HeatherLennox

Practice Leader Business Restructuring & Reorganization

Cleveland + 1.216.586.7111 New York + 1.212.326.3837

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Heather Lennox helps boards of directors and management teams navigate crises and distress to develop successful solutions for the enterprise and its stakeholders. She has led some of the country's largest corporate and municipal restructurings (including workouts and reorganizations), whether driven by operational, financial, litigation, mass tort, or regulatory challenges. Her clients hail from every industry, both domestically and internationally.

Heather provides strategic, business-oriented advice to entities facing financial distress and has in-depth experience in convening and directing global legal, business, financial, and media/communications teams in collaborative efforts to achieve clients' goals. She has been named a "Dealmaker of the Year" by The American Lawyer and recognized as one of the nation's leading lawyers by legal directories; she also has earned top rankings for many years running in Chambers, Best Lawyers in America, IFLR1000, and Lawdragon 500 Leading Global Restructuring & Insolvency Lawyers. In 2020, Heather was named to Cleveland Magazine's "Cleveland 500" list.

Representative clients include Diebold Nixdorf, The City of Detroit, Nine Point Energy, Peabody Energy, Chrysler LLC, FTD Companies (recognized as "Restructuring Deal of the Year" by The Deal in 2020), Westmoreland Resources, General Motors, Hostess Brands, LTV Steel, Dana Corporation, Lehman Brothers (derivatives counsel), Copperweld Steel, Oglebay Norton, FirstEnergy Corporation in the FES case, Boeing in the GDC Technics case, Metaldyne Corporation, St Mary's of the Woods (a CCRC), Fruehauf Trailer, and many companies that achieved out-of-court solutions.

Heather is a frequent speaker, publisher, and guest lecturer. She is a Conferee of the National Bankruptcy Conference, a Fellow in the American College of Bankruptcy, and a member of other crisis- and restructuring-related organizations. She actively serves on several community and educational boards.

Experience

  • FirstEnergy sells $3.5 billion transmission stake to BrookfieldJones Day advised FirstEnergy Corp. in the $3.5 billion sale of an additional 30.0% equity stake in its subsidiary FirstEnergy Transmission (“FET”), the holding company for FirstEnergy’s three regulated electric transmission businesses, to North American Transmission Company II L.P., FirstEnergy’s existing joint venture partner in FET and a controlled investment vehicle entity of Brookfield Infrastructure Partners.
  • 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.
  • McLaren Health Care sells McLaren St. Luke's HospitalJones Day advised McLaren Health Care, a fully-integrated health care delivery system headquartered in Grand Blanc, Michigan, with respect to the closure and discontinuation of operations of McLaren St. Luke’s Hospital located in Maumee, Ohio, as well as the sale of its facilities, land, and physical assets to another major midwest-based hospital system.
  • Jefferies finalizes $680 million exit credit facilities in connection with acquisition of Forma Brands and its emergence from Chapter 11 bankruptcyJones Day represented Jefferies Finance LLC, as administrative agent and collateral agent, and as the borrowers' controlling equity interest owner, in connection with two bankruptcy exit credit facilities, including a $300 million term loan and a $30 million revolving credit facility provided to Forma Brands, LLC (f.k.a. FB Acquisition LLC), and a $350 million term loan provided to Beauty Brands Acquisition LLC (an indirect parent company of Forma Brands, LLC), each made in connection with the acquisition of the company's assets by Jefferies and other creditors, and the emergence of the company from Chapter 11 Bankruptcy.
  • 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.
  • Jefferies Finance provides $28 million bridge loan facility to Morphe, LLCJones Day represented Jefferies Finance LLC, as administrative agent and collateral agent, in connection with a $28 million bridge loan 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.
  • ProMedica exits skilled nursing joint ventureJones Day advised ProMedica in the sale of the real estate and management of all of its skilled nursing facilities to joint venture partner, Welltower.
  • Peabody Energy establishes $150 million unsecured revolving credit facility and $225 million at-the-market equity programJones Day represented Peabody Energy Corporation, a large private-sector coal company, in connection with the establishment of a $150 million unsecured revolving credit facility with Goldman Sachs Lending Partners LLC, as administrative agent, and the lenders party thereto, and a related at-the-market equity program for the sale of shares of its Common Stock having an aggregate gross sales price of up to $225 million through or to Goldman Sachs & Co. LLC, as sales agent.
  • Nine Point Energy secures trial victory clearing path for successful reorganization through sale of its assetsJones Day is representing an oil and gas exploration and production company, Nine Point Energy, that is the Debtor in a chapter 11 bankruptcy case, leading to the successful ruling from the bench concluding that at least $150 million of the $157 million in liens asserted by Caliber were invalid, thus, clearing the path for the successful reorganization of Nine Point through a sale of its assets.
  • 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").
  • CITGO completes $1.125 billion Senior Secured Notes offeringJones Day represented CITGO Petroleum Corporation, a North American refiner of complex crudes and producer of high-value petrochemicals, in connection with a Rule 144A offering of $1.125 billion aggregate principal amount of 7.00% Senior Secured Notes due 2025.
  • Peabody secures Eighth Circuit victory upholding chapter 11 discharge of global warming claimsThe U.S. Court of Appeals for the Eighth Circuit upheld a bankruptcy court order ordering three California municipalities to dismiss their global warming claims against Jones Day client Peabody Energy Corporation because those claims were discharged by Peabody's successful chapter 11 plan of reorganization.
  • 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.
  • FTD sold North and Latin American florist and consumer business, including ProFlowers, to Nexus CapitalJones Day advised FTD Companies, Inc. in the $95 million sale of the North America and Latin America florist and consumer business, including ProFlowers, to an affiliate of Nexus Capital Management LP, a Los Angeles, California-based private equity firm.
  • 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.
  • Black Box acquired by AGC NetworksJones Day advised Black Box Corporation (Nasdaq: BBOX) in its acquisition by AGC Networks Ltd, a majority-owned subsidiary of Essar Global Fund.
  • Black Box sells IT unit for $75 million to Arlington Capital PartnersJones Day advised Black Box Corporation in the $75 million sale of its federal government IT services business (the "Federal Business") to Arlington Capital Partners.
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    APRIL 2024 Commentary

