion secured credit facility in connection with the company's restructuring and prepackaged chapter 11 case;
• the Steering Committee of Senior Secured Noteholders of GMX Resources Inc. in the company's chapter 11 case; in connection with the successful consummation of the plan of reorganization supported by the Steering Committee, GMX significantly reduced its debt from approximately $505 million to $60 million through a debt-for-equity conversion in which senior secured noteholders received all of the equity interests in the reorganized company;
• an Ad Hoc Group of Bank Lenders in extensive litigation with W.R. Grace & Co. regarding the lenders' entitlement to postpetition interest at the default rate under their credit agreement; including briefing and oral argument before the United States Court of Appeals for the Third Circuit;
• the Bondholders of Nortek, Inc. in connection with the company's prepackaged chapter 11 reorganization, which cut the total debt by roughly $1.3 billion;
• the Unofficial Committee of Second-Lien Debtholders of Calpine Corporation in the successful negotiation of a full payout in cash with postpetition interest and a payment premium in the company's chapter 11 case;
• the Ad Hoc Committee of Dynegy Inc. in connection with the company's bankruptcy case and negotiation of a pre-arranged restructuring of $3.6 billion of unsecured claims;
• the Ad Hoc Committee of Bondholders of Quebecor Inc. in the company's cross-border U.S. and Canadian bankruptcy filings;
• the Ad Hoc Committee of Senior Secured Bondholders of Trico Marine Group in connection with an out-of-court exchange of $400 million in senior secured debt to equity of the Trico Marine Group and raising a new $100 million working capital facility;
• the Ad Hoc Committee of Bondholders of The Rouse Companies with a pre-bankruptcy effort to achieve an out-of-court restructuring of The Rouse Companies/General Growth Properties' $2.2 billion of bonds;
• the Official Unsecured Creditors' Committee of Armstrong Industries Inc. in an important victory before the Third Circuit Court of Appeals in connection with Armstrong's reorganization plan; and
• the Bondholders of Tyco International Ltd. (including several prominent investment funds) in their suit against Tyco over the spin-off of its Electronics and Healthcare divisions.

On the debtor side, he recently served as debtor's counsel to:

• Penson Worldwide, Inc., a provider of financial clearing services and related operational and technology products, in its restructuring efforts with two groups of bondholders that together were owed nearly $280 million and its subsequent liquidating chapter 11 case in Delaware, which included a sale of Penson's operating subsidiary, Nexa Technologies, as a going-concern to a Canadian financial services cooperative;
• SpectraSite Communications, Inc. with its $2 billion chapter 11 restructuring;
• Top-Flite Golf Company with its filing for bankruptcy and selling of its assets to Callaway Golf Co. for approximately $170 million; and
• Cone Mills Corporation with its chapter 11 sale.

He also recently represented Centerbridge Partners, L.P. and Oaktree Capital Management, L.P. in connection with a term loan and stock purchase to recapitalize Billabong International Limited, a public corporation organized in Australia that specializes in the sale of apparel and accessories related to skateboarding and surfing.

Andy has also represented various companies upon completion of restructuring transactions. These include among other representations, ABHR Holdings, True Temper and U.S. Concrete.

Andy was named to The American Lawyer's list of 2010 "Dealmakers of the Year" for his work on behalf of CIT Group Inc. He has also been listed in The Best Lawyers in America for bankruptcy and creditor and debtor rights/insolvency and reorganization law and bankruptcy litigation since 2011, where he is described as "an outstanding attorney who is THE 'go-to' restructuring professional." Chambers USA describes Andy as "the best tactician and negotiator on the street; if you want a consensual deal done, he is the best" and "he, more than anyone, is a one phone call hire" for his bankruptcy/restructuring work. Chambers Global praises Andy for the "very impressive" deal-making ability he brings to a case. The Legal 500 recognizes Andy as a "Leading Lawyer" in corporate restructuring and notes that he is "a fabulous lawyer with a deservedly excellent reputation" and he is "the person you call when you have a hairy situation and want to avoid court." In 2013, Andy was named a National Litigation Star for Bankruptcy by Benchmark Litigation and in 2015, he was again named a "Leading Lawyer" in restructuring and insolvency by the IFLR1000.

Andy was recently recognized by the Turnaround Management Association (TMA) alongside AlixPartners for the "International Turnaround of the Year" award for his work with the DeepOcean Group. Additionally, Andy's work for the Ad Hoc Committee of Dynegy Bondholders was separately recognized as "Highly Commended" by the Financial Times' report of "U.S. Innovative Lawyers 2012," and the Financial Times also recognized his work on the restructuring of CIT Group as "Highly Commended" in its report of "U.S. Innovative Lawyers 2010."

Practices

• Bankruptcy & Corporate Reorganization
• Corporate
• Finance
  

Education

• J.D., Duke University School of Law, 1991
  cum laude
• B.A., Amherst College, 1985
  cum laude

Bar Admissions

• New York

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