Benjamin M. Rhode

Ben’s experience includes representing:

• Trinseo PLC, an Irish-incorporated specialty material solutions provider, in its restructuring of approximately US$2.0 billion of funded debt, eliminating approximately US$140 million in annual interest expense, and emerging with a strengthened balance sheet supported by approximately US$183 million in new financing and US$450 million of new equity financing
• Trinseo PLC and its subsidiaries in connection with a pari-plus transaction involving approximately US$2.2 billion in funded debt, US$300 million in new capital, extending maturities by three years, and capturing approximately US$57 million in discount*
• Thrive Pet Healthcare, a leading owner and operator of a national network of veterinary hospitals, in successfully completing a transaction that will provide more than US$350 million of enhanced liquidity and extend the maturities of more than US$1.7 billion of existing debt obligations*
• Exactech and its affiliated debtors in their pending chapter 11 cases involving restructuring more than US$350 million of prepetition debt, as well as additional prepetition liabilities; Exactech’s chapter 11 cases are supported by an US$85 million debtor-in-possession credit facility and a stalking horse bid, which remains subject to higher and better offers, for substantially all of the debtors’ assets*
• A leading platform dental services organization in an out-of-court restructuring involving deleveraging its US$900 million capital structure, including through equitizing about US$300 million of senior secured obligations and providing a US$75 million new money term loan facility*
• Tecomet, a global leader in designing, developing, and manufacturing orthopedic, robotic assisted, and minimally invasive surgical products and precision components for the aerospace and defense industry, and certain of its affiliates, in refinancing its US$1 billion capital structure, including through providing a new revolving credit facility and privately placed first-lien term loan*
• Revlon’s BrandCo Debtors, 13 entities holding IP related to many of Revlon’s famous brands — such as Elizabeth Arden, American Crew, Almay, Curve, and White Shoulders — in their chapter 11 cases in connection with the delegated authority of Mr. Steven Panagos as restructuring officer of the BrandCo Debtors*
• Frontier Communications Corporation and certain affiliates in connection with their prearranged chapter 11 cases involving more than US$17.5 billion of funded debt — among the largest filed in 2020. Frontier provides communications services for consumer and commercial customers in the United States. Frontier’s plan, confirmed after only four months, will reduce the company’s funded debt by over US$10 billion*
• An ad hoc group of lenders of Digital Media Solutions, Inc. in connection with their acquisition of the company through its chapter 11 proceedings*
• iHeartMedia, Inc. and certain affiliates in connection with their prearranged chapter 11 cases involving consolidated debts of more than US$20 billion — the largest filed in 2018. iHeart is the largest radio broadcaster in the United States and specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment, and information services for local and national communities. iHeart’s plan reduced the company’s funded debt by over US$10 billion*
• Caesars Entertainment Operating Co. Inc. and certain affiliates in connection with their chapter 11 cases involving more than US$18.4 billion of funded debt. Caesars provided casino entertainment services and owned, operated or managed 44 gaming and resort properties in 13 states of the United States and in five countries. Caesars’ plan reduced the company’s funded debt by approximately US$10 billion. In 2018, the Turnaround Management Association recognized the successful restructuring of Caesars with its “Mega Company Turnaround of the Year Award”*
• Vobev, a leading beverage manufacturer with a state-of-the-art canning, filling, and warehousing facility, in its pending chapter 11 case to restructure over US$400 million of prepetition first-lien funded debt, as well as over US$70 million of additional unsecured liabilities*
• Vesta Holdings, an insurance brokerage service provider focused on property and casualty insurance offerings, and certain of its subsidiaries in their chapter 11 cases in the US Bankruptcy Court for the District of Delaware*
• An ad hoc group of first- and second-lien lenders of CHC Group, the global rotary wing aviation services provider, with respect to about US$100 million of new money financing and an out-of-court exchange involving up to US$500 million of existing first- and second-lien debt, which earned Turnaround Management Association's 2023 Large Company/Turnaround/Transaction of the Year*
• PlayMonster, a market-leading international toy and game company, in connection with its investment transactions with Adams Street Partners and HIG Capital*
• Covia Holdings Corporation and certain affiliates in connection with their prearranged chapter 11 cases involving approximately US$1.6 billion of funded debt. Covia provides diversified mineral-based and material solutions for global energy and industrial markets. Covia’s comprehensive financial and operational restructuring will reduce the company’s go-forward funded debt and fixed costs by more than US$1 billion*
• Central Security Group, Inc. and certain affiliates in connection with their out-of-court debt-for-equity exchange. Central Security Group is one of the nation’s largest providers of home and business security and automation. The restructuring transaction was executed after the company successfully solicited support from 100% of its first-lien and second-lien lenders. It eliminated approximately US$250 million (more than half) of the company’s funded debt and provided the company with liquidity through a new US$25 million revolving credit facility commitment*
• Hornbeck Offshore Services, Inc. and certain affiliates in connection with their prepackaged chapter 11 cases involving approximately US$1.2 billion of funded debt. Hornbeck provides marine transportation and subsea installation services to support the deep water drilling and production needs of their exploration and production, oilfield service, offshore construction, and US military customers*
