Richard S. Kebrdle is a partner in White & Case LLP's Financial Restructuring and Insolvency Group.
Mr. Kebrdle represents debtors and creditors in a variety of restructuring matters, including Chapter 11 cases and cross-border matters. Working with teams of lawyers across the US, as well as the Firm's international offices, he advises creditors and distressed investors in their efforts to protect and maximize recoveries and assists distressed companies in the reorganizations of their capital structures.
Mr. Kebrdle's recent Chapter 11 representations include, among others, the Revel Casino in its Chapter 11 case, Major League Baseball in the Los Angeles Dodgers Chapter 11 case, and Russian Standard in its acquisition of Central European Distribution Corporation through a prepackaged Chapter 11 plan. Other notable representations include his work for the parent level noteholders in the Six Flags Chapter 11 case, holders of first-lien secured debt in the Chrysler Chapter 11 case, and the Arahova Noteholders in the Adelphia Chapter 11 case.
Mr. Kebrdle also has significant experience in international and cross-border restructuring matters, advising, among others, the ongoing restructurings of OAS S.A. (a Brazilian-based construction company), Aralco S.A. (a Brazilian sugar and ethanol producer), and Sifco S.A. (a Brazilian auto parts manufacturer), as well as New World Resources (a UK-based coal producer) in its successful Chapter 15 case, Rede Energia S.A. (a Brazilian power producer), in its successful Chapter 15 case, TORM (a Danish shipping company) in its successful out-of-court restructuring, and the Ad Hoc Bondholder Group in Elpida Memory's Chapter 15 case.
Represented New World Resources (NWR), a UK-based coal producer with operations throughout central Europe, in connection with the successful recognition of its UK Schemes Arrangement in the US under Chapter 15. The Bankruptcy Court for the Southern District of New York granted full force and effect to NWR's restructuring, which also included a related €118 million rights issue and a €32 million private placing.
Represented Rede Energia S.A., a large electricity producer in Brazil that had issued over USD$500 million of New York law governed perpetual notes, which were restructured pursuant to a plan approved in a Brazilian Recuperação Judicial and given full force and effect in the US by the Bankruptcy Court for the Southern District of New York in a Chapter 15 proceeding. The US court's detailed ruling in Rede is considered a landmark decision with respect to the recognition of Brazilian restructuring proceedings in the US.
Represented Roust Trading Ltd. (RTL), the owner of Russian Standard Vodka, in a multijurisdictional restructuring, in which RTL ultimately acquired CEDC, a leading producer and distributor of spirits in Russia, Poland and Hungary. The transaction was effected through CEDC's chapter 11 filing in Delaware, and delivered 100 percent ownership of the debtor to RTL, now the world’s second-largest vodka producer. This challenging transaction won the 2014 Global Finance Deal of the Year in the category of Restructuring and Insolvency in Europe at the annual American Lawyer's Global Legal Awards.
Worked with an international team to advise the coordinating committee of secured lenders of TORM A/S in connection with the company's successful, cross-border restructuring. TORM, which is headquartered and listed in Copenhagen, is one of the world's largest overseas shipping companies in the produce tanker and dry bulk market.
Represented the parent-level noteholders in the Chapter 11 case of Six Flags Amusement Parks, the largest amusement park operator in the world, in their successful effort to acquire the company through new debt and equity financings. This successful acquisition proceeded in place of the company's previously proposed plan, which would have provided the parent-level lenders with a de minimis recovery.
Represented holders of a portion of the approximately US$7 billion in first-lien secured debt opposing the reorganization of Chrysler LLC through a section 363 sale of substantially all of its assets.
Represented a steering committee comprised of members of an ad hoc group of unsecured noteholders of Elpida Memory Inc. in Elpida's chapter 15 case.
Represented the Ad Hoc Committee of Arahova Noteholders collectively owed more than US$550 million by Adelphia's indirect subsidiary, Arahova Communications, in one of the largest (US$18 billion of debt) and most contentious US Chapter 11 cases administered in the Southern District of New York.
Represented an ad hoc group of creditors holding a majority of the US$1.2 billion in senior notes issued by Vitro S.A.B. de C.V., in Vitro's Chapter 11 and Chapter 15 cases. Vitro's restructuring was one of the most contentious cross-border restructurings in the US to date.