Oliver S.Zeltner

Associate

Cleveland + 1.216.586.7573

Oliver Zeltner advises corporate, financial, and municipal clients in insolvency, restructuring, and bankruptcy situations across a variety of industries. Oliver's experience includes both chapter 11 and out-of-court representations in the energy, telecom, mining, automotive, gaming, and financial services industries. He also represented the City of Detroit in its historic municipal bankruptcy case.

Oliver regularly counsels clients in all aspects of bankruptcy and restructuring matters, including distressed asset transactions, fraudulent conveyance, preference, and fiduciary duty actions, automatic stay issues, environmental liability, cash collateral, post-petition financing, and jurisdictional issues arising in bankruptcy. Oliver's clients span the spectrum of interested parties in restructuring matters, including debtors and potential debtors, secured creditors, parents of insolvent subsidiaries, avoidance action defendants, and sellers and purchasers of distressed assets.

Oliver has represented, among other clients: Alpha Natural Resources, the City of Detroit, EIG Global Energy Partners, M&G USA Corporation, Old Carco Liquidation Trust (the liquidating successor to Chrysler), and Peabody Energy Corporation.

Experience

  • Peabody Energy completes comprehensive exchange transactionJones Day represented Peabody Energy Corporation (the "Company"), a large private-sector coal company, in connection with a series of recapitalization transactions to, among other things, provide the Company with maturity extensions and covenant relief, while allowing it to maintain sufficient operating liquidity and financial flexibility, including: (i) an offer to exchange any and all of its outstanding $459 million aggregate principal amount of 6.000% Senior Secured Notes due 2022 (the "Existing Notes") for (a) new 10.000% Senior Secured Notes due 2024 to be co-issued by PIC AU Holdings LLC, a Delaware limited liability company and an indirect, wholly-owned subsidiary of Peabody ("AU HoldingsCo"), and PIC AU Holdings Corporation, a Delaware corporation and an indirect, wholly-owned subsidiary of Peabody ("AU HoldingsCorp" and, together with AU HoldingsCo, the "Co-Issuers"), and (b) new 8.500% Senior Secured Notes due 2024 to be issued by Peabody; and (ii) a restructuring of the revolving loans under the Company's existing credit agreement (the "Existing Credit Agreement") by (a) making a pay down of revolving loans thereunder in the aggregate amount of $10 million, (b) the co-issuers incurring $206 million of term loans under a credit agreement, dated as of January 29, 2021, (c) the Company entering into a letter of credit facility, and (d) the Company amending the existing credit agreement.
  • 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").
  • FirstEnergy's subsidiary will emerge from bankruptcy and separate from parentJones Day represented FirstEnergy Corp. and its non-debtor affiliates (FirstEnergy) in connection with the chapter 11 cases commenced on March 31, 2018, by its subsidiary First Energy Solutions, Inc. and certain of its other unregulated subsidiaries in the Northern District of Ohio, which are some of the largest chapter 11 cases to be filed in Ohio in recent memory.
  • Westmoreland chapter 11 plan confirmedJones Day represented Westmoreland Resource Partners LP (WMLP) and its debtor-subsidiaries (the WMLP Debtors) and the Conflicts Committee in their chapter 11 cases commenced on October 9, 2018, in the Southern District of Texas.
  • Alpha Natural Resources plan confirmed by U.S. Bankruptcy CourtOn July 12, 2016, the United States Bankruptcy Court for the Eastern District of Virginia entered an order confirming the Second Amended Joint Plan of Reorganization of Alpha Natural Resources, Inc. and 148 of its debtor affiliates, less than one year after Alpha, one of the largest coal companies in the United States, entered chapter 11 with liabilities of approximately $7.1 billion amidst the most challenging economic environment for coal producers in decades.
  • City of Detroit's chapter 9 plan of adjustment confirmedJones Day served as lead restructuring counsel to the City of Detroit in connection with its chapter 9 bankruptcy case filed in July 2013 and its ongoing restructuring efforts.