White & Case represents ad hoc group of 2029 secured noteholders in the successful chapter 11 restructuring of Office Properties Income Trust, Inc.

Global law firm White & Case LLP has advised an ad hoc group of bondholders that acted as the plan sponsor, debtor-in-possession lenders and secured creditors (the 2029 Ad Hoc Group) in Office Properties Income Trust, Inc.'s (OPI) chapter 11 restructuring in the US Bankruptcy Court for the Southern District of Texas.

The Firm advised the 2029 Ad Hoc Group on a range of legal issues during the restructuring, including the negotiation of a prepetition restructuring support agreement, US$125 million debtor- in-possession financing facility, and confirmation of a plan of reorganization that restructured US$2.4 billion of funded indebtedness and will result in the members of the 2029 Ad Hoc Group owning the majority of the equity of the reorganized entity.

The representation also included the negotiation of numerous settlements that enabled a largely uncontested confirmation of the plan. OPI will emerge a publicly traded company with more than US$700 million less debt than before the chapter 11 filing.

The White & Case team was led by Financial Restructuring and Insolvency partners Brian Pfeiffer (Miami and New York) and Aaron Colodny (Los Angeles). The team also included Financial Restructuring and Insolvency partners Rob Bennett (New York), Charles Koster (Houston) and Andrew Zatz (New York), and associates Adam Swingle (Chicago), Andrew Costello (New York), Anais Mitra and Kristin Schultz (both in Miami); Litigation partners Glenn Kurtz (New York) and Jesse Green (Miami); Capital Markets partner Rafael Roberti and associate Brian Munsie (both in New York); Tax partners David Dreier (New York) and Eric Urschel (Geneva); and Debt Finance associate Viraj Bathe (New York). Law clerk Warda Yousuf (New York) also advised on the matter.

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