    The Adler Aftermath: From Colombia to Germany, Junior Creditors Crammed and Compromised

    March 2024 Alert

    Singapore Court Issues Landmark Decision Recognizing Indonesian Restructuring Plan

    February 2024 Commentary

    Adler: English Court of Appeal Overturns Restructuring Plan

    November 2023 White Paper

    Double-Dip Financings: The Next Wave in European Liability Management?

    APRIL 2023 Alert

    Court Rules That Initial Transfer Need Not Be Avoided Before Recovery From Subsequent Transferee

    March 20223 Newsletters

    Business Restructuring Review March–April 2023 | Vol. 22 No. 2

    January 2023 Newsletters

    Business Restructuring Review | Vol. 22 No. 1 | January-February 2023

    December 2022 Newsletters

    Business Restructuring Review Vol. 21, No. 6 | November-December 2022

    December 2022 Newsletters

    Fifth Circuit Rules on the "Solvent-Debtor Exception" and Make-Whole Premiums

    October 2022 Commentary

    Fifth Circuit Rules on the "Solvent-Debtor Exception" and Make-Whole Premiums
    View All

    Additional Publications

    • 2011
      American College of Bankruptcy Best Practices Report, Formation, Function & Obligations of Equity Committees in Chapter 11
    • June 14, 2011
      Practice Spotlight: Heather Lennox, Business Law Currents
    • February 2011
      An Overview of Chapter 9 of the Bankruptcy Code and Municipal Debt Adjustments, Westlaw
    • June 2010
      A Tectonic Shift For Administrative Rent Claims? Bankruptcy Court Rejects "Actual Use" Limitation On Debtor-Lessee's Obligation To Pay Postpetition Rent Under Commercial Equipment Lease, Journal of Bankruptcy Law and Practice, Vol. 19, No. 3
    • 2010
      2009: A Changing Bankruptcy Landscape And How It Affected Labor and Benefit Issues, 2010 Annual Survey of Bankruptcy Law
    • June 2007
      Reinstatement v. Cramdown: Do Secured Creditors Win or Lose? coauthor, Westlaw
    • 1999
      Breaking Up Is Hard to Do: Avoiding the Solvency-Related Pitfalls in Spinoff Transactions, The Business Lawyer
    • 1996
      'Safe Harbor in Uncharted Waters' — Securities Law Exemptions Under Section 1125(e) of the Bankruptcy Code, The Business Lawyer
    • 1994
      The Fiduciary Duties of Directors of Financially Troubled Companies, Journal of Bankruptcy Law and Practice
    • 1993
      Applying an Ax When a Scalpel Will Do: The Role of Exclusivity in Chapter 11 Reform, Journal of Bankruptcy Law and Practice

    Speaking Engagements

    • March 9, 2022
      Behind the Bench: The City of Detroit Bankruptcy: Revisiting Motown's Art of the Deal, panelist, New York, New York
    • August 19, 2021
      Panelist, Out-of-the-Ordinary Out-of-Court Restructuring Issues, ABI Midwest Regional Bankruptcy Seminar
    • November 4, 2019
      ABI Mid-Level Professional Development Program
    • October 4, 2013
      The Imperishable Hostess Brands, Inc., TMA Annual Meeting
    • February 7, 2013
      2013 TMA Distressed Investing Conference
    • October 14, 2011
      Shareholders Count Too: The Role of the Equity Committee in a Volatile Economy, Business Bankruptcy Fall Meeting CLE Program
    • May 24, 2010
      Credit Bidding, panelist, American Bankruptcy Institute's 12th Annual New York City Bankruptcy Conference
    • October 29, 2009
      Pressure on the Supply Chain – Beginning of the End or End of the Beginning, TMA 2009 Webinar Series
    • September 30, 2009
      Labor & Employment Law Changes: What the New Administration Has Brought and What the Future Holds
    • March 31, 2009
      Creating a Restructuring Process that Ensures a Successful Turnaround, panelist, ACI Distressed Debt Investing Summit
    • December 11, 2008
      Protecting Your Human Capital: Indemnities and D&O Insurance in Troubled Times, Jones Day CLE Academy
    • June 22, 2007
      The Tenth Annual Conference on Corporate Reorganizations: Update on Autos and Auto Suppliers
    • April 27, 2007
      The Administratively Insolvent Debtor, panelist, William J. O'Neill Bankruptcy Seminar
    • November 1, 2006
      The Automotive Industry - Where It Was, Where It Is and Where It's Going, panelist, Fall 2006 Conference, International Women's Insolvency & Restructuring Confederation
    • October 6, 2006
      Developing Opportunities for a Multicultural Workplace - How to Create Opportunities for All Women, panelist, Capgemini "Reach for the Stars"
    • September 20, 2005
      The Significant Business Provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
    • May 13, 2005
      What Labor and Employment Lawyers Should Know About the Federal Bankruptcy Process for Corporate Debtors
    • October 5, 1999
      Issues in Debtor in Possession Financing, Jones Day CLE Program
    • November 30, 1995
      The Section 2-207 Battle of the Forms: Disclaimer of Damages and Other Issues
    • September 28, 1994
      Issues of Successor Liability in Section 363 Sales

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