O’Melveny Recognized by Turnarounds & Workouts in its 2022 List of “Successful Restructurings”February 24, 2023
FOR IMEMDIATE RELEASE
NEW YORK—February 24, 2023—O’Melveny received two recognitions from Turnarounds & Workouts in its 2022 list of “Successful Restructurings.” The annual list “tells the stories where corporate restructuring professionals worked together in the past year to restructure businesses, continue business operations, save jobs, and pay creditors.”
Turnarounds & Workouts highlighted O’Melveny’s representation of the Commonwealth of Puerto Rico in the largest municipal restructuring in United States history, a deal that involved more than US$70 billion in debt and US$50 billion in unfunded pension liabilities. O’Melveny partners Maria DiConza, Peter Friedman, and John Rapisardi assisted in the negotiation and implementation of a plan that restructured nearly 90% of Puerto Rico’s debt load and preserved all pension-benefit payments owed to public employees.
The publication also highlighted O’Melveny’s representation of Brazos Electric Power Cooperative, Inc. Brazos filed for bankruptcy in March 2021, following the historically unprecedented Winter Storm Uri after receiving more than US$2.1 billion in power bills from the Electric Reliability Council of Texas Inc. O’Melveny partner Louis Strubeck Jr. served as lead counsel to Brazos, Texas’s largest and oldest electric generation and transmission cooperative utility. The case, which involved a myriad of complex and novel political, cooperative governance, and litigation matters, culminated in the confirmation of a plan in November 2022 that reduced and restructured billions of the company’s debt and provided for Brazos to continue its business operations, which are critical to Texas’ utility grid, Brazos’ sixteen cooperative members, and the end-user consumers.
Turnarounds & Workouts’ full profile on O’Melveny’s Puerto Rico work can be found here; and the publication’s full profile on O’Melveny’s Brazos work can be found here.
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