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Joseph Pack is a senior associate in the Firm's Financial Restructuring and Insolvency Practice. Having earned his Certified Public Accounting license prior to entering law school, and beginning his legal career in a prominent, international restructuring firm, Mr. Pack has extensive experience in various aspects of highly-technical and complex financial restructuring, both in front of—and outside—the bankruptcy court.
Mr. Pack counsels boards of directors, management, investors and creditors of financially troubled companies in their planning for restructurings and formal insolvency proceedings, including with respect to fiduciary duties and the strategic acquisition and sale of distressed organizations in the energy, oil & gas, retail, real estate (including with respect to REITs and commercial, mortgage-backed securities), gambling and technology sectors. He has represented hedge funds, private equity funds and bank lenders, both in the United States and internationally, in some of the largest and most contested bankruptcies ever filed, as well as in South Florida-based matters.
Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company, in its US$9.45 billion all-cash acquisition of Energy Future Holdings Corp., which indirectly owns 80% of Oncor Electric Delivery Company, LLC, an operator of the largest electric transmission and distribution system in Texas. Concurrently with the signing of the transaction, Energy Future Holdings terminated an agreement it entered into with Berkshire Hathaway Energy. The transaction, which created the largest utility holding company in the US, valued Oncor at US$18.8 billion. This transaction was named "M&A Deal of the Year" by The Deal in 2018.
Dynegy Inc. and its affiliates in the restructuring of Illinois Power Generating Co. (originally Ameren Energy Resources), an indirect, wholly owned subsidiary of Dynegy, through a prepackaged chapter 11 case that ultimately resulted in Illinois Power Generating's reduction of over US$600 million of debt. Dynegy’s primary business is the production and sale of electric energy, capacity and ancillary services from its fleet of 50 power plants in 12 states totaling approximately 31,000 MW of generating capacity.
The ad hoc group of first lien lenders of Hercules Offshore, Inc., an international owner-operator of jack-up drilling rigs and liftboats, in the negotiation and implementation of a prepackaged chapter 11 plan that contemplated payment in full, plus a make-whole and a controlled liquidation of the company. Equity holders organized and opposed the plan, challenging the makewhole, as well as the principal amount of the lenders' claims on equitable grounds. Following approximately four months of contentious litigation, including a four-day plan confirmation trial, the ad hoc group prevailed entirely and the plan was confirmed.
Optim Energy, LLC, an operator of coal-fired and gas-fired power plants throughout Texas, in its chapter 11 restructuring, including with respect to its section 363 auction sale of its coal plant to Major Oak Power LLC, an investment vehicle created by Blackstone.*
Centerbridge Partners in connection with the restructuring of Aquilex LLC, a leading provider of critical maintenance, repair and industrial cleaning solutions to the energy industry. Aquilex provides services to a diverse global base of more than 600 customers, primarily in the oil and gas refining, chemical and petrochemical production, fossil and nuclear power generation and waste-to-energy industries. Through a debt-for-equity exchange (of both second lien debt and senior notes) in addition to an US$80 million equity investment, Aquilex reduced its debt by more than US$300 million and became majority-owned by Centerbridge.*
Conexant Systems, Inc. in its Chapter 11 restructuring. Conexant Systems was a market leader in the microchip industry. Conexant Systems quickly and efficiently consummated a consensual prearranged restructuring, which involved the exchange of approximately US$195 million of secured debt for equity (through an investment vehicle created backed by George Soros) in the reorganized company, enabling Conexant to significantly deleverage its capital structure, and shed burdensome real estate leases.*
Tronox, Inc. and its affiliates, a leading manufacturer and marketer of titanium dioxide pigment, electrolytics and specialty chemicals, in their complex Chapter 11 cases, where Tronox successfully restructured and resolved massive environmental liabilities through one of the largest environmental settlements in bankruptcy history.*
United Retail Group, Inc., a leading retailer of plus-size fashions under the Avenue brand. The company utilized Chapter 11 to exit unprofitable store locations and sell its assets to affiliates of Versa Capital pursuant to section 363.*
A&P in its Chapter 11 cases with respect to various aspects of the business operations, including employment issues, location closures and lease transfers. At the time of its filing, A&P employed more than 40,500 people at 395 stores throughout the northeastern United States under ten retail banners and listed US$2.5 billion in assets and US$3.2 billion in debt.*
Reader's Digest Association, Inc., a global multi-brand media and direct marketing company offering books, magazines, entertainment products, online networking websites and educational products to more than 130 million customers in 78 countries, in their pre-arranged Chapter 11 cases filed in 2009.*
* Matters prior to joining White & Case
Guest Lecturer, "Enforceability of Makewholes", University of Florida Levin College of Law, Advanced Bankruptcy Seminar, Spring 2018