Andrew Parlen brings creativity, experience and skill in crafting solutions designed to meet his clients’ financial challenges and strategic goals. Whether representing a business restructuring, an ad hoc committee maximizing the value of its position, an equity holder protecting its interests, or an acquirer seeking to purchase distressed assets, Andrew understands that each client requires flexible, individually tailored guidance to navigate the ever-evolving restructuring field. Legal 500 praises Andrew for being “very diligent and creative.” He has represented companies, investment funds, and lenders in high-profile chapter 11 proceedings. He has also helped clients through prepackaged bankruptcies and out-of-court restructurings, devising and implementing value-maximizing strategies that spare them the disruption, expense, and publicity that may accompany an in-court proceeding. Andrew has advised on matters in a diverse range of industries including: Power, E&P Services, Paper & Packaging, Retail, Mortgage Servicing, Healthcare, and Homebuilding, among others.
For his ability to craft complex and innovative solutions that win broad support even in the most contentious circumstances, Law360 named Andrew a 2013 “Rising Star,” Turnarounds & Workouts recognized Andrew as a 2016 “Outstanding Young Restructuring Lawyer,” and New York Law Journal named Andrew a 2017 “Rising Star.” Andrew’s 2013 Law360 recognition, combined with his commitment to LGBT equality, also earned Andrew a “Best LGBT Lawyers Under 40—Class of 2013” award.
Honors & Awards
- Named a “Rising Star” by New York Law Journal (2017)
- Named a “Next Generation Lawyer” for Corporate Finance Restructuring by The Legal 500 (2017)
- Named an Outstanding Young Restructuring Lawyer by Turnarounds & Workouts (2016)
- Named a “Rising Star” by Law360 (2013)
- Earned a “Best LGBT Lawyers under 40 - Class of 2013” award
- District of Columbia
- New York
- Harvard University, J.D.: cum laude
- University of California at Berkeley, A.B., English: highest distinction; Phi Beta Kappa
- Honorable Stephen V. Wilson, US District Court, Central District of California
- Financial Lawyers Conference, Insolvency Law Committee, Business Law Section, State Bar of California (2009-2011)
- American Bankruptcy Institute
- Legal Council of The Williams Institute at UCLA Law School
- National Leadership Council, Lambda Legal
- “Distressed Healthcare: Significant Considerations for Buyers, Sellers, Lenders, and Borrowers,” American Health Lawyers Association Annual Conference, Washington DC (2009)
- “Better Watch Your Assets in Bankruptcy Sales,” Financier Worldwide (March 2014)
- “Will SLVs Hold Water in Shipping Bankruptcies?” Law360 (May 2012)
- Practitioner's Guide to Pre-packaged Bankruptcy: A Primer (2011)
Andrew has represented numerous companies in both chapter 11 cases and out-of-court restructuring matters, including:
- Verso Corporation in its Chapter 11 cases in the US Bankruptcy Court for the District of Delaware. Verso is the leading North American producer of printing and specialty papers and pulp. O’Melveny’s work on Verso was noted in Financial Times' Most Innovative North American Law Firms special report for 2016. Specifically, the firm was “commended” in the category “managing complexity and scale” for its role in Verso’s restructuring. Verso’s restructuring was recognized by Turnarounds & Workouts as a Successful Restructuring of 2016.
- Cal Dive International in its chapter 11 cases in the US Bankruptcy Court for the District of Delaware. Cal Dive was a market leader in offshore construction, inspection, maintenance, repair and decommissioning of production and pipeline construction.
- New Century Mortgage Corporation in its chapter 11 case in the US Bankruptcy Court for the District of Delaware. At the time of the chapter 11 filing, New Century Mortgage was one of the nation’s largest subprime mortgage lenders. Andrew was able to help the company achieve a global settlement with all financial institution creditors and confirm a chapter 11 plan in a little more than a year.
- Olson Urban Housing in its successful implementation of its out-of-court restructuring through an exchange offer. Over $250,000,000 of debt and claims were settled as part of this restructuring.
- Falcon Products in its chapter 11 case in the US Bankruptcy Court for the Eastern District of Missouri. Andrew was instrumental in the commercial furniture manufacturer’s successful reorganization as well as in the distress termination of its defined benefit plans.
- Verdugo Mental Health in its chapter 11 case in the US Bankruptcy Court for the Central District of California. Andrew navigated complex privacy laws and government funding regulations while guiding a community mental health clinic through chapter 11, a representation that resulted in the sale of the provider without disruption to critical client services.
Andrew has acted on behalf of creditors in numerous restructurings, including:
- FirstEnergy Solutions: Represents an ad hoc group of pass through certificate holders in the restructuring of fossil and nuclear fuel power generation company.
- GenOn: Represents leveraged lease owner participants in restructuring of competitive power generation subsidiary NRG REMA LLC.
- Remington Outdoor: Represented an ad hoc group of term loan lenders in restructuring of leading firearms manufacture and equitization of debt through pre-packaged chapter 11.
- Homer City: Advised an ad hoc group of senior secured noteholders in the restructuring of a coal-fired power plant in Western Pennsylvania in a pre-packaged chapter 11.
- Coso Geothermal: Advised the ad hoc group of pass-through trust certificate-holders in equitizing their debt through an out-of-court restructuring of a geothermal power facility.
- Movie Gallery: After prevailing in an adequate-protection dispute with junior lenders, achieved full recovery for first lien lender Lenado Capital Partners in the chapter 11 case of a large movie and game rental company.
- Sharper Image: Guided the largest licensee of a national retailer of specialty consumer products through the retailer’s chapter 11, successfully litigating license dispute and coming to terms with purchaser of the retailer’s trademark.
- Think Film: Won the dismissal, with prejudice, of fraudulent transfer and preference claims against an independent film production studio.
Sponsor & Equity Holder Representations
Andrew has worked with existing equity holders in the following restructurings:
- Station Casinos: Advised a real estate-focused private equity fund on the disposition of distressed gaming and hospitality properties, with focus on fund-level CMBS, guarantor, and fiduciary issues.
- USA Capital Mortgage Company: Represented an equity committee consisting of investors in a real estate lending and loan servicing investment fund, recovering nearly 70% of constituents’ fraudulently managed investments.
Andrew’s has experience representing a number of potential purchasers of distressed assets, including in the following restructurings:
- deCode Genetics: Advised a stalking horse in its winning bid for the assets of a leading human genetics biotech company.
- Jancor Companies: Formulated and negotiated a high-tech energy producer’s successful “section 363” bid for the assets of a window and door manufacturer.
- O2Diesel: In a prearranged bankruptcy of a producer of clean-burning diesel fuel, represented stalking horse bidder in providing DIP financing and purchasing debtor’s assets.
- MGM Studios: Represented investors in film entertainment company via a prepackaged chapter 11 plan.