FacultyFaculty/Author Profile
Nicole L. Greenblatt

Nicole L. Greenblatt

Kirkland & Ellis LLP

New York, NY, USA


Nicole Greenblatt represents debtors, creditors, equity holders and investors in all aspects of complex corporate restructurings, including Chapter 11 cases, out- of-court restructurings and special situation investments or acquisitions. Nicole’s practice includes advising clients with respect to business operations in Chapter 11, advising senior managers and boards of directors of financially troubled companies with respect to restructuring strategies; providing advice relating to mass tort and environmental liabilities of financially troubled companies; providing advice, negotiating and structuring financings and other commercial transactions; and advising clients seeking to purchase businesses and related assets out of Chapter 11 proceedings. Nicole has a broad range of experience across a number of industries and has represented clients in multi- jurisdictional and cross-border matters.

Most recently, Nicole was selected by Law360 as one of nine Bankruptcy “Rising Stars for 2015” in its list of top attorneys under 40. Chambers USA, America’s Leading Lawyers for Business also recognized Nicole as a leading lawyer in its 2014-2016 editions, applauding her as “passionate, smart and [with] the right balance of aggression and consensual deal-making ability.” Sources praised Nicole in the 2015 edition as being an “intelligent and effective practitioner.” Nicole has been recognized in the New York Times Magazine as one of the New York metro area’s Outstanding Young Women Lawyers (May 2014) and by Super Lawyers magazine as a “Rising Star” in the area of bankruptcy and creditor rights (2013-2014). Nicole recently acted for an ad hoc committee of noteholders in connection with the restructuring of Arcapita Bank, which was recognized by The American Lawyer as the 2014 Global Finance Deal of the Year: Restructuring and Insolvency (Middle East). The Chapter 11 cases of The Reader’s Digest Association, Inc. and Tronox Incorporated, where Nicole acted as one of the lead restructuring partners, were both selected by Turnarounds & Workouts as two of the top ten “Successful Restructurings of 2010.” The Reader’s Digest was also recognized by the Global M&A Network as “Large Pre-Packaged Reorganization of the Year” at their Turnaround Atlas Awards in 2011. In 2011, Nicole was also selected as one of the top thirty nominees nationwide to participate in the inaugural Next Generation Program at the National Conference of Bankruptcy Judges, which was designed to attract up-and-coming bankruptcy attorneys who will become the leaders of the next generation of practitioners.

