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Professionals 104 results
Capabilities 44 results
Practice Area
Bankruptcy Litigation & Investigations
Large corporate bankruptcies and companies in financial distress often spawn a complex web of claims by lenders, trustees, debtors, creditors, creditors’ committees, investors, shareholders, and other constituents. Attorneys in Winston & Strawn’s complex commercial litigation group and restructuring and insolvency group—both ranked in Tier 1 by Best Law Firms®—serve as trusted advisors and resolute advocates to protect clients’ business interests and assets in multifaceted Chapter 11 cases and bankruptcy-related disputes.
Practice Area
Winston is a global powerhouse in the restructuring and insolvency space. We offer a fully integrated team of attorneys across a global platform to guide clients through any distressed situation, whether the client is a savvy and interested investor, a creditor seeking to maximize its recovery, or a company aiming to proceed through a successful yet complex restructuring. We have advised stakeholders in some of the highest-profile restructurings and bankruptcy cases in the United States and beyond, including Caesars Entertainment, ResCap, the Los Angeles Dodgers, Enron, Lehman Brothers, Pacific Gas & Electric, LATAM Airlines, and the Commonwealth of Puerto Rico, among others.
Practice Area
Securities, M&A & Corporate Governance Litigation
In today’s market, litigators with experience in securities, corporate governance, and M&A-related (collectively, “securities litigation”) matters need to leverage their broad experience to serve as both advocate and as counsel and strategist, focused on helping clients to overcome not just a legal issue but a collective business problem. Given the frequent interplay between things such as corporate-control transactions, public offerings, activist shareholders, the use of complex derivatives and other financial instruments, bad news impacting stock performance, regulatory inquiries and investigations, and insurance coverage, strategic and tactical litigation decisions can have a wide-ranging impact on the success of a given transaction, as well as on companies, their boards, senior management, and advisors.
Experience 5 results
Experience
|October 1, 2021
Ranger Energy Services, Inc.'s Acquisition of Basic Energy Services, Inc
Winston & Strawn LLP represented Ranger Energy Services, Inc. (NYSE: RNGR), an independent provider of well service rigs and associated services in the United States, in the closing of its previously announced acquisition of certain assets of Basic Energy Services, Inc. and its subsidiaries through its controlled subsidiary Ranger Energy Acquisition, LLC. The assets were sold by Basic as part of its bankruptcy process. The agreement to purchase the assets was approved by the U.S. Bankruptcy Court on September 23, 2021. The purchase price of approximately US$36.65M was paid with proceeds from the private placement described below. As previously announced, in connection with the acquisition, the Company’s controlled subsidiary RNGR Energy Services, LLC, entered into a credit facility on September 27, 2021 with Eclipse Business Capital LLC as the sole administrator and collateral agent and Eclipse Business Capital SPV, LLC as the sole lender, for a new US$77.5M credit facility consisting of a US$50M revolving credit facility, a US$12.5M M&E term loan facility, and a US$15M term loan B facility. Concurrent with the close of the acquisition, the Company also closed its previously announced private placement of US$42M of shares of its newly issued Series A Convertible Preferred Stock to certain accredited investors. In addition, concurrent with the close of the acquisition, Ranger LLC and the Company completed the previously announced redemption of the outstanding units of Ranger LLC and of corresponding shares of Class B Common Stock of the Company held by affiliates of CSL Capital Management, L.P. and Bayou Well Holdings Co., LLC for an equivalent number of shares of Class A Common Stock of the Company. Following the redemptions, no shares of Class B Common Stock of the Company are issued and outstanding.
Experience
|November 23, 2020
Triple-S Tube Supply Acquires Real Property and Improvements in Private Bankruptcy Sale
Winston & Strawn LLP represented Triple-S Tube Supply, LP in the purchase of two parcels of real property and improvements located in Conroe and Houston, Texas in the Energy Alloys, LLC chapter 11 bankruptcy case. Energy Alloys had already significantly finalized its purchase agreement for these properties with another buyer and had sought expedited bankruptcy court approval of this private sale. In approximately a week, Winston & Strawn M&A/real estate and bankruptcy attorneys worked with our client to formulate a higher and better bid, revise the purchase agreement and ancillary documents, and negotiate a revised sale order. Energy Alloys decided to pivot to our client as the buyer. Accordingly, our attorneys further worked with Energy Alloys to successfully resolve objections brought by the U.S. Trustee, and certain county agencies and governments. On November 23, 2020, the Bankruptcy Court, with the support of the creditors’ committee, approved the private sale of the real property to our client.
