Elizabeth R. McColm

A partner in the Bankruptcy and Corporate Reorganization Department, Elizabeth McColm specializes in the areas of corporate restructurings and bankruptcy. She has been involved in major restructurings and bankruptcies representing debtors, creditors and acquirers of assets.

Experience

Elizabeth's recent representations include:

• 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 Ad Hoc Committee of Lenders of Eitzen Chemical, a Norwegian shipping company, in connection with a restructuring of over $1 billion of debt obligations;
• Boart Longyear Limited, a Utah-based global supplier of drilling services, drilling equipment and performance tooling, in its recapitalization by Centerbridge Partners, L.P., a New York-based private equity firm;
• Oaktree Capital Management, L.P. in the Excel Maritime Carriers and TMT Procurement Corporation chapter 11 cases;
• Agents for two lending syndicates in the Genco Shipping and Trading Limited chapter 11 case;
• An Ad Hoc Group of Secured Lenders in a cross-border restructuring of Ceva Group PLC, one of the world's largest non-asset based supply chain management companies. In a two part out-of-court exchange CEVA eliminated approximately EURO 1.3 billion of consolidated net debt, reduced its cash interest expense by over €130 million and received cumulative new capital commitments of over €230 million for investment in its business plan;
• the senior secured lenders to Australian-based Nine Entertainment Group in the restructuring of more than AUS $2 billion of debt by means of a scheme of arrangement;
• the Official Committee of Unsecured Creditors of Tronox Incorporated in the company's chapter 11 case. The company restructured through a complex settlement of its environmental liabilities and by raising $550 million in exit financing, including $185 million through an equity rights offering;
• the Ad Hoc Committee of Bondholders of Quebecor Inc. in the company's cross-border U.S. and Canadian bankruptcy filings;
• 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 Group of Senior Subordinated Bondholders of Simmons Bedding Company in the company's prepackaged chapter 11 filing. The filing was part of a larger plan for the $760 million purchase of the company by private equity fund Ares Management LLC and the Ontario Teachers' Pension Plan;
• the Ad Hoc Committee of Unsecured Bank Lenders and Bondholders of Stallion Oilfield Services as the company reorganized and emerged from chapter 11 protection. As part of its reorganization, Stallion eliminated approximately $515 million of unsecured debt in exchange for 98 percent of the common equity in the reorganized company;
• the Bondholder Group of Holley Performance Products in connection with the company's restructuring; and
• the Official Committee of Unsecured Creditors of Navigator Gas Transport in connection with a plan of reorganization in the company's chapter 11 proceedings.

She also has represented bondholder groups in out-of-court restructurings and exchanges, including:

• the Ad Hoc Committee of Bondholders of GMAC in a $28.5 billion debt-exchange offer, one of the largest exchange offers ever consummated;
• the Ad Hoc Bondholder Committee of Equity Office Properties Trust in connection with a potential tender offer; and
• the Ad Hoc Bondholder Committee of Tyco International (including several prominent investment funds) in their suit against Tyco over the spin-off of its Electronics and Healthcare divisions.

Her significant debtor representations include:

• School Specialty, Inc. in connection with its chapter 11 case;
• Houghton Mifflin Harcourt Publishing Company and its affiliates in their prepackaged chapter 11 cases involving the restructuring of over $3 billion in debt;
• The Penn Traffic Company in connection with its chapter 11 case; and
• The Warnaco Group in connection with its chapter 11 case.

Elizabeth was Secretary of the Committee on Bankruptcy and Corporation Reorganization of the Association of the Bar of the City of New York from 2005 to 2008.

The Legal 500 recognized that Elizabeth "has an art for handling difficult personalities to reach consensus;" and IFLR1000 recognized her as a "Leading Lawyer" in restructuring and insolvency. Elizabeth also recently co-authored, with fellow Paul, Weiss partner Alan Kornberg, a chapter in the International Comparative Legal Guide (ICLG)To Corporate Recovery and Insolvency 2015.

Practices

• Bankruptcy & Corporate Reorganization
  

Education

• LL.B., University of Western Australia, 1994
  with honors

Clerkship

• Hon. Robert J. Anderson, Supreme Court of Western Australia

Bar Admissions

• New York

See Library Tab for articles, publications and presentations by Elizabeth McColm