Representation of Official Committees

Orrick represents bondholder, unsecured creditor committees, retiree committees and other committees both in official and ad hoc capacities.  Extensive relationships within the financial community and innovative techniques in structuring and implementing transactions allow us to create and maximize value for parties interested in acquiring financially distressed claims or assets.  By bridging the gaps between parties of a committee and performing with objectivity, we are able to synchronize the interests of diverse creditor constituencies and maximize the recovery for all unsecured creditors. 

Significant matters include the representation of:

• The official committee of unsecured creditors in the Chapter 11 case of Classic Communications, Inc., a rural cable television provider with more than $400 million in unsecured and $200 million in secured creditor claims.  Orrick successfully terminated the debtor's periods of exclusivity, which  allowed the official committee to file and confirm its own plan of reorganization.
• The official creditors committee in the Chapter 11 case of Colo.com., a failed co-location facility company.  The case concluded with the sale of the real estate leases and property at over 20 locations pursuant to a confirmed plan of liquidation.
• The official committee of unsecured creditors in the highly successful Chapter 11 case of Cybercash, Inc., a computer software distribution company.  Through Orrick's efforts, creditors received full recovery of all their claims plus interest.
• The official committee of unsecured creditors in the Chapter 11 case of Intira Corp., a firm that designs and manages solutions for outsourcing information technology services and network infrastructure, with creditor claims of $250 million.  Orrick lawyers were instrumental in effecting a sale of the debtor's assets which resulted in distributions to unsecured creditors.
• The official committee of retirees appointed in the Chapter 11 case of Kaiser Aluminum Corporation.  Under the plan of reorganization — which became effective in July 2006 — trusts for the retirees received the majority of the reorganized company's stock, fully compensating them for their loss of medical insurance.
• The official committee of unsecured creditors in the debt restructuring of Reliance Group Holdings, Inc., and its wholly owned subsidiary, Reliance Financial Services Inc., in connection with the bankruptcy of one of the nation's largest insurance holding companies with approximately $500 million of public debt and an additional $250 million in bank debt.  With $12.6 billion in assets, Reliance is one of the largest bankruptcies in U.S. history. 
• The official committee of unsecured creditors in the chapter 11 cases of Stone & Webster and its 72 direct and indirect subsidiaries, which were part of an international engineering and construction enterprise.  Orrick lawyers are also representing the SWE&C Liquidating Trust (successor to debtor Stone & Webster Engineers & Constructors, Inc. and its direct and indirect subsidiaries) in connection with the liquidation of the remaining assets of the SWE&C Liquidating Trust and resolution of claims filed against the Consolidated SWE&C Estate totaling in excess of $2 billion.
• The official committee of unsecured creditors in the highly litigated Chapter 11 proceeding of Tri-State Outdoor Media Group, Inc., an outdoor advertising company with more than $120 million of claims.  Orrick lawyers were able to confirm a creditor-sponsored plan of reorganization within eight months of filing an involuntary Chapter 11 petition.