Oliver S. Zeltner

Partner

Houston + 1.832.239.3757

Oliver Zeltner advises corporate clients in insolvency, restructuring, distressed asset transactions, and bankruptcy across industries such as retail, energy, manufacturing, automotive, health care, aerospace, and finance. His experience includes chapter 11 cases and out-of-court restructurings, as well as mass tort matters and Detroit's historic municipal bankruptcy case. Oliver counsels on all aspects of bankruptcy, including distressed asset transactions, chapter 11 plan negotiations, fraudulent conveyance and fiduciary duty actions, automatic stay issues, environmental liability, cash collateral, and post-petition financing.

Clients include debtors and potential debtors, sellers and purchasers of distressed assets, secured creditors, critical vendors, vendors and customers of distressed counterparties, parents of insolvent subsidiaries, and avoidance action defendants. Notable representations include Boeing, American Greetings, the Cleveland Guardians, CITGO, Goodyear, and a local council of the Boy Scouts of America. He also represented Alpha Natural Resources, the Old Carco (Chrysler) Liquidation Trust, Peabody Energy Corporation, and Westmoreland Resource Partners.

In addition, he has been a guest lecturer at Harvard Business School and the University of Michigan Law School. He is a member of the Houston Bar Association and the Turnaround Management Association, Houston Chapter.

Experience

  • Jefferies Finance provides $33 million superpriority secured DIP credit facility to Morphe, LLCJones Day represented Jefferies Finance LLC, as administrative agent and collateral agent, in connection with a $33 million superpriority secured debtor-in-possession credit facility provided to Morphe, LLC, a subsidiary of Forma Brands, LLC, a builder of beauty brands anchored in innovative and high-quality products, marketing and operations.
  • Boeing resolves $57 million claim dispute with bankrupt subcontractor GDC Technics, LLC regarding production of top priority military aircraftJones Day represented The Boeing Company in the chapter 11 case of GDC Technics, LLC, the former primary supplier to Boeing under an Air Force defense contract.
  • 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.