On January 22, 2021, Sidley’s global Restructuring group received the “Chapter 11 Restructuring of the Year – Large Matter” award at the 12th Annual Turnaround Atlas Awards for its work on the Legacy Reserves Chapter 11 restructuring. Global M&A Network/Atlas Awards’ annual awards recognize transactions, firms, and professions from the restructuring, investing, and insolvency communities.
Weeks prior, on December 28, 2020, Judge Marvin Isgur granted Legacy’s application for final decree, successfully concluding its Chapter 11 proceedings. Legacy’s extensive deleveraging transactions included equitizing most of its over US$2 billion of issued debt as well as effectively emerging after a contested confirmation with a new equity rights offering. As a component of Legacy’s post-emergence strategy, Sidley successfully addressed and expunged over 2000 claims, totaling nearly US$40 billion of alleged creditor liabilities, through a combination of favorable rulings and negotiated settlements.
The Sidley lawyers who represented Legacy in its bankruptcy case consisted of a cross-disciplinary team spanning many of the firm’s offices, including Houston (Duston McFaul, George Vlahakos, Brian Minyard, Michael Fishel, Maegan Quejada, John Stribling, Tanner Groce, Hannah Rozow Owolabi, Blake Longoria, and Bryan Frazier), Dallas (Charles Persons and Juliana Hoffman), Chicago (Jim Ducayet and Allison Stromberg), New York (Kai Liekefett and Eric Hoffman), Century City (Vijay Sekhon), and Washington, D.C. (David Kronenberg).