• Represented a private equity / creditor investment fund in connection with a term loan facility and debtor-in-possession financing facility in the chapter 11 cases of Furie Operating Alaska, LLC, Cornucopia Oil & Gas Company, LLC, and Corsair Oil & Gas LLC*
• Tapstone Energy, LLC and certain of its affiliates in connection with their out-of-court restructuring. Tapstone is an independent oil and natural gas company focused on the development and production of oil, natural gas, and NGLs in the Anadarko Basin in Oklahoma, Texas, and Kansas. The restructuring transaction reduced Tapstone’s funded debt by approximately US$440 million and provided the company with liquidity, including a US$50 million new money investment*
• One Call Corporation and certain of its affiliates in connection with their out-of-court restructuring. One Call is a leader in ancillary services for the workers’ compensation industry. The restructuring transaction reduced One Call’s funded debt through a consensual equitization of nearly US$1 billion of junior debt, reduced its annual interest expense by approximately US$90 million, and eliminated all near-term maturities. The restructuring was facilitated by a US$375 million investment led by existing lenders KKR and GSO Capital Partners*
• Medical Depot Inc. (d/b/a Drive DeVilbiss Healthcare) and certain of its affiliates in connection with its out-of-court recapitalization. Medical Depot is a global manufacturer of medical products. The transaction received nearly unanimous support from across the company’s capital structure, including affirmative consent from 100% of its first-lien lenders and more than 97.5% of its second-lien lenders. The transaction provided the company with new capital from its equity holders and a reduction in cash debt service obligations from its current lenders*
• Oaktree Capital Management and KKR Credit Advisors as first-lien lenders to Proserv Group in connection with an out-of-court exchange transaction. Proserv, based in Aberdeen, Scotland, is an energy services company offering marine technology services across the full life-of-field to its global customers. The transaction resulted in the consensual equitization of more than US$500 million in funded debt and a US$50 million new capital injection*
• GST AutoLeather, Inc. and certain affiliates in connection with their chapter 11 cases involving approximately US$200 million of funded debt. GST AutoLeather is a leading global designer and manufacturer of automotive leather components, which it supplies to nearly every major automaker. Following a competitive auction, GST AutoLeather successfully consummated a sale of substantially all of its assets*
• BCBG Max Azria Global Holdings, LLC and certain of its affiliates in connection with their chapter 11 cases involving approximately US$500 million of funded debt. BCBG is a well-known and respected name in high-end women’s apparel and accessories and has historically operated more than 550 stores spread across all 50 states, Canada, Europe, and Japan. In 2018, the Turnaround Management Association recognized the successful restructuring of BCBG Max Azria Group, LLC with its “Large Company Turnaround of the Year Award”*
• Penn Virginia Corporation and certain of its affiliates in connection with their chapter 11 cases. Penn Virginia is an independent oil and gas company engaged in the exploration, development, and production of oil, NGLs, and natural gas in various domestic onshore regions of the United States. Penn Virginia’s plan reduced the company’s funded debt by more than US$1 billion. In 2017, the Turnaround Management Association recognized the successful restructuring of Penn Virginia with its “Mid-Size Company Transaction of the Year Award”*
• EIG Partners as the largest creditor in Intervention Energy’s chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware*
• Source Home Entertainment LLC and certain of its affiliates in connection with their chapter 11 cases and their successful sale of substantially all of their assets*
• The Dolan Company and certain of its affiliates in connection with their prepackaged chapter 11 cases. Dolan provided diversified information management and professional services to the legal, financial, and real estate sectors in the United States. Pursuant to the confirmed chapter 11 plan, Dolan restructured more than US$100 million in funded debt obligations through a debt-to-equity transaction with its secured lenders*
• Source Interlink Companies, Inc. and certain of its affiliates in connection with their successful out-of-court restructuring in October 2013. Source Interlink was a market leader in content development, multi-media publishing, and retail sales and logistics. The fully consensual recapitalization transaction significantly deleveraged the company and provided enhanced liquidity*
• Fisker Automotive, Inc. and certain of its affiliates in connection with their chapter 11 cases and their successful US$150 million sale of substantially all of their assets to an affiliate of Wanxiang America Corp*
• hibu Inc. (a/k/a Yellowbook) and certain of its US affiliates, all subsidiaries of Yellow Pages Limited, a U.K. corporation, in connection with their chapter 15 cases. Yellow Pages Limited and its subsidiaries comprised one of the world’s largest providers of print and digital directory services, publishing approximately 1,250 different directories and servicing over one million small business customers worldwide. The chapter 15 cases complemented reorganization proceedings pending in the United Kingdom and successfully facilitated the restructuring of over £2.3 billion of funded debt*
• Official Committee of Trust Preferred Securities Holders in the chapter 11 bankruptcy of Mercantile Bancorp, Inc. — a bank holding company — involving the disposition of its bank subsidiary*
• Official Committee of Trust Preferred Securities in the chapter 11 bankruptcy of First Place Financial Corporation — a bank holding company — involving the disposition of its bank subsidiary*

