News & Events

Simpson Thacher recently represented Pegasus Solutions Inc. in an out-of-court financial restructuring.  The concurrent transactions by Pegasus and its parent, Perseus Holding Corp., included (i) an exchange offer of Pegasus’ 10.5% senior notes due 2015 (the “Senior Notes”) for newly issued 13% senior subordinated second lien PIK notes due 2014 of Pegasus, common stock of Perseus and 14% preferred stock of Perseus and solicitations of consents with respect to amendments to the indenture governing the Senior Notes; (ii) the amendment of Pegasus’ first lien senior secured credit facility; (iii) the termination by second lien lenders of their loans in exchange for a 90% common equity allocation in Perseus; (iv) the amendment of Perseus’ stockholders agreement; and (v) the creation of new management incentive arrangements.   

Pegasus Solutions is a provider of services and solutions for the travel industry, including reservation, distribution, financial, and representation services. 

The Simpson Thacher team included Rhett Brandon, Grenfel S. Calheiros, Jason Ewart and Ishan Banerjee (Capital Markets); Soogy Lee, Vanessa Bressler and Christine Chang (Credit); Ken Ziman and Morris Massel (Bankruptcy); Tristan Brown and Victoria Stewart (Executive Compensation and Employee Benefits); and Jennifer Marsh and Rian Balfour (Tax). Paralegal William McGuire also provided valuable assistance.