Simpson Thacher represented funds advised by First Reserve Corporation (“First Reserve”) in its capacity as an equity and debt holder of AFGlobal Corporation (collectively with certain of its affiliates, “AFGlobal”), in AFGlobal’s recently consummated Chapter 11 bankruptcy case. AFGlobal is a leading global provider of technology, services, and fully-integrated manufacturing capabilities to the oil and gas, general industrial, aerospace and power generation industries. AFGlobal filed for protection under Chapter 11 of the Bankruptcy Code on April 30, 2017. AFGlobal’s plan of reorganization was confirmed on May 19, 2017, and the restructuring was consummated on June 8, 2017. The restructuring significantly de-levered AFGlobal’s balance sheet. As a lender under AFGlobal’s first lien and second lien facilities, First Reserve received its pro rata share of new common stock and warrants in AFGlobal upon emergence, as well as the right to appoint one director to AFGlobal’s board.
The Simpson Thacher team included Elisha Graff, Sandy Qusba and Jon Endean (Restructuring and Bankruptcy); Bill Curbow, Christopher May, Tyler Cox, Austen Heim and Yianni Georgeton (M&A); Alden Millard (Banking & Credit); John Creed, Jonathan Goldstein, George Davis and John Torrenti (Tax); and Aimee Adler (ECEB).