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Latham & Watkins Represents Lumileds in Confirmed Plan of Reorganization

October 18, 2022
Cross-border and cross-practice team led by members of the firm’s Restructuring & Special Situations Practice advised on the multinational company’s voluntary prepackaged Chapter 11 plan, which reduces its funded debt by approximately US$1.4 billion.

Lumileds Holding B.V. (Lumileds or the Company), a global leader in innovative lighting solutions, announced that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization (the Plan). Lumileds plans to emerge from the Chapter 11 process the week of October 31 following the satisfaction of certain administrative items before the Plan becomes effective.

The fully consensual Plan was confirmed by the court 46 days after the Company’s bankruptcy filing and received support of over 99% of first lien lenders. Under the terms of the Plan, Lumileds will complete a comprehensive financial restructuring transaction which will reduce the Company’s funded debt by approximately US$1.4 billion, provide capital to accelerate Lumileds’ growth, and enable further investment in innovation that will allow the Company to pursue additional strategic opportunities.

Latham & Watkins LLP represents Lumileds as restructuring counsel with a cross-practice and cross-border team led by Global Chair of the Restructuring & Special Situations Practice George Davis and New York partners George Klidonas and Anu Yerramalli, with associates Misha Ross, Liza Burton, Chris Beaucage, Alistair Fatheazam, Randall Weber-Levine, Scott Yousey, Ali Zablocki, Whit Morley, and Cáit O’Neill. The bankruptcy litigation team was led by New York partner Chris Harris and Boston counsel Betsy Marks, with associates Signa Mahung and Leandra Joseph. Advice was also provided on environmental matters by Washington, D.C. partner Stacey VanBelleghem, with associate Peter Viola; on capital markets matters by New York partner Senet Bischoff, with associates Sara Johnson and Adam Picker; on finance matters by New York partner Nicole Fanjul, with associate Daniel Ovadia; on employee compensation and benefits matters by New York counsel Rifka Singer, with associate Alisa Hand; on tax matters by Chicago partner Joe Kronsnoble and Washington, D.C. partner Nick DeNovio, with associate Pierce Pandolph; on insurance matters by San Diego partner Drew Gardiner; on intellectual property matters by Washington, D.C. partner Morgan Brubaker; on antitrust matters by New York partner Katherine Rocco, Brussels counsel Wesley Lepla, and Washington, D.C. counsel Patrick English; on corporate matters by New York partner Daniel Mun, London partner Huw Thomas, and Century City counsel Michael Montgomery; on real estate matters by Los Angeles partner Kim Boras; and on German matters by Hamburg partner Frank Grell and Frankfurt/Hamburg counsel Daniel Splittgerber.