Simpson Thacher Represents Deutsche Bank in EnviroSolutions Chapter 11 Filing
04.16.10
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Simpson Thacher is representing Deutsche Bank Trust Company Americas, as administrative agent under the senior secured credit facilities, in connection with the Chapter 11 bankruptcy proceedings of EnviroSolutions Holdings, Inc. and its subsidiaries. EnviroSolutions is a vertically-integrated solid waste collection, transfer, disposal and recycling company in the Mid-Atlantic and Northeast regions of the United States. Prior to the company’s voluntary filing under Chapter 11 on March 10, 2010, lenders representing in excess of two-thirds in principal amount and one-half in number of claims entered into a support agreement pursuant to which they agreed to support a plan of reorganization, which includes the equitization of a portion of the senior secured debt. The Firm also represents Deutsche Bank Trust Company Americas in connection with providing the Debtors with a $30 million debtor-in-possession credit facility to be used for general corporate purposes and as a source of working capital, including the replacement of certain prepetition letters of credit.
The Simpson Thacher team working on the transaction includes Sandy Qusba, Morris Massel, Samantha Braunstein and Nicholas Baker (Bankruptcy), J.T. Knight, Matt O’Shea, Brett Pearlman and Maryam Arfaania (Banking and Credit), Brian Stadler and Kay Ch'ien (M&A), Alvin Brown and Jennifer Pepin (Executive Compensation and Employee Benefits), Michael Isby, Noreen Lavan and Timothy Mulvihill (Environmental) and Jenifer Marsh (Tax).