Max Silverstein

Max’s notable representations include:

Liability Management and Restructuring

• Liberty Puerto Rico, a provider of cable television, high-speed data, and telephony services, in connection with a US$250 million unrestricted subsidiary financing transaction*
• The FILO Agent and FILO Term Lenders as pre-petition and debtor-in-possession lenders to Hudson’s Bay Company in connection with proceedings under the Companies’ Creditors Arrangement Act (CCAA)*
• Funds managed by Centerbridge and Blue Torch in connection with a comprehensive liability management transaction to provide a senior secured term loan to Prospect Medical Holdings, Inc.’s managed medical groups and independent physician associations*
• Trinseo PLC (NYSE: TSE) and certain of its affiliates in connection with:
  • A liability management transaction to, among other things, (i) redeem its existing US$115 million 2025 senior notes with the proceeds of a new super holdco term loan, (ii) enter into a new US$300 million super-priority revolving credit facility, and (iii) exchange at least US$330 million of 2029 senior notes for new 2029 second-lien senior secured notes at a discount to par, providing at least US$49 million of discount capture. Trinseo is a specialty material solutions provider that partners with companies to bring ideas to life in an imaginative, smart, and sustainability-focused manner*
  • A US$1.1 billion innovative liability management transaction addressing the company’s 2024 senior secured term loans and US$385 million of its 2025 unsecured bonds. Funds managed and advised by Oaktree; Angelo Gordon and Apollo provided the financing*
• Hearthside Food Solutions in its restructuring process to optimize its balance sheet and infuse the business with significant new capital*
• Empire Today, a national flooring company, in a liability management and financing transaction that received the support of more than 99% of the company’s lenders and enabled the company to obtain significant incremental liquidity and extend its existing debt maturities*
• An ad hoc group of first-lien lenders of American Rock Salt, the largest operating salt mine in the United States, in connection with a US$110 million super-priority, first-out term loan facility*
• ReStore Capital, LLC as administrative and collateral agent to Express, LLC, a multi-brand fashion retailer with more than 550 retail stores, in connection with (i) a prepetition second-lien asset-based term loan facility and (ii) a debtor-in-possession financing facility provided by funds and accounts managed by ReStore Capital, Gordon Brothers, and First Eagle in the chapter 11 cases of Express, LLC and certain of its affiliates*
• Tecomet, Inc., together with certain of its affiliates, in the refinancing of its approximately US$1 billion capital structure, including through the provision of a new revolving credit facility and privately placed first-lien term loan. Tecomet is a global leader in the design, development, and manufacture of orthopedic, robotic assisted, and minimally invasive surgical products, as well as precision components for the aerospace and defense industry*
• Juice Plus+ in the negotiation and consummation of an out-of-court restructuring transaction with the unanimous participation of the company’s lenders that reduced the company’s debt and preferred equity obligations by over US$300 million, extended the maturities of its revolving credit facility and term loans by four and two years, respectively, and raised US$30 million of new money from the company’s existing equity holders who retained control of the company*
• Output Services Group, Inc. and certain of its affiliates in connection with a prepetition liability management transaction and subsequently with its prepackaged chapter 11 cases. Output Services Group is a leading provider of integrated customer communications and engagement services. The company’s plan of reorganization successfully restructured approximately US$825 million of funded indebtedness through a consensual deleveraging of approximately US$134 million and new money capital infusion of approximately US$70 million. In 2023, The M&A Advisor recognized the successful restructuring of Output Services Group as “Information Technology Deal of the Year” as part of its 17th Annual Turnaround Awards*
• Funds managed by Invesco Credit Partners in the chapter 11 cases of My Alarm Company in connection with DIP Financing and Exit Financing*
• Funds managed by Altamont Capital Partners in connection with its joint purchase of prepetition debt of Alamo Drafthouse Cinemas, an owner and operator of dine-in movie theaters, joint provision of US$60 million of debtor-in-possession financing, and credit bid for a substantial part of the business and assets of Alamo Drafthouse Cinemas through its chapter 11 cases*
• A hedge fund on a DIP loan to Avianca consisting of a loan up to US$1.28 billion under a Tranche A Facility and US$702 million under a convertible Tranche B Facility*
• A hedge fund on a DIP loan to LATAM Airlines consisting of a loan up to US$1.3 billion under a Tranche A Facility, up to US$750 million under a Tranche B Facility, and up to US$1.15 billion under a Tranche C Facility*
• Centric Brands Inc., a leading lifestyle brands collective, and certain of its subsidiaries in their chapter 11 cases to recapitalize approximately US$1.8 billion in funded indebtedness. Centric filed with a restructuring support agreement backed by its key funded debtholders, US$435 million in debtor-in-possession financing, and a path to a quick and consensual emergence with a capital structure reduced by approximately US$700 million*
• VIP Cinema Holdings, Inc. and certain of its affiliates (VIP), a multinational enterprise that is one of the largest manufacturers, and a pioneer, of luxury seating products for movie theaters, in its prepackaged chapter 11 case in Delaware. In connection with its restructuring, VIP reached agreements with its first-lien and second-lien lenders, and its private equity sponsor, prior to filing the chapter 11 case to deleverage its balance sheet by approximately US$178 million*
• An ad hoc group of creditors in chapter 11 cases filed in the United States Bankruptcy Court for the District of Delaware. The ad hoc group sponsored a chapter 11 plan of reorganization that eliminated approximately US$1.9 billion of debt from the company’s balance sheet and provided the company with US$575 million in new capital*

Direct Lending and Special Situations

• Funds managed by First Eagle Alternative Credit in connection with an asset-based term loan provided to a major wholesale distributor of convenience store products*
• Funds managed by WhiteHawk Capital in connection with a US$600 million asset-based term loan to a leading retailer*
• Funds managed by Centerbridge Capital Partners in connection with various senior secured credit facilities*
• Funds managed by KKR Credit in connection with various special purpose entity financings*
• Funds managed by Blue Torch Capital in connection with various senior secured credit facilities*
• Funds managed by Charlesbank Capital Partners in connection with various senior secured credit facilities*
• Funds managed by Kayne Anderson in connection with various senior secured credit facilities*
• Funds managed by Gordon Brothers in connection with various asset-based financing facilities*
• Funds managed by Hilco Global in connection with various asset-based financing facilities*
• Funds managed by Cyrus Capital Partners in connection with various senior secured, unsecured, and convertible credit facilities*
• Funds managed by Keyframe Capital Partners in connection with various senior secured, unsecured, and convertible credit facilities*
• Funds managed by Aquiline Capital Partners in connection with various senior secured credit facilities*

Sponsor and Company Engagements

• Finance counsel to Tecomet, a portfolio company of Charlesbank Capital Partners, in connection with the merger of Orchid*
• Trinseo PLC in connection with a US$150 million non-recourse special purpose entity financing provided by credit funds and accounts managed by KKR Credit Partners*
• Finance counsel to Tronox Holdings plc in connection with several senior secured and unsecured finance arrangements*
• A portfolio company of a hedge fund in connection with a US$117 million term loan facility provided by affiliates of Oaktree Capital Management, L.P., the proceeds of which were used to fund a tack on acquisition and make a distribution to the owners of the business*
• Finance counsel to Alert 360 in several senior secured financing arrangements*
• Platinum Equity in connection with several acquisition financings*

*Matter handled prior to joining Latham

Thought Leadership

Co-author, “Exit Financing: Overview,” Practical Law Practice Note (February 2020)