Debtwire Restructuring Forum Miami 2022
The must-attend event for the US restructuring community!
JW Marriott Miami, Brickell, Miami, Florida
01
Dec
(Stream A - Market Dislocations) Panel: The evolution of the Texas two-step
Debtors facing mass tort liabilities are using a lesser-known Texas law that allows a business in the Lone Star State to perform a divisive merger in order to preserve and protect the legacy entity’s assets whilst resolving its mass tort liabilities through the Chapter 11 process. Johnson & Johnson’s debtor subsidiary LTL Management recently made efforts to extend the reach of the Texas two-step, seeking to suspend two state actions in New Mexico and Mississippi pending against LTL and certain non-debtor entities, including J&J, during the pendency of LTL’s Chapter 11 case.
AR
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SpeakersMelanie L. Cyganowski Practice Group Leader Bankruptcy/ Insolvency Otterbourg P.C.
Greg Gordon Partner Jones Day
Aileen Ramia Legal Analyst DebtwireAR
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Greg Gordon represents clients in complex, high-profile chapter 11 cases and corporate restructurings. His experience includes out-of-court restructurings, prepackaged bankruptcies, distressed M&A transactions, and cross-border insolvencies. In recent years, Greg has assisted clients in achieving permanent resolutions of mass tort liabilities, including asbestos and talc liabilities.
Greg represented RadioShack in its successful chapter 11 reorganization, including in connection with a going concern sale of a substantial portion of RadioShack's business following a contentious auction and sale hearing, and Bondex and Specialty Products in their successful section 524(g) chapter 11 reorganization that resolved their asbestos liabilities. Greg also represented the owners of the Vogtle nuclear plant in Westinghouse's chapter 11 case, which resulted in a full recovery on their approximate $3.7 billion dollar claim. He is currently representing LTL Management, an affiliate of Johnson & Johnson, in a chapter 11 case it filed to resolve its talc liability, and is representing Bestwall, an affiliate of Georgia-Pacific, and DBMP, an affiliate of CertainTeed, in chapter 11 cases they filed to resolve their asbestos liabilities. Greg is also representing Hanson Permanente Cement and Kaiser Gypsum in chapter 11 cases they filed to resolve asbestos and environmental liabilities. Other significant engagements include the successful chapter 11 reorganizations of Swift Energy, achieved in less than four months through a prepackaged plan of reorganization, and Kaiser Aluminum, which included successful restructurings of pension, retiree medical, environmental, and asbestos liabilities.
Greg is a Fellow in the American College of Bankruptcy.