Representative Matters

  • Caesars Entertainment Operating Co. Inc.: Representing Caesars Entertainment Operating Co. Inc. (“CEOC”) in its Chapter 11 restructuring. CEOC, a majority owned subsidiary of Caesars Entertainment Corporation, provides casino entertainment services and owns, operates or manages 44 gaming and resort properties in 13 states of the United States and in five countries primarily under the Caesars, Harrah's and Horseshoe brand names. CEOC and its debtor subsidiaries had more than $18.4 billion in funded debt obligations as of the commencement of their Chapter 11 cases.
  • Sbarro Inc.: Represented Sbarro Inc. and its affiliates in their second Chapter 11 cases in the Southern District of New York. Sbarro is the world’s premier owner, operator and franchisor of Italian quick service restaurants and the largest mall- focused restaurant concept in the world, with more than 5,000 employees and 1,000 restaurants in 42 countries.
  • OGX Petroleo e Gas: Acted as U.S. counsel to the oil and gas company controlled by Eike Batista in connection with its pending bankruptcy in Rio de Janeiro.
  • Physiotherapy: Represented Physiotherapy, a leading provider of outpatient rehabilitation services and the largest provider of outpatient physical therapy services in the United States, in its prepackaged Chapter 11 cases. Physiotherapy’s prepackaged plan of reorganization reduced its total funded indebtedness by 62%, from $375 million to $144 million, and provided the company with long-term financing and access to incremental funding to support the company’s go-forward business needs.
  • Avis Budget Group, Inc.: Represented Avis Budget Group in connection with the purchase of certain airport concession agreements from Simply Wheelz LLC d/b/a Advantage Rent-A-Car through a Chapter 11 sale process supervised by the United States Bankruptcy Court for the Southern District of Mississippi.
  • Revel AC, Inc.: Represented Revel AC, Inc. and certain of its affiliates (“Revel”) in all aspects of its original prepackaged Chapter 11 reorganization proceedings before the United States Bankruptcy Court for the District of New Jersey.  Kirkland assisted Revel in deleveraging its balance sheet by 82 percent, by converting approximately $1.2 billion of debt into equity, pursuant to a prepackaged plan of reorganization supported by a majority of Revel’s lenders. Kirkland also assisted Revel in obtaining $250 million in debtor-in-possession financing, and securing approximately $360 million in exit financing.
  • Metro Fuel Oil Corp.: Represented Metro Fuel Oil Corp. and 9 of its affiliates in their Chapter 11 cases in the Eastern District of New York. Metro supplies and delivers bioheat, biodiesel, heating oil, ultra low sulfer diesel fuel, natural gas and gasoline throughout the New York Area. The company used Chapter 11 to complete a sale pursuant to Section 363 of the Bankruptcy Code.
  • Arcapita Bank Ad Hoc Committee: Represented the interests of an ad hoc committee of debt holders under a Shariah compliant Murabaha facility in the Chapter 11 cases of Arcapita Bank. Worked constructively with the official committee of unsecured creditors to develop and implement a consensual Chapter 11 plan.
  • United Retail Group: Represented United Retail Group, Inc. and its subsidiaries in their Chapter 11 cases. United Retail is a leading retailer of trend-right fashions for plus-size women under the Avenue brand. The company used Chapter 11 to exit unprofitable store locations and sell substantially all its assets to affiliates of Versa Capital pursuant to Section 363 of the Bankruptcy Code.
  • Vista Equity Partners:  Represented Vista Equity Partners in connection with its purchase of CDC Software in a court-supervised sale process in the United States Bankruptcy Court for the Northern District of Georgia. Vista acted as the “stalking-horse” purchaser in a sale conducted pursuant to Section 363 of the U.S. Bankruptcy Code and was approved by the Bankruptcy Court as the winning bidder in March 2012.
  • The Reader’s Digest Association, Inc.: Represented The Reader’s Digest Association Inc. (RDA) and its affiliates, a global multi-brand media and direct marketing company with more than 130 million customers in 78 countries, in their 2010 pre-arranged Chapter 11 cases. In less than six months in bankruptcy, the company reduced its total debt by more than 75 percent, from more than $2.2 billion to $525 million and achieved several operational restructuring initiatives. RDA was the first company in five years to refinance its exit debt through a high yield bond offering, which was completed simultaneously with the Chapter 11 exit.
  • Tronox Incorporated: Represented Tronox 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.
  • Integra Telecom Inc.: Represented Integra Telecom Inc., a facilities-based, integrated communications provider for business, in its balance sheet restructuring, which resulted in all of Integra’s senior secured second lien operating company debt and unsecured parent company debt being converted into common equity and reduced Integra’s total debt from almost $1.3 billion to approximately $600 million.
  • Pierre Foods, Inc.:  Represented Pierre Foods, Inc. and its affiliates, a leading manufacturer, marketer and distributor of high quality, differentiated food solutions, in their Chapter 11 cases.
  • Tecumseh Products Company: Represented the company, a leading manufacturer of engines, compressors, and related products, in a series of out-of- court restructuring and sales transactions.
  • Armstrong World Industries, Inc.: Represented Armstrong in its complex, six-year, mass tort Chapter 11 case. Following contested confirmation proceedings, including an appeal to the United States Court of Appeals for the Third Circuit, Armstrong successfully implemented a plan of reorganization channeling asbestos-related claims to a Section 524(g) trust. Nicole was involved in all aspects of the day-to-day administration of the Chapter 11 case, with a particular emphasis on plan related matters, environmental issues, employee benefit and retention programs, insurance matters and claims reconciliations.
  • Footstar, Inc.: Represented Footstar and thousands of its store corporations in a complicated multi-year restructuring, involving the immediate shut down of the Just-for-Feet store chain, the sale of the Footaction chain to Foot Locker for $300 million and the reorganization around the company’s Kmart shoe business. The company successfully emerged from bankruptcy following litigation with Kmart and paid all creditors in full with a significant recovery to stockholders.
  • Premium Papers:  Represented major creditor, equity holder and former owner of paper mill in connection with the Chapter 11 cases of the mill purchasers.

Education

Fordham University School of Law, J.D., 2002

  • cum laude

University of Michigan, Ross School of Business Administration, B.B.A., Economics, 1999

  • With Distinction

Admissions & Qualifications

  • 2003, New York

Courts

U.S. Bankruptcy Court for the Southern District of New York

U.S. Bankruptcy Court for the Eastern District of New York

Memberships & Affiliations

Turnaround Management Association

American Bankruptcy Institute

New York City Bar Association

  • Bankruptcy Committee

Publications

“Chapter 15 Denied - The Impact of ‘Bear Stearns’”, The New York Law Journal, October 2007 (co- author)

“Mass Tort Chapter 11 Cases” chapter in Weil, Gotshal & Manges Reorganizing Failing Businesses, updated in 2006 (co- author)

“District Court Addresses Parameters of Section 1146 of the Bankruptcy Code,” Weil, Gotshal

& Manges Bankruptcy Bulletin, June 2006; re-published in Pratt’s Journal of Bankruptcy Law, December 2006

“Ninth Circuit Declines to Determine Whether Creditors’ Motivation is Relevant to Court's Consideration of Creditors’ Request for a Substantial Contribution Award,” Weil, Gotshal & Manges Bankruptcy Bulletin, October 2004

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