Nicholas J.Morin (Nick)

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Nick Morin represents distressed companies and their lenders in connection with in-court and out-of-court funded debt and operational restructurings. Nick has worked on distressed financings, distressed acquisitions, complex bankruptcy litigation, and other chapter 11 and insolvency-related matters. Nick's experience involves workouts of direct lending/private credit loans, in addition to more broadly syndicated debt instruments. He regularly advises companies and debtholders on liability management strategies and risks.

Nick has represented significant creditor groups in various restructurings, including creditors of: Intelsat (represented group of holders of secured and unsecured debt in restructuring of $15 billion of funded debt in two-year chapter 11 case); Syncreon (represented group of secured lenders in restructuring of $1 billion of funded debt in UK scheme proceeding and related chapter 15 case); Sungard AS (represented group of term loan lenders in restructuring of $1.2 billion of funded debt in a two-day chapter 11 case); David's Bridal (represented group of term loan lenders in restructuring of $800 million of funded debt); and Bon-Ton (represented group of second lien noteholders in $125 million credit bid to acquire rights in company's assets).

In addition, Nick has represented many companies in distressed situations, including: Diebold Nixdorf (in restructuring more than $2.7 billion of funded debt through first-ever chapter 11 plan and Dutch Scheme); Peabody Energy (in restructuring more than $8 billion of funded debt through chapter 11 plan); M&G USA Corporation (in the sale of assets for more than $1 billion); and Rex Energy (in the sale of assets for more than $600 million).

