Simpson Thacher represented Pyxus International and certain of its subsidiaries (the “Company”) in its chapter 11 restructuring. The plan was confirmed by the United States Bankruptcy Court for the District of Delaware on August 21, 2020 following a two-day contested confirmation trial (concluding in Pyxus’ favor). The plan went effective on August 24, 2020.
Under the terms of the plan, Pyxus completed a comprehensive balance sheet restructuring, implemented the reorganization utilizing a Bruno’s tax structure, renegotiated approximately $500 million in foreign lines of credit, eliminated more than $635 million in principal amount of existing second lien debt, extended the maturity on $281 million of first lien debt and allowed the Company to access its $213 million exit term loan facility and $75 million exit asset based revolving facility.
Pyxus International, Inc. is a global agricultural company with more than 145 years of experience delivering value-added products and services to businesses, customers and consumers.
The Simpson Thacher team included Sandy Qusba, Kathrine McLendon, Nicholas Baker, Daniel Biller, Jamie Fell, Ben Carson and Dov Gottlieb (Restructuring); Soogy Lee, Matthew Farrell, Edward Bersuder, Remy Denner and Ashley Gherlone (New York - Credit); Antti Pesonen, Gert Raig and Kristin Hoo (London – Credit); David Azarkh, Karen Hsu Kelley, Tony Rim, Brian Mathes and Alexander Porro (Capital Markets); Ravi Purushotham and Rex Hupy (M&A); William Russell, Alan Turner, Sarah Hsu and Alexia Syrmos (Litigation); Greg Grogan and Jake Phillips (ECEB); Jonathan Goldstein and Dmitry Zelik (Tax); Genevieve Dorment (IP); and Timothy Gallagher (Real Estate).