Experience
|November 20, 2020
FTS International Completes Financial Restructuring
Winston & Strawn LLP represented FTS International, Inc. (NYSE American: FTSI) (FTSI) as co-counsel in its fully consensual financial restructuring and emergence from Chapter 11. The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division confirmed FTSI’s prepackaged plan of reorganization (the "Confirmed Plan") on November 4, 2020. Pursuant to the Confirmed Plan, FTSI deleveraged its balance sheet by equitizing approximately US$440M of prepetition funded debt, resulting in holders of FTSI’s legacy senior notes and term loan collectively holding over 90% of FTSI’s new common stock. Holders of FTSI’s legacy equity interests received approximately 9.4% of FTSI’s new common stock under the Confirmed Plan. Upon emergence, FTSI had approximately US$90M cash on hand and has entered into a new US$40M asset-based revolving credit facility with Wells Fargo Bank, N.A., as administrative agent and lender, to support working capital needs. Headquartered in Fort Worth, Texas, FTSI is one of the largest independent hydraulic fracturing service companies and one of the only vertically integrated service providers of its kind in North America.
Insights & News 211 results
Speaking Engagement
|November 8, 2024
Keerthika Subramanian Discusses Equity Rights Offerings for Distressed Issuers Outside Chapter 11
Winston & Strawn partner Keerthika Subramanian will be leading a session for the Practising Law Institute program on liability management, focusing on equity rights offerings as an alternative for distressed companies. As many pandemic-era debt issuances are nearing maturity, companies face challenges due to the high cost of capital and market volatility. This session will explore how equity rights offerings, traditionally used in Chapter 11 bankruptcies and by foreign issuers, are becoming a viable option for domestic issuers outside of bankruptcy.
Recognitions
|November 7, 2024
|Less Than 1 Min Read
Winston Merits 98 Tier 1 Rankings in the 2025 Edition of Best Law Firms®
Winston & Strawn received a cumulative 98 Tier 1 practice area rankings in the 2025 edition of Best Law Firms®. 23 Winston practice areas received a National Tier 1 ranking, and 75 received local Metropolitan Tier 1 rankings across the firm’s Charlotte, Chicago, Dallas, Houston, Los Angeles, Miami, New York City, San Francisco, and Washington, D.C offices.
Client Alert
|October 25, 2024
|6 Min Read
Burdensome Proposed FDIC FBO Account Rules Loom Large for Banks and FinTechs
On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking (the Proposed Rule) that would heighten record-keeping requirements on FDIC-insured depository institutions (banks) that maintain transactional deposit accounts for financial technology (FinTech) firms and other third parties that act as agents on behalf of an end customer—e.g., a digital-wallet customer, a buyer of a prepaid access card, and the like. If the FDIC finalizes the Proposed Rule, banks that maintain so-called FBO or for-the-benefit-of accounts (also referred to as custodial accounts) with their FinTech partners will need to update their program agreements and data-keeping practices, reconcile customer account balances on a daily basis, and make annual filings with the FDIC.
Other Results 17 results
Location
Since opening in 2011, Winston & Strawn’s Houston office has grown to more than 60 attorneys and is home to many long-standing leaders of the Houston legal and business communities. Our Houston office hosts a comprehensive transactional team specializing in private equity, capital markets, and public companies, as well as extensive commercial litigation and intellectual property practices—with nearly all Houston IP attorneys possessing technical degrees. We are also home to a leading energy and infrastructure group that focuses on oil and gas projects and infrastructure litigation, and an international arbitration practice. Our robust offerings demonstrate our commitment to the continued growth of the city’s global, economic, and cultural footprint.
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Location
Winston & Strawn’s Miami office opened in 2022 and represents the firm’s largest expansion in several years. Located in the heart of the city’s Financial District, the office launched with a strong team of transactional and litigation partners from prestigious law firms operating in South Florida. Our Miami office leverages the area’s status as a critical nexus point for banking and international trade with the United States, Europe, Latin America, and other parts of the world. Our attorneys have the cultural fluency and local knowledge necessary to work seamlessly with international clients, particularly those with ties to Latin America.