Erfahrung

  • PHINIA Inc. completes $525 million Senior Secured Notes offering and amends credit agreementJones Day represented PHINIA Inc. in connection with (i) a Rule 144A and Regulation S offering of $525 million aggregate principal amount of 6.75% Senior Secured Notes due 2029 and (ii) an amendment to the credit agreement that governs the company's existing credit facilities to modify certain covenants, remove the mandatory prepayment provision based on quarterly and annual operating cash flow calculations, and increase the required total net leverage ratio under the company's financial covenant.
  • Diebold Nixdorf obtains $200 million super-priority senior secured revolving credit facilityJones Day represented Diebold Nixdorf, Incorporated, a multinational financial and retail technology company that specializes in the sale, manufacture, installation, and service of self-service transaction systems (such as ATMs and currency processing systems), point-of-sale terminals, physical security products, and software and related services for global financial, retail, and commercial markets, and certain of its domestic subsidiaries in obtaining a $200 million super-priority senior secured revolving credit facility.
  • Diebold Nixdorf obtains $1.25 billion senior secured exit credit facilityJones Day represented Diebold Nixdorf, Incorporated, a multinational financial and retail technology company that specializes in the sale, manufacture, installation, and service of self-service transaction systems (such as ATMs and currency processing systems), point-of-sale terminals, physical security products, and software and related services for global financial, retail, and commercial markets, in connection with a new $1.25 billion senior secured term loan facility as part of it’s emergence from chapter 11 bankruptcy and other domestic and foreign court-supervised restructuring proceedings.
  • Diebold Nixdorf successfully restructures over $2.7 billion in funded debt and completes the first-ever dual proceeding under the U.S. bankruptcy code and Dutch restructuring law in 71 daysIn the first-ever cross border restructuring involving dual main proceedings under chapter 11 of the U.S. Bankruptcy Code and a scheme of arrangement (the "Dutch Scheme") under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord ("WHOA")), and the first-ever chapter 15 recognition of Dutch Scheme proceedings and a sanctioned WHOA reorganization plan (the "WHOA Plan"), Jones Day represented Diebold Nixdorf, Incorporated ("Diebold") and certain of its U.S. and Canadian subsidiaries (the "Debtors") in connection with (i) the prepackaged chapter 11 cases of In re Diebold Holding Company, LLC, et al., (Case No. 23-90602-DRJ) commenced on June 1, 2023, in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"); (ii) the Dutch Scheme, commenced on June 1, 2023 by Diebold Nixdorf Dutch Holding B.V. (the "Dutch Issuer") in the District Court of Amsterdam (the "Dutch Court"), and (iii) the chapter 15 proceedings before the Bankruptcy Court commenced by the foreign representative of the Dutch Issuer, wherein the Bankruptcy Court recognized the Dutch Scheme proceeding as a foreign main proceeding and recognized and extended comity to the WHOA Plan that was sanctioned by the Dutch Court.
  • Diebold Nixdorf obtains $1.25 billion senior secured superpriority DIP credit facilityJones Day is representing Diebold Nixdorf, Incorporated (the “Company”), a multinational financial and retail technology company that specializes in the sale, manufacture, installation, and service of self-service transaction systems (such as ATMs and currency processing systems), point-of-sale terminals, physical security products, and software and related services for global financial, retail, and commercial markets, and certain of its domestic and foreign subsidiaries (collectively, the “Debtors”) in (i) a pre-packaged chapter 11 proceeding in front of the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), (ii) a scheme of arrangement by Diebold Nixdorf Dutch Holding B.V. (the “Dutch Issuer”) and the related voluntary proceeding in front of the District Court of Amsterdam under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord), and (iii) an anticipated proceeding commenced by the Dutch Issuer under chapter 15 in the Bankruptcy Court, seeking recognition of such scheme of arrangement.
  • M/C Partners makes offer for GigaMonsterJones Day is advising M/C Partners in the $5.8 million debtor-in-possession loan to and related $14 million offer for the distressed assets of GigaMonster Networks LLC as part of a Chapter 11 reorganization.
  • Intelsat closes $6.7 billion DIP-to-exit financing transactionsOn May 13, 2020, Intelsat S.A. and certain of its direct and indirect subsidiaries (the “Intelsat Parties”) filed voluntary petitions with the U.S. Bankruptcy Court for the Eastern District of Virginia commencing their respective cases under Chapter 11 of the Bankruptcy Code.
  • OmniMax sells company to SVPGlobalJones Day advised OmniMax International, Inc., the leading national manufacturer of residential roof drainage systems and a top supplier of products for outdoor living, recreational vehicle, and other building end markets, in its acquisition by Strategic Value Partners, LLC and its affiliates ("SVPGlobal").
  • Members of Intelsat Jackson Crossover Group to own 96% of reorganized Intelsat equity following complex chapter 11 plan confirmation processJones Day represents the largest creditor constituency (the "Jackson Crossover Group") holding more than 47% ($7 billion) of the debtors' entire funded debt in the highly complex chapter 11 cases of In re Intelsat S.A., et al. (Case No. 20-32299-KLP), pending in the Eastern District of Virginia bankruptcy court (the "Bankruptcy Court").
  • Jefferies acts as agent for an incremental facility and credit agreement for Internap CorporationJones Day represented Jefferies LLC, as agent, in connection with a $5 million incremental facility and 8th amendment to its credit agreement for Internap Corporation, a global supplier of IT infrastructure services.
  • Ad hoc group of senior secured lenders advised in landmark restructuring of the syncreon groupJones Day acted for the ad hoc group of senior secured lenders in the landmark restructuring of the global logistics syncreon group which was implemented via English Schemes of arrangement, with chapter 15 recognition in the U.S. and CCAA recognition in Canada.
  • OGE Energy acquires 146 MW combined cycle natural gas-fired power generation facilityJones Day advised Oklahoma Gas and Electric Company, a subsidiary of OGE Energy Corp., in the purchase of a 146 MW combined cycle natural gas-fired power generation facility from Oklahoma Cogeneration, LLC in Oklahoma City, and subsequently renamed it Frontier Power Plant.
  • OGE Energy acquires 360 MW coal-fired generation facilityJones Day advised Oklahoma Gas and Electric Company, a subsidiary of OGE Energy Corp., in the purchase of a 360 MW coal-fired generation facility and associated equipment from AES Shady Point, LLC, now known as River Valley Power Plant.
  • Sungard AS secured term loan lenders receive $300 million of secured debt and 89% of equity in fast-tracked two-day chapter 11 caseJones Day represented a group of secured term loan lenders of Sungard Availability Services ("Sungard AS"), a leading provider of critical data recovery and production services and related integrated solutions, in connection with its prepackaged chapter 11 case filed in the U.S. Bankruptcy Court for the Southern District of New York.
  • Zeavion Holding Pte. Ltd. contract assumed in Gymboree bankruptcyJones Day successfully represented Zeavion Holding Pte. Ltd., a significant trademark license holder, in connection with, among other things, the assumption and assignment of a significant trademark license and ancillary agreement from Gymboree to The Children's Place in connection with Gymboree's section 363 sale of substantially all of certain Gymboree assets to The Children's Place.
  • Rex Energy successfully closes $600.5 million 363 asset sale and confirms plan of liquidation with releases and exculpation provisionsA multi-disciplinary Jones Day team represented Rex Energy Corporation in the negotiation of a Restructuring Support Agreement ("RSA") with its first and second lien creditors that formed the foundation for a successful chapter 11 process.
  • Peabody Energy exits chapter 11 in less than a yearFacing unprecedented industry conditions in late 2015 and early 2016, Peabody Energy Corporation, the world's largest private-sector coal company, and 153 of its direct and indirect subsidiaries filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri on April 13, 2016.
  • Peabody Energy completes $1 billion offering of Senior Secured NotesJones Day represented Peabody Energy Corporation (PEC), a large private-sector coal company, in connection with a Rule 144A offering of $1.0 billion aggregate principal amount of Senior Secured Notes, consisting of $500 million of 6.000% Senior Secured Notes due 2022 and $500 million of 6.375% Senior Secured Notes due 2025.
  • Peabody Energy successful in defense of Patriot Coal's claimJones Day represented Peabody Energy Corporation ("PEC") when Patriot Coal revisited bankruptcy on May 12, 2015, having filed for chapter 11 protection in the Eastern District of Virginia with $2 billion in assets against $2.4 billion in debt (collectively, "Patriot 2").
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    July 2024 Newsletters

    Business Restructuring Review Vol. 23 No. 4 | July–August 2024

    July 2024 Newsletters

    Circuit Split: Eleventh Circuit and Second Circuit Disagree on Eligibility Requirements for Chapter 15 Debtors

    May 2024 Newsletters

    Business Restructuring Review Vol. 23 No. 3 | May-June 2024

    May 2024 Newsletters

    Cayman Islands Branch of FDIC-Insured U.S. Bank Ineligible for Chapter 15 Relief

    February 2020 Newsletters

    Stay Extended to Bar Litigation Against Chapter 15 Foreign Representatives but No Ruling on Extraterritoriality of Barton Doctrine

    November 2019 Commentary

    Cross-Border Restructuring Case Study: syncreon

    August 2019 Newsletters

    The Fifth Circuit Rules That a Make-Whole Premium Is Unmatured Interest Generally Disallowed in Bankruptcy

    February 2019 Jones Day Publications

    No Comity Extended to Foreign Bankruptcy Without Chapter 15 Recognition

    March/April 2017 Newsletters

    Chapter 15 Inapplicable Unless "Foreign Representative" Seeks Enforcement of Foreign Insolvency Court’s Order

    Janaury/February 2017 Jones Day Publications

    Delaware Bankruptcy Court Rules That Lenders Are Free to Enforce Contract Rights and "Negotiate Hard" Against Distressed Borrowers at Arm’s Length
    Weitere Veröffentlichungen

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