Simpson Thacher represented JPMorgan as administrative agent, collateral agent and the largest lender in connection with the restructuring of Nautical Solutions, L.L.C., which was implemented through a chapter 11 plan proceeding in the United States Bankruptcy Court for the Southern District of Texas. Pursuant to the chapter 11 plan, which went effective on February 24, 2023, the lenders’ and pari passu noteholder’ prepetition claims totaling approximately $740 million were converted into new senior secured notes due 2028.
Headquartered in Cut Off, Louisiana, Nautical Solutions is a leading provider of vessel services to the offshore oil and gas exploration and production, oilfield service, and construction sectors.
The Simpson Thacher team included Elisha Graff, Nicholas Baker, Soogy Lee, Ashley Gherlone, Zach Weiner and Jonathan Mitnick (Restructuring); Russell Light (Tax); Jon Pall (Credit); and Jessica Cohen, Courtney Welshimer and Bobbie Burrows (IP).