*Matter handled prior to joining Latham

Publications

• Quoted, “‘Dogs and cats and snakes living together’: Liability management professionals debate lender co-ops, talk ‘LME 2.0’ as out-of-court restructurings gain steam,” Debtwire (December 11, 2024)
• Profiled, “Meet The Attorneys Guiding Exactech In Ch. 11,” Law360 (November 1, 2024)
• Noted, “Litigation Puts TPG’s Exactech in Ch. 11,” The Deal (October 29, 2024)
• Noted, “Medical implant maker Exactech files for bankruptcy after recall litigation,” Reuters (October 29, 2024)
• Noted, “PE-Owned Implant Maker Plagued By Lawsuits Hits Ch.11,” Law360 (October 29, 2024)
• Quoted, “SVB’s Implosion Has Tech Companies Reeling. Here’s What They Should Do,” Corporate Counsel (March 13, 2023)
• Co-author, “Evaluating Director Protections After Del. Bankruptcy Ruling,” Law360 (January 14, 2022)
• Quoted, “US Bankruptcy Tracker: Easy Money Delays ‘Great Reckoning’,” Bloomberg Law (February 29, 2021)
• Contributing Editor, Norton Journal of Bankruptcy Law & Practice

Presentations

• Moderator, “Liability Management Transactions: Lender on Lender Violence” panel at BPOC Private Equity Conference hosted by Chicago Booth Private Equity Group and Polsky Center for Entrepreneurship and Innovation at the University of Chicago (February 3, 2023)